He works alone every day of the week but on some days of the month hires a helper. He’s a hardworking, driven man who very much wants to improve every day and seeks ways to do so. This is what motivates him to seek the loan because he wants to buy stock (soft-drinks, packaged snacks, cookies and crackers, juices, coffee, sweets, etc.) at wholesale to stock up for the approaching Christmas season when display cases need to be well-stocked to meet customer demand.
Luis says that he wants to continue working even though his work is very demanding but he want to continue motivated by his wish to reach his dream of owning a house to improve his living conditions and well-being.
More information about this loan
This loan is part of Interactuar's effort to being innovative and high-quality non-financial products to more borrowers.
In addition to credit, the organization provides training in business management, gastronomy, tourism, marketing, design, sales, and other areas. It also advises borrowers on their new and existing businesses, and its food laboratory helps farmers increase their crop yields. Together, all of these services help borrowers gain new skills and optimize their 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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