Yolanda works in a beauty salon that has been a family concern that has been in business about 54 years. Yolanda received it from her parents some 18 years ago and since then it has been the source of income with which she contributes financially at home so that her husband and her son have a good quality of life. Her business allows her the opportunity of generating eight jobs and she aspires to continue hiring more employees in order to offer a better quality of life to other people.
She is seeking to improve the service that she offers to her customers. Yolanda is seeking a loan to buy supplies that she needs in the beauty salon and also to make some facility updates.
Her dream is to continue working in this business and to be able to pass it from generation to generation so it goes on forever.
Yolanda trabaja en el salón de belleza que ha sido de trascendencia familiar y que lleva aproximadamente 54 años funcionando. Yolanda lo recibió de sus padres hace unos 18 años y desde entonces esta ha sido la fuente de ingresos con la que contribuye económicamente en su hogar para que su esposo y su hijo tengan una buena calidad de vida. En el negocio tiene la oportunidad de generar 8 empleos y aspira a poder seguir generando más empleos para mejorarles la calidad de vida a otras personas. Buscando mejorar el servicio que ofrece a sus clientes, Yolanda busca un préstamo para comprar insumos que requiere en el salón de belleza y también realizar algunas adecuaciones locativas.
Su sueño es seguir trabajando en este negocio y poder pasarlo de generación en generación para que siempre perdure.
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.