Denis is a single mother head of household; she has three children who are 13, 15 and 18 years of age. She’s gone through severe economic difficulty because she lost her job four months ago. She was employed selling flowers and her salary was sufficient to cover household expenses but due to cuts in staff she became unemployed and her economic situation at home was gravely affected as a result.
About two months ago she managed to gather a little capital with which she started her own flower retail business but in order to have a good business she needs a loan to make physical adjustments to her worksite and to buy an assortment of flowers to offer her customers.
In this way she will be able to offer a wider variety of products to her customers allowing her business to move ahead and her sales to increase so that her household income will increase also. Her greatest dream is to have a business that will allow her to provide her three children with a good quality of life and better economic opportunities to get ahead.
Denis es madre soltera cabeza de familia de sus 3 hijos de 13, 15 y 18 años de edad, y ha tenido que atravesar por una gran dificultad económica al quedarse desempleada hace unos 4 meses. Trabajaba en una venta de flores y con el salario que le pagaban podía sostener los gastos de su hogar, pero por recorte de personal quedó sin empleo y la situación económica de su hogar se vio gravemente afectada. Desde hace unos 2 meses logró conseguir un poco de capital con el que inició su propio negocio de venta de flores, pero para poder tener un buen negocio requiere de un préstamo para adecuar su sitio de trabajo y comprar surtido de flores para ofrecer a sus clientes.
De esta manera tendrá la posibilidad de ofrecer a sus clientes una mayor variedad de productos permitiendo que su negocio salga adelante y sus ventas aumenten para que los ingresos del hogar también aumenten. Su mayor sueño es tener un buen negocio que le permita brindarles a sus 3 hijos una buena calidad de vida y mejores oportunidades económicas para salir adelante.
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.