Ramon is 58 years old and is the father of three children. He has owned a small store for the past year, located in his home in the municipality of Sonson, in the eastern part of Antioquia, where he offers her neighbors basic products for consumption. Ramon has been a commercial vendor for 30 years, and he currently needs to buy a range of products like rice, "panela" natural sugar, oil, fruits and vegetables, which will allow him to offer a wide variety of products to his customers in order to improve his income and provide his family with a better quality of life. Ramon's dream is to buy his own store outside of his own house and have more space to sell his products and offer better service, as well as a home where he can live with his wife and three children.
El señor Ramón a sus 58 años de edad es padre de tres hijos, propietario de una pequeña tienda desde hace un año, la cual esta localizada en su casa en el municipio de Sonsón localizado al oriente de Antioquia, donde ofrece a sus vecinos los productos de la canasta familiar. El señor Ramón es comerciante desde hace 30 años, actualmente, el señor Ramón requiere de la compra de surtido tal como arroz, panela, aceite, frutas y verduras, que le permita ofrecer una amplia variedad de productos a sus clientes y así poder aumentar sus ingresos y ofrecer a su familia una mejor calidad de vida. El sueño del señor Ramón es comprar un local para independizar la tienda de su casa y tener más espacio para vender los productos y ofrecer un mejor servicio a sus clientes y una casa propia donde vivir con su esposa y tres hijos.
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.