Luz Maria has had a general store for 20 years, and with it has financially supported her three children. Little by little she has pulled together this business with a lot of effort, and this has allowed her to generate income so that her children can have a better quality of life and more economic opportunities to get ahead in life.
Although the store offer home goods, her customers have been asking Luz Maria to ask for a loan to buy a photocopier and paper products to be able to diversity what she can offer her customers.
Her dream is to continue working in her store and to be able to increase her sales to be able to further support her family financially and improve their quality of life.
Luz Marina tiene una tienda general desde hace unos 20 años y con esta aporta económicamente para el sostenimiento de sus 3 hijos. Poco a poco ha ido sacando este negocio con mucho esfuerzo y esto le ha permitido ir generando ingresos para que sus hijos tengan una mejor calidad de vida y mejores oportunidades económicas para salir adelante. Pese a que en su tienda ofrece productos de la canasta familiar, ahora gracias a que sus clientes se lo están pidiendo Luz Marina busca un préstamo para comprar una fotocopiadora y productos de papelería para diversificar los productos que ofrece a sus clientes.
Su sueño es seguir trabajando en su tienda y poder aumentar sus ventas, para poder aportar más económicamente a mejorar la calidad de vida de su familia.
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.