Diego is a young entrepreneur who since a very young age started working as a mechanic and motorcycle repairman. Because of this he opened his own repair shop some time ago where he provides maintenance and repair service for motorcycles, a business that has generated his own income that he uses to contribute economically to his home to provide his parents and his siblings with a better quality of life.
Because he set up his business with very little capital, Diego is looking for financing that will make it possible for him to buy work tools and motorcycle spare parts. In this way, his business will continue to grow and will allow him to have a great business that will generate stable income to offer his family a good quality of life.
Diego es un joven emprendedor que desde muy corta edad aprendió la actividad de la mecánica y mantenimiento y reparación de motos. Por esto, desde hace un tiempo montó su propio taller de mecánica donde ofrece el servicio de mantenimiento y reparación de motos, negocio con el cual ha generado sus propios ingresos y con los cuales contribuye económicamente en su hogar para poder ofrecerles a sus padres y hermanos una mejor calidad de vida. Debido a que su negocio lo montó con muy bajo capital, Diego busca que un préstamo le brinde la oportunidad de acceder a la compra de herramientas de trabajo y repuestos para las motos.
De esta manera su negocio seguirá creciendo y podrá permitirle tener un gran negocio con el cual pueda tener unos ingresos estables para ofrecer en su familia una buena 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.