Norsi, 53, has worked at different jobs all her life to support and educate her children. Eight years ago, she began selling fast food in front of her house. Six years ago, she was offered a restaurant, which she saw as a chance to grow, and she took the risk. Today, she considers that a good decision because her financial situation has improved considerably.
Her great wish is to keep growing and offering employment to others. She has applied for a loan to buy basic food products and to renovate the space (paint the facade), with the goal of improving service and attracting loyal customers.
Norsi de 53 años de edad, ha laborado toda su vida en oficios varios a fin de sacar adelante a sus dos hijos y ofrecerles educación. Desde hace más de ocho años comenzó a vender comidas rápidas al frente de su vivienda. Hace seis años le ofrecieron un restaurante, lo cual ella vio como una oportunidad de comenzar a crecer y se arriesgó. Hoy considera que fue una buena decisión, porque gracias a esto las condiciones económicas han mejorado considerablemente. Su mayor deseo es seguir creciendo y brindarles a otras personas la oportunidad de emplearse. Por el momento se encuentra solicitando un crédito que invertirá en la compra de productos de la canasta familiar y adecuaciones locativas (pintura de la fachada), con el propósito de mejorar la calidad en el servicio y fidelizar sus clientes.
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.