José Mauricio is 38 years old and has four children who are his greatest motivation. He learned to repair electronics when he worked in a workshop. Later he retired and settled in Medellin. Uprooted by the violence between the gangs in the city, we went to live in Urrao where he has been for 8 years and where he set up his own appliance repair business.
He is asking for a loan to buy electronic parts, car stereos, and speakers for his business. His greatest desire is to get ahead with his son and consolidate his business. He wants to provide his son with a better quality education.
José Mauricio de 38 años, tiene 4 hijos menores de edad a su cargo, los cuales son su mayor motivación. Aprendió a reparar electrodomésticos desde que laboró en un taller. Después de aprender el oficio se retiró y se radicó en la ciudad de Medellín. Desplazado por la violencia entre pandillas en esta ciudad se fue a vivir a Urrao en donde lleva 8 años, montó su propio negocio de reparación de electrodomésticos como fuente de ingresos. En la actualidad se encuentra solicitando un crédito para invertir en su negocio en la compra de repuestos electrónicos, pasacintas y parlantes para autos. Su mayor deseo es poder salir adelante y consolidar su negocio. Espera poderle ofrecer a sus hijos una buena educación y una mejor 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.