At the age of 61, Mariela is quite the fighter because when she separated from her husband she was forced to start her own business with one of her children. Together they started to repair shoes and purses and to manufacture sandals.
Mariela and her son work in Medellín’s Comuna 13 neighborhood where their house is located. At present, this entrepreneur needs a loan to buy supplies and raw materials to continue with her work.
A sus 61 años de edad, Mariela es una gran luchadora pues al separarse de su esposo se vio obligada a iniciar su propio negocio en compañía de uno de sus hijos, juntos empezaron a reparar zapatos y bolsos y a elaborar sandalias.
Mariela y su hijo realizan su labor en la Comuna 13 de Medellín en donde está ubicada su casa. Actualmente esta emprendedora necesita de un préstamo para comprar insumos y materia prima para continuar con su labor.
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.