Francisco, age 57, is married and has two children. Having finished his career in a company that is well-known in the city, and as he is a very active person, he decided to start a deli in the neighborhood where he lives. He works there all week; another person helps him working different shifts.
Francisco’s dream is to have financial stability and to enjoy his family in the company of his grandchildren. Right now he is asking for a loan for the purpose of buying merchandise (basic staples, salt, coffee, cookies) and having a variety of products for his faithful customers. He can keep owning his business and enjoying what he likes.
Francisco de 57 años es casado y tienen dos hijos, después de haber terminado su labores en una empresa reconocida de la ciudad, y como es una persona muy activa decidió empezar un negocio de salsamentaría en el barrio donde reside, allí atiende toda la semana y le apoya en esto otra persona, haciendo diferente turno, el sueño de Francisco es tener una estabilidad económica y disfrutar de su familia en compañía con sus nietos, por el momento solicita el crédito con el fin de comprar surtido (granos, sal, café, galletería) y tener variedad de productos para su fiel clientela, seguir posesionado en el lugar de trabajo y disfrutar de lo que le gusta.
This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.