Mary Cristina Barón Q. began her bakery business together with her family. After her father had worked for several years as a coal miner and suffered through a tragedy in which many of his co-workers were killed, the family decided to go a different route to get ahead and surmount their difficulties.
That's when Mary and her parents decided to learn how to run a bakery to cover household expenses. From Sunday to Sunday this indefatigable family works making bread, cookies and other baked goods.
They plan to use the loan to buy ingredients so they can increase production and grow into an even bigger bakery.
Mary Cristina Barón Q. empezó su panadería al lado de su familia, pues después de que su padre trabajara durante años en una mina de carbón y después de sufrir una tragedia en la que murieron muchos de sus compañeros decidieron emprender un camino difrente para salir adelante y superar las dificultades.
Fu entonces cuando Mary en compañía de su padre y su madre se dedicaron a este oficio, el cual aprendieron para cubrir los gastos familiares. De domingo a domingo esta constante familia se dedica a hacer panes, galletas y otros productos propios de la panadería.
Actualmente, necesitan de un préstamo para comprar insumos, así aumentarán la producción e irán creciendo poco a poco hasta convertirse en una gran panadería.
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.