Manuel, 49, is married and has three minor children. For 30 years he has worked as a farmer, having inherited the trade from his father. Currently, he works on a farm in the town of Sonsón, Colombia, as a hired worker. His landlord has offered him a patch of land to begin planting. His dream is to have his own business but he does not have enough resources to plant crops. Therefore, he is requesting a loan to buy seeds and fertilizer to plant beans.
His family is what matters most for him, so he says his main motivation is to work every day from sun up to sun down to buy a home for his children, give them a better lifestyle and a good education.
Manuel de 49 años, es casado y tiene 3 hijos menores de edad. Se dedica a las labores del campo desde hace 30 años, actividad que heredó de su padre. En la actualidad labora en una finca del municipio de Sonsón, Colombia, como jornalero. Su patón se ofreció a prestarle una parcela para que comience a sembrar. Su sueño es poder tener su propio negocio, pero no cuenta con los recursos para la siembra. Por esta razón se encuentra solicitando un crédito que invertirá en la compra de semillas y abonos para un cultivo de fríjol.
Su familia es lo más importante para él, por eso manifiesta que su principal motivación será laborar todos los días de sol a sol para comprar una vivienda, ofrecerle a sus hijos una mejor calidad de vida y acceso a la educación.
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.