After completing his studies, Henry returned home, where he works in construction but also has a business buying and selling livestock. Henry is able to balance his livestock business with meeting the responsibilities of his construction contracts. He is now building his own home and is extremely proud to say that he's paying for the construction with his own resources and doing the work with his own two hands, all in order to benefit his family. The construction, however, is expensive, so Henry is applying for a loan so that he can purchase three cattle to boost his livestock business and keep striving finish the home and fulfill his dream. This loan will not only put Henry closer to his goal of finishing the house, but also go far towards establishing his reputation as a buyer and seller of livestock.
Luego de terminar sus estudios regresos a sus tierras donde ejerce la profesión que estudio pero aparte de esto tiene una compra y venta de animales oficio que no descuida a pesar de sus responsabilidades con los contratos. Actualmente se encuentra construyendo su casa propia y se llena de orgullo al decir que con sus mismos recursos y sus manso está levantando la casa de sus sueños para él y su familia, pero como resulta costoso Henry solicita un crédito para la compra de tres “reces” para potenciar su actividad agrícola y pueda seguir alimentando sus sueños de terminar la casa con la ayuda del crédito no solo estará más cerca de terminar su hogar si no que ayuda en gran medida a la consolidación de su nombre entre los solicitados para la compra de ganado.
More information about this loan
By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.
This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.
Important InformationThis 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.
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This loan has been fully funded!