Ovidio, 50, is separated with one child. Due to a lack of opportunities for work and the difficult economic situation he found himself in, Ovidio decided to learn gardening and has been working independently as a gardener, pruning and tidying up the gardens of houses and farms around where he lives. His working day is 6am to 4pm and he works alone. Through this activity he has been able to earn enough money to support his household. Ovidio is a hardworking man who strives every day to help his son get ahead in life. He is asking for a loan with the aim of investing it in buying tools for his job (two scythes), to allow him to work more effectively and offer a better service, which will in turn enable him to generate more business and increase the money he can spend on his son. Ovidio's dream is that by continuing to work he will be able to achieve economic stability to improve his family's wellbeing and quality of life.
Ovidio a sus 50 años de edad es un hombre separado y padre de 1 hijo. Por falta de oportunidades laborales y debido a la difícil situación económica por la que ha pasado, decide aprender la actividad de la jardinería y desde hace 2 años trabaja como jardinero independiente, podando y arreglando los jardines en casas y fincas cercanas al lugar donde reside. Su horario de trabajo es de 6:00 am a 4:00 pm y actualmente labora sólo. Con esta actividad ha logrado conseguir ingresos para llevar el sustento diario a su hogar. Ovidio es un señor pujante, trabajador, se esfuerza día a día para sacar adelante su hijo, es por esta razón que solicita el apoyo del crédito con el fin de invertirlo en la compra de herramientas de trabajo (2 guadañas) para darle continuidad a su labor y prestar un servicio más ágil y oportuno, ya que podrá generar un empleo que le permita conseguir más contratos y de esta manera aumentar sus ingresos para disfrutar con su hijo. Ovidio sueña con seguir realizando su trabajo y que éste le permita lograr una estabilidad económica para mejorar el bienestar y la calidad de vida de su familia.
More information about this loan
By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.
This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.
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.