After having worked for some time as a lab assistant, Luis Carlos decided to set up his own business making plastic containers. After a while he had an idea for creating an innovative product, a device for administering medicine to children. He patented his idea.
At 61 years old, Luis Carlos considers himself to be a great entrepreneur and he hopes to be able to sell his product not only in Colombia but also internationally. He hopes to gradually fulfil his dream. For now, he needs a loan to buy supplies for making his devices so that he can start selling his product.
Después de trabajar durante algún tiempo como auxiliar en un Laboratorio, Luis Carlos, decidió crear su propio negocio de empaques plásticos, luego de un tiempo se ideó un producto innovador, un dispositivo para suministrar medicamentos a niños, el cual ya patentó.
A sus 61 años de edad, Luis Carlos se considera un gran emprendedor y espera poder comercializar su producto no sólo en Colombia sino también a nivel internacional y para cumplir su sueño poco a poco, por ahora necesita de un préstamo para comprar insumos para realizar dispositivos y poder iniciar con la comercialización de dicho producto.
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.