Maria Dolores is 52 years old and is a hardworking woman who has had to work and care for her three children. Induced by the financial challenges she has lived through, she was determined to do various things in family homes, in order to feed and educate her children. With the money she saved up from her jobs she decided to place a small display case in her living room to sell promotional items. She wants to be able to set up a general store, but she knows that it takes time and discipline to set up a business. She is asking for this loan in order to buy an assortment of goods to increase her sales and have a variety of products on hand. With this she will be able to offer her family a better quality of life and a higher education to her son.
María Dolores de 52 años de edad es una mujer luchadora a la que le ha tocado trabajar y cuidar de sus tres hijos al tiempo, inducida por las carencias económicas que ha vivido, tomó la determinación de dedicarse a oficios varios en casas de familia, para poder suministrarle a sus hijos alimento y educación. Con los ahorros que logró acumular durante sus empleos decidió colocar una pequeña vitrina en la sala de su casa para vender artículos de promoción. Su deseo es poder montar una miscelánea, pero es conciente que requiere de tiempo y de disciplina para montar el negocio que sueña. En la actualidad se encuentra solicitando un crédito para la compra de surtido con el fin de mejorar sus ventas y tener más variedad de productos. Con esto ella podrá ofrecerle a su familia una mejor calidad de vida y ofrecerle educación superior a su hijo menor.
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.