Fifty-four-year-old Cupertino is a farmer who has been working in agriculture for 20 years. He and his brother-in-law made the decision to grow beans on a small plot they cleared so they could make money for their two families.
Cupertino wants to be able to get his nine children ahead and offer them a decent life, which is why he is looking for a loan that he will use to buy fertilizers and fungicides.
His greatest dream is to have his own land and to build a home for his family. One of the greatest challenges to his business has been the weather, as strong rains and the heat of summer incur great losses in his crops.
Cupertino de 54 años de edad es un campesino dedicado a la agricultura desde hace 20 años. En compañía de su cuñado tomaron la decisión de realizar un sembrado de fríjol, en una pequeña parcela que arrearon con el fin de generar ingresos para las dos familias.
Cupertino desea poder sacar adelante a sus nueve hijos y poderles ofrecer una vida digna, para ello se encuentra en búsqueda de un crédito que destinará para la compra de abonos y fungicidas.
Su mayor sueño es poder tener su propio terreno y construir una vivienda para su familia. Uno de sus más grandes retos en su proyecto de negocio ha sido el clima, debido a que las fuertes lluvias y el caluroso verano le generan grandes pérdidas en sus cultivos.
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.