María, 58, is a widow and mother of four children. One of her greatest passions is her work. She enjoys working as a successful independent vendor.
Fifteen years ago, in the Cañas Gordas municipality, the municipal administration created a marketplace giving several families the opportunity to set up businesses.
Maria didn't think twice about it and took advantage of the opportunity to create a business. Through this she has been able to offer her family a better quality of life and take care of household expenses after her husband passed away.
Her biggest dream is to increase sales so she improve her living situation. For this reason she is requesting a loan to buy fruits and vegetables.
María de 58 años de edad, es viuda y madre de cuatro hijos. Una de sus mayores pasiones es el trabajo, por lo cual disfruta laborar como independiente y ser una gran comerciante. Hace 15 años en el municipio de Cañas Gordas la administración municipal creo una plaza de mercado, dando la oportunidad a varias familias para montar su negocio. María no lo pensó dos veces y aprovechó la oportunidad para crear su empresa. Con esta actividad ella ha podido ofrecerle a su familia una mejor calidad de vida y llevar los gastos de su hogar después del fallecimiento de su esposo. Su mayor sueño es poder incrementar sus ventas para acceder a una vivienda digna, por esta razón se encuentra solicitando un crédito que destinará a la compra de frutas y verduras.
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.