José has worked a great part of his life in agriculture because his father was in this occupation and he learned it alongside him when he was very young. Since then this has been his profession and thanks to the experience he’s acquired today it’s his source of income to meet household expenses.
Due to changes in the weather the last few months, a large portion of the banana crops has been affected which is why José needs a loan to buy manure, insecticide and fungicide to refertilize the crops and have a successful harvest regardless of weather changes that might affect them. In this way he will be able to offer his customers good quality products and receive in turn good income for them. Also, he will continue making progress with his crop and his family will have a better quality of life.
Jose ha trabajado gran parte de su vida en la actividad de la agricultura, pues su padre se dedicaba a esta actividad y desde muy temprana edad se la enseñó para trabajar a su lado. Desde entonces esta ha sido su profesión y gracias a la experiencia que ha adquirido hoy es su fuente de ingresos para el sostenimiento de los gastos de su hogar. Debido a los cambios de clima que han venido sucediendo en los últimos meses, gran parte de sus cultivos de plátanos se han visto afectados, por esto Jose requiere un préstamo para comprar abonos, insecticidas y fungicidas que le permitan reabonar su cultivo y sacarlo adelante a pesar de los cambios de climas que lo afectan.
De esta manera podrá ofrecer a sus clientes productos de buena calidad y así recibir buenos ingresos por estos. Además, seguirá progresando con su cultivo y su familia tendrá 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.