Monica is a 20 year old, enterprising young woman from the municipality of San Carlos near Antioquia. She sells jewelry, accessories, watches and other items. She learned this business working in various shops, where she also got to know the clients and the manufacturers. Now Monica has started working on her own with the goal of increasing her income, which she needs to cover her expenses and pay for her education. She'd like to take advantage of the end of year holiday season and expand the merchandise she can offer to her customers. She'd also like to invest in a display case to present a better image of her jewelry and accessories. Her dream is that her business will grow, and she will be able to open a shop that people can come to visit.
Mónica es una joven de 20 años emprendedora del municipio de San Carlos al oriente de Antioquia, donde vende mercancía como joyas, accesorios, relojes y demás. La actividad la aprendió trabajando en almacenes, donde además conoció los proveedores y los clientes. Ahora Mónica se ha independizado con el fin de lograr mejores ingresos, con los cuales busca cubrir sus gastos personales y poder pagar su educación. Con el objetivo de aprovechar la temporada de fin de año, Mónica requiere de la compra de mercancía para ampliar los productos que ofrece a sus clientes y también invertir en un exhibidor que logre mejorar la imagen de la venta de sus productos. Sueña con que su negocio crezca, poder montar un almacén que la gente pueda visitar y la tenga como una referente para las compras de sus accesorios.
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.