María Silvia is 42, and the mother of two children, ages 17 and 9. María Silva has a store where she sells groceries in general, soft drinks, snacks and liquor. María Silva started her business five months ago in premises close to her house, which is located in the municipality of Carmen de Viboral, in the eastern part of Antioquia department.
María Silva wishes to buy a selection of liquor in order to meet the demand for this during the year-end season. With this purchase, María Silva's will be able to increase her income, and so improve her family's quality of life. María Silva's dream is to see her business grow, to offer a great variety of products, and to provide a good quality of life to her children.
La señora María Silvia a sus 42 años de edad es madre de dos hijos de 17 y 9 años. La señora María Silvia tiene una tienda donde ofrece víveres en general, gaseosas, snacks y licores. La señora María Silvia inicio con su negocio hace cinco meses en un local cercano a su casa ubicada en el municipio del Carmen de Viboral localizado en el oriente de Antioquia. La señora María Silva desea comprar surtido de licores para poder suplir la demanda de éstos en la temporada de fin de año. Con lo anterior, los ingresos de la señora María Silvia podrán aumentar y así mejorar la caliad de vida de su familia. Los sueños de la señora María Silvia es ver crecer su negocio, ofrecer una gran variedad de productos y brindar una buena calidad de vida a sus hijos.
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.