Twenty-five year old Ferney is a visionary. His big dream is to create his own business and to be known in his field.
Three years ago Ferney learned to produce bleachers and fragrances in a workshop run in his town and so he decided to produce and sell these products in the municipality. Thanks to strong demand, Ferney is applying for a loan to buy plastic bottles and labels, which will allow him to increase production and generate a higher income.
His dream is to grow and begin to sell his products in different municipalities in Antioquia.
Ferney de 25 años de edad, es un gran visionario. Su mayor sueño es crear su propia empresa y que sea reconocida dentro del sector.
Desde hace tres años aprendió a elaborar blanqueador y fragancias gracias a un taller de emprendimiento realizado en su localidad, razón por la cual decidió dedicarse a la fabricación y venta de sus productos en su municipio. Gracias a la buena demanda que ha tenido, se encuentra solicitando un crédito con el que comprará botellas de plástico y etiquetas, lo que le permitirá aumentar el nivel de producción y generar mayores ingresos.
Su mayor sueño es crecer y comenzar a comercializar su producto en los diferentes municipios de Antioquia.
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.