Gladis is 42 years old. She works making arepas in order to help her husband with the household expenses and her 9 year old daughter's education. She gets up early every day to start her job of making arepas, which she distributes to her neighbors. She currently makes about 18 packages every day.
Currently she is requesting this loan to purchase an electric mill and build a coal oven with the goal of increasing her production capacity and increasing her income. She hopes that she can convert her one person business into a small business that can provide others the opportunity to work.
Gladis de 42 años de edad. Se dedica a la fabricación de arepas con el propósito de colaborarle a su conyuge con los gastos del hogar y la educación de su hija de nueve años de edad. Diariamente se levanta muy temprano e inicia su faena en la elaboración de arepas, las cuales distribuye entre sus vecinas, en la actualidad elabora alrededor de 18 paquetes diarios.
Hoy se encuentra solicitando un crédito para la compra de un molino eléctrico y la construcción de un horno de carbón con el fin de aumentar su capacidad de producción y mejorar sus ingresos. Espera poder convertir su negocio en una microempresa y brindarles a otras personas la oportunidad de laborar.
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.