José is married and has four children. To generate household income he works as a foreman on a hacienda. He’s been in this line of work for several years and has gained good experience.
Now, he has a great opportunity his employer is offering him that he doesn’t want to pass up. His employer is letting him keep cattle on the ranch so that he can increase his income without having to pay any money for the land where he’ll care for the cattle. This is why José needs a loan to buy cattle and start this activity and generate better income for his home.
In this way he will be able to increase his income considerably allowing his family to have a better quality of life and better opportunities for economic progress. His greatest dream is to have his own farm in the future and to raise cattle there and also to leave his children a more stable home.
Jose se encuentra casado y tiene 4 hijos, y para generar los ingresos para su hogar trabaja como mayordomo de una finca. En la actividad lleva varios años y esto le ha permitido tener muy buena experiencia, y ahora tiene una gran oportunidad que le esta brindando su empleador que no quiere dejar pasar. Su empleador le permitirá tener ganado de levante en la finca para que Jose aumente sus ingresos y sin tener que pagar alguna suma de dinero por el terreno donde podrá cuidar el ganado; es por esto que Jose requiere un préstamo para comprar ganado y así comenzar con la actividad generando mejores ingresos para su hogar.
De esta manera podrá aumentar sus ingresos considerablemente, permitiendo tener en su familia una mejor calidad de vida y mejores oportunidades económicas para progresar. Su mayor sueño es en un futuro tener su propia finca y allí tener la crianza del ganado y también dejarles a sus hijos un hogar más estable.
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.