At 36 years old, Nohelia is an entrepreneur who for some years has worked creating for subcontractors and currently has 3 employees from Bello, the metropolitan area of Medellin where she lives with her husband and her two children.
Nohelia began her business with the hope of increasing the family income and thus to have a better quality of life. In the future, this entrepreneur hopes to have her own line of clothing and her own facility in order to work. Right now she needs a loan in order to buy fabric and supplies in order to make more products and thus increase her income.
A sus 36 años de edad, Nohelia es una emprendedora que desde hace algunos años se dedica a la confección a terceros y actualmente genera 3 empleos a personas de Bello, municipio del Área Metropolitana de Medellín en donde vive con su esposo y sus dos hijos.
Nohelia inició con su negocio con la esperanza de mejorar sus ingresos y los de su familia y así tener una mejor calidad. En el futuro, esta emprendedora espera tener su propia línea de ropa y un local propio para trabajar. Por ahora necesita de un préstamo para comprar telas e insumos para producir mayor cantidad de productos y así mejorar sus ingresos.
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.