The loan will be used to invest in the purchase of agricultural supplies in bulk (manure, seeds, pesticides, fertilizers, etc.) and expand his crops. This will allow him to increase his production and have the capability to sell more products, which will help him to regain his working capital to reinvest in his crops and pay for household necessities.
Fabio tells us that his only goal is to continue fighting for his children to enjoy a better lifestyle and education so that they can be suitable people. He also wants to instill in them from a young age a love for the countryside and agriculture so that they will continue with his legacy and never want for anything.
Actualmente se gana la vida trabajando como agricultor, pues es la actividad que aprendió de sus padres y que, hoy en día se ha convertido en su principal fuente de ingresos. Esto lo motiva a solicitar el apoyo del crédito para hacerle frente a un gran desafío que se le presentó en la última cosecha, pues con los fuertes cambios climáticos se dañaron sus cultivos, ocasionando pérdidas económicas.
El crédito solicitado lo invertirá en la compra de insumos agrícolas al por mayor (abonos, semillas, pesticidas, fertilizantes, entre otro) y realizar una ampliación de sus cultivos, esto le permitirá aumentar su producción y estará en la capacidad para vender más productos, lo que le ayudará a recuperar su capital de trabajo para reinvertir en sus cultivos y solventar las necesidades básicas del hogar.
Fabio manifiesta que su único propósito es seguir luchando para que sus hijos puedan disfrutar un mejor bienestar y educación para que sean personas idóneas, además quiere inculcarles desde pequeños, el amor por el campo y la agricultura, para que sigan con su legado y nunca pasen necesidades de ningún tipo.
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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