María Iluminada had to leave her home, along with her husband and 8 children, because of violence. Her husband has been working very hard in order to get ahead. María, seeing the need that they were facing, and being a hardworking woman, has tried to start several businesses. Even though these businesses weren’t successful, they did help her family greatly at the time.
Actually, María Iluminada has not given up. She would like to start again, this time with a store that sells basic groceries. She hopes that this time the business will be successful. That is why she needs this loan. She will use the loan money to buy a variety of goods in order to start this new business.
El desplazamiento por la violencia, ha sido uno de los duros golpes de la vida que maría Iluminada G. M., quien al lado de sus 8 hijos y su esposo se vio obligada a abandonar su tierra. Desde entonces su esposo ha trabajado fuertemente para sacarlos adelante y ella en vista de las necesidades que han debido afrontar ha sido una luchadora incansable pues ha intentado con varios negocios que aunque no han dado resultado en su momento han sido de gran ayuda.
Actualmente, María Iluminada quien no se da por vencida, desea intentar nuevamente, esta vez con una tienda de venta de productos de la canasta familiar esperando que esta vez éste pueda perdurar en el tiempo, para ello, necesita de un préstamo para surtir y empezar de nuevo.
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.