Jorge, 61, worked for more than 14 years as a watchman. When he became unemployed due to personnel cuts, he needed to find a source of income to support his family so he decided to under employ himself and start selling ‘buñuelos’ [deep-fried flour tortillas] near his house.
Currently, he sets up at a school entrance to sell his product and generate income that will make it possible for him to provide his family with a proper life. His greatest dream is to own a house to improve quality of life. He’s asking for a loan to invest in his food cart’s improvement and to buy raw materials to increase his sales.
Jorge tiene 61 años de edad y laboró por más de 14 años como vigilante, tras quedarse sin empleo debido a un recorte de personal, se vio en la necesidad de buscar una fuente de ingresos para el sostenimiento de su familia. Por lo cual decidió subemplearse y dedicarse a la venta de buñuelos cerca de su vivienda.
En la actualidad se ubica a la entrada de una escuela para vender su producto y generar ingresos que le permita ofrecerle a su familia una vida digna. Su mayor sueño es poder tener una vivienda propia para mejorar su calidad de vida. Se encuentra solicitando un crédito el cual invertirá en adecuación del carro y la compra de materia prima para ampliar sus ventas.
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.