Rubiela, 40, is a single mother to 5 children. She learned to work at a young age due to her family's economic situation, and especially as one of her daughters requires extra attention due to a disability. Rubiela has a lot of responsibility, and has been earning a living from various occupations. She currently works in a bakery however the income she receives is not enough to sustain her household, therefore she wants to start a business manufacturing and selling of 'arepas' (corn patties).
To achieve success in her project Rubiela needs to buy a stove and raw ingredients, and also to adapt her kitchen to be a suitable workplace. Her dream is to be able to offer her children the chance of a better education and a better quality of life.
Rubiela de 40 años de edad es madre soltera de 5 hijos. Es una mujer a la que la vida le ha enseñado a trabajar desde su juventud, debido a la situación económica de su familia en especial una de sus hijas que demanda mayor atención porque se encuentra en situación de discapacidad. Su responsabilidad es muy grande por lo cual se rebusca la vida realizando oficios varios. Actualmente labora en una panadería, pero los ingresos que reciben no son suficientes para sostener su hogar, por lo cual desea montar un negocio destinado a la fabricación y venta de arepas. Para materializar su proyecto necesita comprar una hornilla, materias primas y adecuar la cocina de su casa que será su lugar de trabajo. Su mayor sueño es poderle ofrecer a sus hijos la posibilidad de una mejor educación y 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.