Jorge, age 52, is a farmer from the Vereda Alto Grande in the Carmen de Viboral municipality in Colombia. His whole life he has devoted himself to what he knows best and knows how to do, farming and working with livestock. Together with three of his six children, this man gets up very early in order to start his chores, which are milking his cows and taking care of his corn and bean crops. His crops are sold at a gathering center in his municipality.
In order to continue with his business activity, Jorge is requesting a loan to buy manure and seeds so that he can increase his production capacity.
His main challenge has been the instability of his business activity. This is because the harvests are gravely affected by the weather changes and the elasticity of the prices. Therefore, his income sometimes varies, which causes losses.
However, even with these inconveniences Jorge gets ahead, trying to give his family financial stability and an education to his three minor children.
His biggest dream is to be able to buy the parcel of land where he lives and to increase his income in the hope of improving his quality of life.
Jorge de 52 años de edad es un campesino de la Vereda Alto grande del municipio del Carmen de Viboral, Colombia. Toda su vida se ha dedicado a lo que mejor conoce y sabe hacer, la agricultura y la ganadería. En conjunto con tres de sus seis hijos, este hombre se levanta muy temprano para iniciar su faena: ordeña sus vacas y cuida de los cultivos de maíz y fríjol, los cuales son vendidos en el centro de acopio de su municipio.
Con el fin de continuar con su actividad económica, Jorge se encuentra solicitando un crédito que invertirá en la compra de abonos y semillas para incrementar su capacidad de producción.
Su principal desafío ha sido la inestabilidad de la actividad, debido a que las cosechas se ven gravemente afectadas por las variaciones climáticas y la elasticidad de los precios. Por lo cual su renta en ocasiones varían ocasionando pérdidas. Aun con estos inconvenientes, Jorge sigue adelante tratando de ofrecerles a su familia una estabilidad económica y educación a sus otros tres hijos menores de edad.
Su mayor sueño es poder comprar la parcela en la que vive y aumentar sus ingresos con la esperanza de mejorar su 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.