At 19, and with five years of farming experience, Esneider dreams about having his own piece of land to cultivate, and of harvesting large crops of legumes, fruits and vegetables. This will enable him to increase his income, and have the necessary working capital to continue farming, and help his whole family get ahead in life.
With the loan, he wants to buy supplies, so that can get a level of production that will enable him to make money. This way he will start 2012 with working capital, so that he will be better able to continue his studies and his farming.
Con 19 años de edad y cinco años de experiencia en el trabajo de agricultor, Esneider sueña con tener su propia extensión de tierra para poder cultivar y sacar grandes producciones de legumbres, frutas y hortalizas que aumenten sus ingresos y pueda tener capital para seguir en esta actividad que ayudará a salir adelante a toda su familia.
Con el crédito conseguido quiere comprar insumos para poder sacar una producción que le ayude a conseguir dinero y así empezar el año 2012 con un capital que le permita continuar con sus estudios y con su trabajo de agricultor en mejores condiciones.
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.