Sandra Milena is 33 years old, and is a hard-working woman who really wants to succeed. She lives in a rural part of the municipality of Guarne, Antioquia, Colombia.
For the past eight months, she has been making a living selling basic household goods as a result of to the precarious economic situation and her husband's job instability. Because of this, she was driven to set up a small shop in her home in order to contribute to household expenses.
Her biggest dream is to be able to develop her business and invest in supplies, because her customers request various kinds of products, but she doesn't have enough money to meet this demand. This is why she is requesting a loan, which she will use to buy supplies for her shop.
Sandra Milena de 33 años de edad, es una mujer esforzada y con muchas ganas de salir adelante. Vive en la zona rural del municipio de Guarne, Antioquia, Colombia. Se dedica a la venta de productos de la canasta familiar desde hace 8 meses, debido a la precaria situación económica y a la inestabilidad laboral de sus esposo; razones que la condujeron a montar en su casa una pequeña tienda con el fin de contribuir a los gastos del hogar. Su mayor sueño es poder organizar su negocio e invertir en surtido, ya que los clientes le solicitan variedad de productos, pero ella no cuenta con los recursos para satisfacer esta demanda, por estos motivos ella solicita un crédito que destinará en la comprar de surtido para su negocio.
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.