Luz Marina is 42 years old. She lived in Venezuela for more than 10 years, but due to the economic situation, she returned to Colombia without a job. Her mother (pictured - on the left) sells fried potatoes from a fast food cart in the city of Medellín, Colombia. Luz Maria started out as her assistant, but then she got the opportunity to establish her own business of selling cheese arepas (flatbread that is made from cornmeal and stuffed with various fillings). Luz has been doing this for the past eight months.
She says that her biggest advantage is the strategic location of her business, which experiences a high level of foot traffic. This has enabled her to generate more income to sustain her household and provide for the education of her three children.
Luz Marina is requesting a loan so that she can buy supplies and a fast food cart with a deep-fryer and a griddle for preparing arepas. Her greatest wish is to gain recognition for her business and improve her family’s quality of life.
Luz Marina de 42 años, vivió más de 10 años en Venezuela y por la situación económica del país regresó a Colombia sin empleo. Su madre (aparece en la foto, lado izquierdo) labora vendiendo papas fritas en un carro de comidas rápidas en la ciudad de Medellín, Colombia, por lo cual, Luz María comenzó a ayudarle, hasta que se le presentó la oportunidad de montar su propio negocio en donde vende arepas de queso desde hace ocho meses.
Asegura que su mayor ventaja es la ubicación estratégica de su negocio debido a la alta circulación de transeúntes, lo cual le ha permitido generar mejores ingresos para el sostenimiento de su hogar y la educación de sus tres hijos.
Se encuentra solicitando un crédito para la compra de insumos y un carro de comidas rápidas con freidora y plancha para la preparación de las arepas.
Su mayor sueño es poder acreditar su negocio y mejorar la calidad de vida de su familia.
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.