Today he has 22,000 flowers plants and he has 6 employees, laborers and production workers, some of whom are members of his family. The flowers are harvested and sold to various international distributors. In this way he generates enough revenues to support his household, made up of his wife and two children. His perseverance, drive, strength and dedication have allowed him to overcome the various challenges that have occurred. In particular the fluctuations in the market price of the flowers and the high cost of agricultural supplies which he uses to protect his crops.
He has been able to manage these crisis and move forward, motivated by his family and his work. He has found the loan is one kind of support to assist him. José is requesting his fourth loan which he'll use to repair the vehicle he uses for transportation to sell the flowers. This will allow him to speed up delivery times for his product, increasing his sales and notably increasing his profits. Then he can continue to support his family and continue investing in the growth and strengthening of his business.
José dreams of taking advantage of the empty space he has on his farm and plant a greater number of bushes, having more regular clients and making his business more sustainable and profitable. Then he'll have the opportunity to offer his family a better quality of life.
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.
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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