Álvaro is a farmworker in the town of Cañas Gordas, Antioquia, Colombia. He raises pigs as a means of support. His family is made up of his wife and four children, two of whom are minors. He inherited this job from his father. He loves it because thanks to this job his children have been able to have an education and they never have lacked anything to eat.
Álvaro dreams of being able to buy a breeding sow so he can generate greater income. In the month of January he needs to buy his children their uniforms and school supplies to start school. He doesn't have the money for this investment, so he's requesting a loan.
His greatest challenge has been giving his family a decent quality of life because at times his income isn't enough to guarantee it.
Álvaro es un campesino del municipio de Cañas Gordas, Antioquia, Colombia, dedicado a la cría de cerdos como medio de sustento. Su familia se encuentra conformada por su esposa y 4 hijos de los cuales 2 son menores de edad. Esta labor la heredó de su padre, la cual ama porque gracias a esta actividad sus hijos han podido gozar de educación y nunca les ha faltado la comida diaria.
Álvaro sueña con poder comprar una cerda de cría que le permita generar mayores ingresos debido a que en el mes de enero necesita comprarles a sus hijos los uniformes y los útiles escolares para ingresar a la escuela. No cuenta con el dinero para realizar dicha inversión por lo cual se encuentra solicitando un crédito. Su mayor reto ha sido poderle ofrecer a sus familia una calidad de vida digna debido a que en ocasiones los ingresos económicos no son suficientes para garantizarlo.
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.