Rigoberto has been farming in the village of el Llano, Santa Elena, Colombia for the past 12 years. He learned how to farm from his family and currently grows greenhouse strawberries and tomatoes. He works every day, from 5.00am to 5.00pm. Thanks to his business, his family enjoy better living conditions.
With the aim of achieving a better harvest and increasing his income, Rigoberto is requesting a loan to invest in buying farming inputs such as seeds and compost. This will allow him to improve his household's quality of life.
Rigoberto, desde hace 12 años es productor agrícola de la vereda el Llano del municipio de Santa Elena, Colombia. Aprendió el oficio por tradición familiar y actualmente se dedica al cultivo de fresas y tomates bajo invernadero. Labora diariamente de 5:00 am a 5:00 pm. Gracias a su actividad, su familia goza de mejores condiciones de vida.
Con el fin de sacar una mejor cosecha y aumentar sus ingresos, Rigoberto se encuentra solicitando un crédito que invertirá en la compra de insumos agrícolas como semillas y abonos, lo que le permitirá mejorar la calidad de vida en su hogar.
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.