He wants to open an Internet café and stationery store and to do so has already rented a space. He wants to buy fixed assets (computers, display cases, tables and chairs) and to buy stock stationery supplies (notebooks, pencils, markers, etc.) and this is why he’s asking for a loan.
In this way, he intends to start his business venture and provide good service offering study alternatives for his customers. Oscar hopes that his business will be profitable and that it will last over time becoming well-known because of the excellent service he’ll provide. But he’s aware that to do so he must work with much effort and dedication. That’s the only way that he’ll have the opportunity to make progress and in future enjoy better quality of life.
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By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
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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