Néstor is an active and hardworking man who is passionate about his children and his profession. For this reason, he is requesting a loan so that he can invest in structural improvements (repair the floor of his business), print advertising leaflets, and buy supplies (fried meats, breads, sauces, and sodas) in order to generate more income. This will create a new image for his business, which will make his customers feel more comfortable. In addition, he will have available supplies that he needs to cater to the tastes of his customers. As a result, Néstor will be able to advance his business and succeed. By generating more income, he will be able to accomplish his midterm goal of opening an exclusive restaurant that will be recognized for its tasty food and excellent service. This will enable him to provide his children with a better education and improved quality of life.
Important InformationThis 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.
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