Amparo, 40, is the mother of two children aged 16 and 18. Amparo has had a store for about 2 years. She started up this business after working for 7 years in a factory in Arepas. She wanted to become independent in order to improve her income and provide a better quality of life to her two children. Amparo works alone in her store every day from 8am until midnight. Amparo wants to buy merchandise for her business such as: soft drinks, snacks, cooking oil, personal care products and sweets, so that she can attract more customers and increase her sales. Amparo dreams of buying her own house and of seeing her children always happy.
La señora Amparo a sus 40 años de edad es madre de dos hijos de 16 y 8 años de edad. La señora Amparo tiene una tienda desde hace aproximadamente dos años; esta labor la inició la señora Amparo luego de trabajar por siete años en una fábrica de arepas y querer independizarse para mejorar sus ingresos y darle una mejorar la calidad de vida a sus dos hijos. La señora Amparo trabaja sola en su tienda de lunes a domingo desde las 8:00 a.m. hasta las 12:00 de la media noche. La señora Amparo desea comprar surtido para su negocio tal como gaseosas, snacks, aceite, productos de aseo personal y duces, con lo cual pueda atraer más clientes e incrementar sus ventas. El sueño de la señora Amparo es comprar su propia casa y ver a sus hijos siempre felices.
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.