For three years Luz Eugenia has been buying and selling charcoal to different restaurants, to chicken broilers, and to all that need it. The work that she does is thanks to a friend of her father who offered her this work. From then on she has been storing the charcoal in a space at her house.
This business activity gives the needed support for Luz Eugnia and her parents, ages 87 and 97. Her parents need to continually go to doctors, which is very expensive.
Therefore, Luz Eugenia needs to buy charcoal to be able to take care of the end of the year demand. She also needs the resources to take care of her parents’ health.
La señora Luz Eugenia se dedica a la compra – venta de carbón a los diferentes restaurantes, asaderos de pollo y todo aquel que necesite desde hace tres años, esta labor la realiza gracias a un amigo de su padre quien le ofreció este trabajo, desde entonces almacena el carbón en un espacio de su casa. Esta actividad brinda el sustento necesario para la señora Luz Eugenia y sus padres quienes tienen 87 y 97 años por lo que tienen que ir constantemente a controles médicos mus costosos, por lo que la señora Luz Eugenia necesita de la compra de carbón con el cual pueda atender la demanda de fin de año y tener los recursos necesarios para cuidar la salud de sus padres.
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.