Miriam has owned a general store for approximately 15 years, which she uses to generate an income to be able to support her household since she is a single mother and head of the household of her two children, because the children's father abandoned them long ago without making any financial contributions to support them.
Thanks to this business she has been able to get ahead and since she has spent so many years in the same place, people recognize her and this allows her to have good sales. Now her clients are requesting that - along with family needs products - she sell products such as clothing. Miriam seeks a loan to be able to buy clothing and increase the variety of products that she offers to her clients.
Her dream is to continue to improve her business and move her two children forward.
Miriam tiene desde hace unos 15 años una tienda general con la que genera los ingresos para poder sostener su hogar, ya que es madre soltera cabeza de hogar de sus 2 hijos porque el padre de sus hijos la abandonó hace bastante tiempo y sin hacer alguna contribución económica para su sostenimiento. Gracias a este negocio ha podido salir adelante y como lleva tantos años en el mismo lugar las personas ya la reconocen y esto le permite tener buenas ventas, y ahora que sus clientes le están pidiendo además de productos de la canasta familiar que venda productos como ropa, Miriam busca un préstamo para comprar ropa y aumentar la variedad de productos que ofrece a sus clientes.
Su sueño es poder tener cada vez un mejor negocio y sacar adelante a sus 2 hijos.
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.