"Creativity is a gift which all human beings possess but which very few develop". Nancy is a woman who knows exactly what she wants. Her creativity and imagination have enabled her to consistently build her business making exercise books, diaries and notebooks, the income from which allows her to cover her household costs.
She is applying for a loan now, as the new school year starts in January and she needs to buy supplies to make the goods which she will market for that time. Her greatest wish is to expand her business and to be able to create jobs.
“La creatividad es un don que todo ser humano posee pero muy pocos desarrollan”. Nancy es una mujer que sabe bien qué es lo que quiere, su capacidad de imaginación y creatividad le han permitido construir su negocio a pulso consistente en la elaboración de cuadernos, agendas y libretas, con la cual sostiene económicamente su hogar. En estos momentos se encuentra solicitando un crédito debido a que en el mes de enero llega la temporada escolar y necesita comprar los insumos para elaborar la producción que comercializará para esta fecha. Su mayor deseo es expandir su negocio y poder generar fuentes de empleo.
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.