María Fabiola, 56, has been in business for 8 years; she runs a store located in downtown Medellín. The store initially was her husband’s but when he died María Fabiola was left with the responsibility of the store and her family. The store has made it possible for her to support her family. María Fabiola would like to buy more stock merchandise like snacks, candy, cookies, oil and coffee, among other products which will allow her to increase income to provide a better quality of life for her family.
La señora María Fabiola a sus 56 años de edad se dedica desde hace ocho años a su negocio, una tienda ubicada en el centro de la ciudad de Medellín. La tienda inicialmente era de su esposo, quien falleció y por tanto la señora María Fabiola quedo con la responsabilidad de la tienda y de su familia. Con la tienda a sacado adelante a su familia. La señora María Fabiola desea comprar surtido como snakcs, dulces, galletas, aceite, café, entre otros productos, lo anterior le permitirá aumentar sus ingresos con los cuales pueda brindarle a su familia 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.