Dolly works as an employee in a clothing company, but because her salary is not enough to sustain her household where she lives with her 10 year old son, she has decided to start a business in parallel in order to earn more income for the home. So six months ago she began to sell personal products through catalogs, and since then the household financial conditions have been improving and her family can have a better quality of life.
However, the financial difficulties persist and one of the biggest difficulties that her business has is the lack of capital. Now that she has big orders from some of her customers, Dolly is seeking a loan in order to buy personal use products so that she can fulfill her client’s orders.
Her dream is to be able to have a big personal product business for sales located in her own facility where she can create jobs and besides that to have enough money to buy her own home.
Dolly trabaja en una empresa como operaria de confección, pero debido a que su salario no es suficiente para poder sostener su hogar donde convive con su hijo de 10 años de edad, ha decidido iniciar un negocio paralelamente para generar mayores ingresos para el hogar. Es así como desde hace 6 meses comenzó a vender productos de uso personal a través de catálogos, y desde entonces las condiciones económicas de su hogar han venido mejorando y su familia puede tener una mejor calidad de vida. Sin embargo, las dificultades económicas aún persisten y una de las grandes dificultades que tiene en su negocio es la falta de capital, por esto ahora que tiene grandes pedidos por parte de sus clientes, Dolly busca un préstamo para comprar productos de uso personal con los que pueda responder a los pedidos de sus clientes.
Su sueño es poder tener un gran negocio de venta de productos de uso personal ubicado en un local donde pueda generar empleo, y además de esto tener el dinero suficiente para comprar su casa propia.
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.