Flor is a 37-year old entrepreneur who, alongside her husband, has worked for a company for many years. However, a short while ago, an opportunity arose to generate additional income by operating her own business. Now, in her free time, she cuts and finishes wood according to her customers' needs. This work has allowed Flor to earn more money for her household.
Now she needs to buy a circular saw to give a better finish to the products and speed up the production process. Unfortunately she doesn't not have enough money to make this purchase. For this reason she is seeking a loan to buy the saw so she continue making the steady progress in which the family lives. Her hope is to provide a better quality of life for her two children.
Flor es una emprendedora de 37 años de edad que junto ha su esposo ha trabajado en una empresa durante muchos años, sin embargo hace poco se les presentó la oportunidad de generar un ingreso adicional con su propio negocio, y actualmente, en sus tiempos libres se encargan de cortar madera y pulirla según lo que los clientes requieran, esto les ha permitido generar mas ingresos para su hogar.
Hoy en día ven la necesidad de comprar una máquina circular con la cual darle un mejor acabado a sus productos y agilizar el proceso de producción pero desafortunadamente no cuenta con el capital para dicha compra. Por lo cual solicita un préstamo con el cual comprar la máquina y seguir con este progreso que poco a poco viven, con la ilusión de brindarle a sus 2 hijos una mejor calidad de vida.
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.