María Ninfa and her husband are dairy farmers and grow beans, coriander and potatoes on their farm located in the town of Marinilla in east Antioquia. María Ninfa works tirelessly to get ahead with her little, four-year-old son who at his short age suffers from several illnesses which require very costly treatments.
In order to earn more income, María Ninfa wants to buy a cow and manure for her coriander crops to generate higher income that will give her the economic capacity to support her family and her son’s treatments. She dreams with seeing him going to school and having a better quality of life.
La señora María Ninfa en su finca ubicada en el municipio de Marinilla al oriente de Antioquia, se dedica junto con su esposo a la producción de leche y cultivos de frijol, cilantro y papas. La señora María Ninfa trabaja incansablemente para salir adelante con su pequeño hijo de cuatro años quien a su corta edad sufre de varias enfermedades que requieren de tratamientos muy costosos. Para poder tener más ingresos la señora María Ninfa desea comprar una vaca y abono para su cultivo de cilantro con el fin de poder generar mayores ingresos que le permitan tener la capacidad económica para sostener a su familia y los tratamientos de su hijo a quien sueña verlo estudiando y con 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.