A loan of $100 helps to pay for cooking studies in roasting and grilling in order to start a new business.
Adolfo is 32 years old and lives in the city of Bello. He’s a single father who has two children whom he loves more than anything.
Adolfo is an amazing chef and he’s very talented and also a professional because he’s been studying to improve his knowledge. He’s always thinking about how to be better and how to prepare better food. He would like to start a new business where he sells roasted meat, but first he wants to learn about it. For this reason, he’s asking for a loan to pay for his studies in roasting and grilling in order to start a new business.
Support this talented father and loan now.
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This loan is special because:
More about this loan
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.
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.