My name is Arnaldo and I am a 29 years old entrepreneur from San Juan, Puerto Rico. Three years ago Kiva helped me achieve the dream of opening a mobile Neapolitan-style Pizzeria business. A the time I was working on my bachelor's degree in business and hoping to realize a long-life dream of owning my own business. Well, it actually came true!
Toque Di Leña's innovative concept has been a huge success, serving thousands of clients across the island. Our portable wood fire ovens as well as our skilled pizzaiolos have been a major hit at destination weddings, birthdays, corporate events, and family gatherings. Even through tough times, we have been able to rise together and get stronger.
In 2020, the COVID-19 pandemic hit everyone in ways we could have never imagined. The food industry was one of the most affected, leaving thousands of businesses inoperable. We were not spared from the pandemic's devastating effects and were forced to put a stop to operations.
Resilience and strong support from our clients helped us create another novel concept in the food industry: the ghost kitchen. We created a space that offers delivery services through virtual delivery platforms. Again, clients were loving the fact that they could still get access to our specialty pizzas even through this challenging period.
Nowadays, our catering service is stronger than ever. Our ghost kitchen is doing great as well, but now a new phase of our business is in the works and we need your help to realize it. Our clients have been begging us to open a space where they can gather with family and friends and create memories, so we are opening a full-service restaurant specializing in wood-fired Neapolitan-style pizzas and fresh pasta. Hopefully, we will achieve that goal with your appreciated help.
Adding to basket
Funded
A loan helped us turn our ghost kitchen into a full-service Neapolitan-style bistro.
Arnaldo's story
This loan is special because:
More about this loan
Business Description
Toque Di Leña was founded in 2018. At the time I was a 26-year-old business student dreaming of owning my own business. The year before we had gone through one of the worst natural disasters experimented in Puerto Rico. When Hurricane María hit in 2017, thousands of families were left without a home. There was no water or electricity, and food was becoming scarce. Shortly after, a phenomenon started occurring, street food vendors were increasing significantly throughout the island, especially those whose cuisine didn't require electric energy to be cooked. From this phenomenon, an idea was born and developed into what is known today as Toque Di Leña. We are a family-owned and run business that offers a Pop-up restaurant experience at private events across the whole island of Puerto Rico. Our Neapolitan-style pizzas are cooked in wood-fired ovens and do not require gas or electricity, making it fairly easy and convenient to set up our kitchen at almost any venue. During the COVID-19 lockdown, our business's second phase was created: "the ghost kitchen". This innovative concept was developed to offer our clients a way of enjoying our pizzas from the safety of their homes. The "ghost kitchen" is located at Calle Paraná, San Juan, which is a commercial well-known street in Puerto Rico. The significant amount of faithful clients we have acquired throughout the years as well as the privileged location we are at brings us to our business's third phase: The Neapolitan-style Pizza Bistro. Located near commercial buildings, colleges, schools, medical clinics, restaurants, and residential areas, our bistro, which will specialize in Neapolitan-style pizzas and fresh pasta will be a certain success, offering the community a family-oriented space where friends and families can gather together and enjoy superb food, great atmosphere, and quality services.
What is the purpose of this loan?
This loan will help transform our ghost kitchen into a full-service restaurant specializing in Neapolitan-style pizzas and fresh pasta. Although hard work has helped us develop and further our business, extreme circumstances like the COVID-19 pandemic have made the road to success even more challenging. Through Kiva we are looking to acquire the funds needed to finish our already started project. The funds will be used for the exterior façade, electrical fixtures, furniture, interior walls, outdoor sitting space, inventory, equipment, payroll, advertisement, and working capital. In terms of the exterior façade, we are planning to paint the structure and parking spaces, add a commercial façade awning, install a custom commercial sign and build a jardiniere where we will plant herb plants such as basil, oregano, and rosemary. On the inside, we will create a bistro atmosphere. Behind the building, there is an open space that we would like to transform into a patio destination. While COVID-19 is still a threat, designing an outdoor dining space will help us keep our clients and our staff safe. The outside design will include fences, planters, or dividers for privacy. A rustic terrace will also be built. Part of the funds will be allocated for advertisements including social media, banners, and flyers. The food inventory will include meats, seafood, flour, dairy, and other materials needed to elaborate our cuisine. The equipment needed includes an additional commercial mixer and a commercial freezer. We will also allocate an amount for payroll and working capital. Hopefully, the Kiva community will help us realize our dream.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
Funding model
What does "Partner covers currency loss" mean & how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Yes" means the Lending Partner will cover any currency loss. Lenders will not bear losses due to currency fluctuation
"Partial" means that the Lending Partner has opted to cover losses only up to 10%. If the U.S. dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders.
"No" means that the Lending Partner is not covering any currency losses and all losses will be passed onto lenders.
"N/A" means the Lending Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Lending Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Lending Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
We also encourage you to read the following articles if you are interested in further educating yourself on the topic: Microfinance 101 (https://www.kiva.org/microfinance), Top 10 things to know about microfinance (https://www.kiva.org/blog/top-10-things-to-know-about-microfinance), Microfinance interest rates explained (https://www.kiva.org/blog/whats-up-with-microfinance-interest-rates)
What is a risk rating?
The Lending Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Lending Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Lending Partner section of every loan. Lending Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Lending Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Lending Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
About Toque Di Leña Corp
Lenders and lending teams
Country: Puerto Rico
Trustee: Causa Local
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Arnaldo?
We are endorsing Arnaldo on his second Kiva loan because he has successfully built his family business from the ground up. Little by little, Arnaldo has made smart moves and is ready for the next big step in his journey and has our full support.
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Loan tags help lenders find loans that match certain areas of interest.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
Funding model
What does "Partner covers currency loss" mean & how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Yes" means the Lending Partner will cover any currency loss. Lenders will not bear losses due to currency fluctuation
"Partial" means that the Lending Partner has opted to cover losses only up to 10%. If the U.S. dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders.
"No" means that the Lending Partner is not covering any currency losses and all losses will be passed onto lenders.
"N/A" means the Lending Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Lending Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Lending Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
We also encourage you to read the following articles if you are interested in further educating yourself on the topic: Microfinance 101 (https://www.kiva.org/microfinance), Top 10 things to know about microfinance (https://www.kiva.org/blog/top-10-things-to-know-about-microfinance), Microfinance interest rates explained (https://www.kiva.org/blog/whats-up-with-microfinance-interest-rates)
What is a risk rating?
The Lending Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Lending Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Lending Partner section of every loan. Lending Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Lending Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Lending Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
Trustee: Causa Local
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Arnaldo?
We are endorsing Arnaldo on his second Kiva loan because he has successfully built his family business from the ground up. Little by little, Arnaldo has made smart moves and is ready for the next big step in his journey and has our full support.
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