Sr. Luis wants to buy supplies such as clay, oil, paints, and other items. He also wants to make structural changes to his workshop by renovating the floor and the walls. With his previous loan, Sr. Luis was able to improve the display of the products in his workshop and to participate in various artisan fairs in Medellín and Bogotá. At the same time, he was able to increase his earnings and promote his business and products.
Sr. Luis dreams of exporting his products abroad in order to showcase Colombian talent.
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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