Maria Berenice has been engaging in creating leather items for 6 years, an activity thanks to which she earns money for her family, composed of her husband and their three children. Maria Bernenice is 48 years old. She needs to buy an industrial sewing machine that will help her being more efficient in her work, thus enabling her to increase her income and consequently improving the standard of living of her children, on top of gaining more free time to spend with them. In the future, Maria Berenice hopes to own a shop in the commercial area of Sonson, the town where she lives, located east of Antioquia, in order to give economic stability to her family.
La señora Maria Berenice se dedica desde hace 6 años a la fabricación de artículos de cuero, actividad con la cual genera ingresos para su hogar donde convive con su esposo y sus tres hijos. La señora Maria Berenice con sus 48 años, requiere de la compra de una máquina guarnecedora la cual le permita ser mas eficiente en su trabajo y así poder aumentar sus ingresos para mejorarles la calidad de vida a sus hijos, además de tener mas tiempo disponible para ellos. Maria Berenice sueña en un futuro con tener un local en la zona comercial de su municipio Sonson, ubicado al oriente de Antioquia, y poder así brindarle una estabilidad económica a su hogar.
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.