Edgar is 49 years old, and has made a living working with disposable items in different businesses in Itagüí, Colombia for the last 10 years.
His boss suggested the possibility of him becoming a partner in his business. Edgar immediately accepted and invested his savings. Today, Edgar is the owner and wants to improve the range and quality of service. For this reason, he is requesting a loan to buy disposable items, sauces, supplies for fast food and cereals.
His biggest dream is to generate higher revenues enabling him to improve his quality of life, and have the opportunity to expand his business to create jobs in his town.
Edgar de 49 años de edad se ha dedicado a laborar desde hace 10 años con desechables en diferentes negocios de Itagüí, Colombia. Su jefe le planteó la posibilidad de que se convirtiera en socio de su negocio y Edgar aceptó de inmediato la oferta, invirtiendo sus ahorros. En la actualidad Edgar es el propietario y desea mejorar la oferta y la calidad en el servicio, por lo cual se encuentra solicitando un crédito para la compra de desechables, salsas, insumos de comidas rápidas y cereales. Su mayor deseo es poder generar mayores ingresos que le permitan mejorar su calidad de vida, y tener la oportunidad de expandir su negocio para generar empleos en su municipio.
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.