At the age of 53, Rubén is owner of a fruit and vegetable store; he’s had it since 2009. Rubén sells his products near his house during a work day that goes from 7am until 4pm. Rubén’s store needs to generate income to support his household. He needs to buy stock merchandise like fruit and vegetables that will create greater variety so that he can fill all his orders. Rubén’s dream is to have a fixed site for his fruit and vegetable store and to improve his quality of life.
El señor Rubén a sus 53 años de edad es propietario de una legumbrería desde el año 2009. El señor Rubén vende sus productos cerca de su casa en una jornada de trabajo de todos los días desde las 7:00 a.m hasta las 4:00 p.m. El negocio del señor Rubén nace de la necesidad de generar los ingresos para el sustento de su casa. El señor Rubén requiere de la compra de surtido tal como frutas y verduras que le permitan mejorar la variedad de productos para cumplir con todos los pedidos. El sueño del señor Rubén es tener un sitio fijo para su legumbrería y mejorar su calidad de vida.
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.