Señor Álvaro Alonso is a 58-year-old man who is married with two children. For approximately 38 years he has made a living through cabinet-making, which has allowed him to get his wife and children ahead in life and to provide them with an acceptable quality of life. He wishes to invest the loan in repairing the roof of his business because it is leaking water and he needs Eternit-brand tiles and wire.
The rest of the loan will be used to purchase a wood edging machine so that he can do more refined work in less time and in this way offer better quality to his customers, which will increase his production levels and sales. This will allow him to generate a higher income for his family. His greatest dream is to be able to offer employment to more people and to teach all that he has learned in his years of experience.
El señor Álvaro Alonso es un hombre de 58 años de edad, casado y con dos hijos. Hace aproximadamente 38 años se dedica al oficio de la ebanistería, el cual le ha permitido sacar adelante a su esposa e hijos y brindarles una calidad de vida aceptable. El cliente desea invertir el crédito en el arreglo del techo de su negocio, ya que se le está filtrando el agua y para ello requiere tejas de eternit y alambre y, el resto del dinero lo invertirá en la compra de una máquina canteadora de madera con la cual podrá realizar un trabajo más pulido, en menor tiempo y de esta forma le brindará mayor calidad a sus clientes y, de esta manera aumentará sus niveles de producción y venta, lo que le permitirá generar mayores ingresos para su familia. Su mayor sueño es poder brindar empleo a más personas y poder enseñar todo lo aprendido en sus años de experiencia.
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.