María Elena, 51, is a single and independent woman. Six years ago she took over a family business in the town of La Ceja, Antioquia, following her father's retirement.
In her business María Elena is a big help to the people of her town, since she offers them advice on how to get health insurance, she helps them with the procedures for getting a driver's license, sales contracts, and other procedures.
Currently María Elena wants to buy a printer to offer new services that will make her business more competitive in the market and generate greater income to be able to give her parents a better quality of life. For this reason she is currently requesting a loan, because she wants to continue improving her business and support herself, to continue being an independent person and help her community.
María Elena con 51 años de edad, es una mujer soltera e independiente, desde hace 6 años tomó un negocio de familia en el municipio de La Ceja – Antioquia, tras la jubilación de su padre, en su negocio María Elena, ofrece gran ayuda a las personas de su municipio, ya que les brinda asesoría en como afiliarse a un seguro medico, les ayuda con los tramites para sacar licencias de conducción, contratos de compra y venta entre otros tramites más.
Actualmente María Elena, desea comprar una impresora para ofrecer nuevos servicios que volverán su negocio mas competitivo en el mercado, de modo que genere mayores ingresos para poder tener y dar a sus padres una mejor calidad de vida, es por esto que actualmente solicita un crédito, porque quiere seguir mejorando su negocio y sostenerse para seguir siendo una persona independiente y ayudar a su comunidad.
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.