At her 61 years of age, Maria Orfilia is a tireless fighter who, for 32 years, has had her own business selling food on the streets of Medellin, work that she carries out daily from 4 a.m. until 9 a.m. since those hours are good for sales and she has had the advantage of being in front of her home during the day which permitted her to be present for her 3 children’s education.
Maria Orfilia dreams that her business will pass from one generation to the next and that it will be a fixed means of support for her children. Nevertheless, currently, she has to buy supplies to produce food and in addition make some adjustments to the cart from which she conducts her business, such as fixing the tires and buying an umbrella to give it a more pleasing appearance. Therefore she is requesting a loan with which to make this investment, increase her sales and improve her quality of life.
A sus 61 años de edad Maria Orfilia es una luchadora incansable que desde hace 32 años tiene su propio negocio, vende comisas en las calles de la ciudad de Medellín, labor que desempeña diariamente de 4:00 a.m. 9:00 a.m. pues en este horario hay buenas ventas y ha tenido la ventaja de estar al frente del hogar en el transcurso del día lo que le permitió estar presente en la educación de sus 3 hijos.
Maria Orfilia sueña con que su negocio pase de generación en generación y que sea un ingreso fijo para el sustento de sus hijos. Sin embargo actualmente debe comprar insumos para la producción de alimentos y adicional a esto hacerle algunas adecuaciones al carro donde funciona su negocio, arreglar las llantas, comprarle una sombrilla y darle una apariencia mas agradable, por lo cual hoy solicita un préstamo, con el cual hacer esta inversión, mejorar las ventas, y proporcionalmente su 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.