Jorge worked from place to place for many years and then had a store for three years. He generated income his household needed this way and was able to cover expenses for his wife and three children who are 2, 7 and 11 years old. He currently has a boarding house and thanks to this he’s improved his income and his family’s quality of life. He always works hard to move it ahead and continue making progress at home. Jorge seeks a loan to do some physical improvements to his hotel and to build two more rooms. In this way he will increase capacity and improve sales leading to improved income and quality of life for his wife and three children.
Jorge trabajó durante muchos años de manera ambulante y luego tuvo una tienda durante unos 3 años; de esta manera se iba generando los ingresos que requería en su hogar y podía mantener los gastos de su esposa y sus 3 hijos de 2, 7 y 11 años de edad. Actualmente tiene una casa donde ofrece el servicio de hospedaje y gracias a este ha podido mejorar sus ingresos y mejorar la calidad de vida de su familia, por esto siempre trabaja fuertemente para poderlo sacar adelante y seguir progresando en su hogar. Jorge busca un préstamo para realizar adecuaciones locativas en su hotel y hacer 2 habitaciones más.
De esta manera podrá aumentar su capacidad y así mejorar sus ventas, permitiéndole tener mejores ingresos para una mejor calidad de vida para su esposa y sus 3 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.