Moises has more than 20 years of experience in the baking business. With this, he generates enough income to sustain his wife and four children.
Thanks to his daily effort, he has been able to move the business forward and overcome the substantial difficulties. One of the greatest difficulties has been money.
Currently, health officials have visited his business and have made some recommendations about the bakery's production.
He is afraid that the officials may close his business. For this reason, he is requesting a loan to make improvements with respect to his bakery's production and meet the requirements of the health officials.
His dream is to be able to continue production which would allow him to move his family forward, giving them a better quality of live and a better education for his four children.
Moises lleva más de 20 años en el negocio de la panadería y con este genera los ingresos para sostener a su esposa y sus 4 hijos. Gracias a su esfuerzo diario ha podido sacar el negocio adelante y superar las grandes dificultades que se le presentan, de las cuales la dificultad de capital ha sido la más grande de todas. Actualmente las autoridades de sanidad han visitado su negocio y le han hecho algunas recomendaciones para la producción de la panadería, es por esto que con miedo a que las autoridades le cierren su negocio que busca un préstamo para realizar mejoras locativas en la parte de producción de su panadería y así cumplir con los requerimientos de las autoridades de sanidad.
Su sueño es poder seguir con este negocio y que este le permita sacar adelante su familia, para que mejorarles la calidad de vida y ofrecerles un estudio de mejor calidad a sus 4 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.