On a sidewalk in the east of Antioquia department, in the town of El Carmen de Viboral which is noted for its great craftspeople, you will find the home of Gabriel who is a great expert in making and selling organic wood handicrafts and woven products together with his wife and one of his three daughters who are his greatest motivation and support. Gabriel has carried out this beautiful work for 20 years, during which time he has participated in craft fairs and traveled on the first Saturday of every month to Medellín to take part in the San Alejo craft fair. This is a very famous craft fair in the city. All the craftspeople who sell their products to the inhabitants and tourists in Medellín gather there.
Gabriel would like to buy raw materials so that he can continue making his products and meet his demand for orders and craft fairs which are approaching with the end-of-year season. In this way, he will increase his income and so be able to continue providing for his household and providing his three daughters and wife with a better quality of life. At 48 years of age, Gabriel would like to build his own home and provide his daughters, who are 17, 16 and 13 years old, with everything they need. The girls see their father as the best example to follow.
En una vereda en el oriente de Antioquia en el municipio del Carmen de Viboral caracterizado por tener grandes artesanos, se encuentra la vivienda del señor Gabriel quien es un gran experto en la elaboración y comercialización de artesanías en madera orgánica y telares antiguos en compañía de su esposa y una de sus tres hijas, quienes son su gran motivación y apoyo. Esta bella labor de Don Gabriel la lleva a cabo desde hace 20 años durante los cuales ha participado en ferias artesanales y se desplaza cada primer sábado de cada mes hasta Medellín para participar en la feria artesanal llamada San Alejo; feria muy famosa en la ciudad donde se reúnen en el Parque de Bolívar todos aquellos artesanos que ofrecen sus productos a los habitantes de Medellín y sus turistas.
El señor Gabriel desea comprar materia prima para continuar elaborando sus productos para poder atender la demanda de pedidos y ferias artesanales que se avecinan con la temporada de fin de año y de esta manera aumentar sus ingresos para continuar llevando el sustento a su hogar y brindarle a sus tres hijas y esposa una mejor calidad de vida. A sus 48 años, Don Gabriel desea construir su casa propia y darles todo lo necesario a sus hijas de 17, 16 y 13 años de edad quienes ven en su padre el mejor ejemplo a seguir.
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.