María is 69 years old. She is an enterprising woman who is dedicated to her family. Four years ago, she and her husband decided to open a shoe store. They work in the store every day from 9:00am until 7:00pm.
Her biggest challenge has been educating her nine children due to the financial circumstances they were in. Her greatest dream is to be able to enjoy her old age with her husband and have a stable financial situation. This is why they decided to start a business as a means of supporting themselves.
She is requesting this loan to purchase stock so that she can have sufficient merchandise for the school season.
María de 69 años de edad, es una mujer emprendedora y dedicada a su familia. Desde hace cuatro años decidió montar con su esposo un negocio de calzado, el cual atiende diariamente de 9 de la mañana a 7 de la noche.
Su mayor reto ha sido educar a sus nueve hijos, debido a las circunstancias económicas por las que atravesaban.
Su mayor deseo es poder disfrutar de su vejez con su esposo y gozar de una situación económica estable, por lo cual decidieron crear una entrada económica como medio de subsistencia.
En la actualidad se encuentra solicitando un crédito para la compra de surtido y poder contar con la mercancía suficiente para la temporada escolar
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.