Gladis Edilma, a 31 year old woman, has three minor children. She has been working in the field for three years. She grows ‘papa criolla’ [a common type of potato in Colombia] and peas on land that she rents. This business activity has allowed her to generate income in order to help her husband support the household and pay for their children’s education.
She is requesting a loan in order to increase her production capacity and to increase the variety of products. She will use the loan to buy seeds and supplies to plant beans and to hire day workers.
Her biggest dream is to be able to buy a parcel of land and to generate income to give her children a better quality of life.
Gladis Edilma es una mujer de 31 años, tiene 3 hijos menores de edad. Desde hace tres años se ha dedicado a las labores del campo, en donde siembra papa criolla y arveja en una parcela que tiene en arriendo. Esta actividad le ha permitido generar ingresos para colaborarle a su esposo con el sostenimiento del hogar y la educación de sus hijos. Se encuentra solicitando un crédito con el fin aumentar su capacidad de producción y variedad de productos. Con el crédito comprará semilla e insumos para sembrar fríjol y contratar mano de obra. Su mayor sueño es poder comprar un lote y generar mayores ingresos para ofrecerles a sus hijos una mejor calidad de vida.
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.