Mónica Marcela is 39 years old. She is a business woman who works hard to get ahead. She has a wood working business located in the urban zone in the town of Santa Bárbara, Colombia. She has been working in this business for eight years and learned from her family as wood working is a family tradition. Her specialty is sanding and painting. She says that this business is a great blessing for her and her family because, thanks to this activity, she is able to provide her two minor children with an education and employ two other people in her community.
Her dream is to continue growing her business in her area and so, for this reason, she is requesting a loan to buy wood, a chop saw and a router. This will help her improve her production time and the quality of her products.
Mónica Marcela de 39 años de edad, es una empresaria que le sobran ganas de trabajar para salir adelante. Tiene una ebanistería ubicada en la zona urbana del municipio de Santa bárbara, Colombia. Aprendió el oficio por tradición familiar y se dedicó a esta labor desde hace ocho años. Se especializó en terminados como lijado y pintura. Asegura que su negocio es una gran bendición para ella y su familia porque gracias a la actividad a podido suministrarles educación a sus dos hijos menores de edad y generar empleo a dos personas de su comunidad.
Su deseo es seguir creciendo en el sector por lo cual se encuentra solicitando un crédito que invertirá en la compra de madera y dos máquinas colilladora y ruteadora. Esta inversión le permitirá mejorar los tiempos de fabricación y mejorará la calidad de sus productos.
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.