David is a 53 year old man, father of two young children. He has been a street vendor all his life. Nowadays he works preparing and selling wafers and fritters, which are very popular products in the municipality of Marinilla, Colombia. He has worked in this activity for 3 years and he says that he feels very happy with his profession. He is requesting a loan to buy basic ingredients for his business, such as wafers, fritters and sauces; and also some inputs such as napkins and paper plates. If he buys them cash, his profit will grow and his income will increase. His biggest dream is to have another wafer cart and in this way be able to offer employment to someone who might need it.
David es un hombre de 53 años y padre de dos hijos menores, se ha desempeñado como vendedor ambulante toda su vida; hoy en día se dedica a la elaboración y venta de obleas y solteritas, productos que son muy populares en el municipio de Marinilla, Colombia.
Se desempeña en esta actividad desde hace 3 años y afirma sentirse muy contento con su profesión. Él solicita un préstamo para comprar materia prima para su negocio como obleas, queso, solteritas y salsas, además algunos insumos como servilletas y platos desechables.
Al comprarlos de contado mejoraran sus utilidades y por ende aumentaran sus ingresos.
Su mayor sueño es poder tener otro carro de obleas y así poder ofrecer un empleo a alguien que lo necesite.
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.