Señor Evelio, at the age of 33, is the father of a 9-year-old son and proprietor of a produce shop which he set up after needing to move to the city from a town in the south of Antioquia. Sr. Evelio needs to buy a stock of fruits and vegetables so that he will have sufficient products to fill the demand at the end of the year. This additional stock will increase the income of Sr. Evelio and in this way improve the quality of life of his family and fulfill his dream of seeing his business grow.
El señor Evelio a sus 33 años de edad es padre de un hijo de 9 años, es propietario de una legumbreria que creó luego de tener la necesidad de desplazarse para la ciudad luego de vivir en un pueblo del sur de Antioquia. El señor Evelio requiere de la compra de surtido de frutas y verduras que le permita tener productos suficientes para suplir la demanda de fin de año. Con lo anterior, podrán incrementar los ingresos del señor Evelio y de esta forma mejorar la calidad de vida de su familia y cumplir su sueño de ver crecer su negocio.
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.