Luz Maria worked in a cake shop for over 14 years where she gained extensive experience. However her salary was not sufficient to sustain her living expenses as she is a single mother and the main caretaker of her 18 year old son. Therefore she has decided to start her own business.
She is asking for a loan in order to buy an oven, baking tins, refrigerator, mixer and other equipment as well as the necessary supplies to start her own cake shop.
This is how she is aspiring to increase the income she generates for her home and in this way significantly improving her son’s quality of life.
Luz Maria trabajó durante más de 14 años en una repostería donde alcanzó a adquirir una gran experiencia en la actividad, pero debido a que el salario que allí estaba recibiendo no era suficiente para el sostenimiento de los gastos de su hogar, pues es madre soltera cabeza de hogar de su hijo de 18 años, ha decidido montar su propio negocio. Es así como ahora busca un préstamo para comprar un horno, moldes, nevera, batidora, y otras herramientas más los insumos necesarios para montar su propia repostería.
De esta manera aspira a mejorar los ingresos que genera para su hogar y así la calidad de vida de su hijo pueda mejorar considerablemente.
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.