She received a few orders some time ago, but has not been able to fulfill them due to a lack of capital to buy the materials that she needs. For this reason, she seeks to overcome this difficulty by requesting a loan in order to buy raw materials and sewing supplies that will allow her to complete her customers’ orders. Flor dreams of continuing to develop her business and gradually improving her business revenues. This will enable her to improve the facilities in her home and to have a better quality of life.
Flor sueña con seguir desarrollando esta actividad y poder poco a poco con las ganancias de su negocio ir mejorando las instalaciones de su casa, para poder tener una mejor calidad de vida.
Important InformationThis 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.
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