Esperanza is the mother of three minor children. They are her motivation and the reason why she decided to start her own business. She worked for many years in small grocery stores, which allowed her to gain experience. After she had her children, she found it necessary to stop working for awhile to care for them. Two years ago, she decided to start her business in her home and combine her housework, caring for her children, and her work. Her greatest wish is that her store grows, the number of customers increases, and the profitability increases. This is why she is applying for a loan, with which she wants to buy inventory to meet the demand.
Esperanza es madre de tres hijos menores de edad, los cuales son su motivación y la razón por la que decidió montar su propio negocio. Laboró por varios años en tiendas de abarrotes las cuales le permitieron adquirir la experiencia. Después de que tuvo sus hijos se vio en la necesidad de retirarse por el tiempo que demandaba su cuidado. Hace dos años decidió montar su proyecto de negocio en su casa y poder combinar las labores del hogar, el cuidado de sus hijos y la actividad laboral. Su mayor deseo es que su tienda crezca, incremente el número de clientes y mejore la rentabilidad. Para ello se encuentra solicitando un crédito con el que desea comprar surtido para satisfacer la demanda.
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.