Lila de Socorro is 45 years old and sells clothes making supplies in different neighborhoods in Antioquia, Colombia. She worked with her father in developing the business but he passed away a few months ago. This left Lilia in charge of the business.
She says that she has always been attracted to sales and after having separated from her husband and having a son to support, she decided to ask her father for work. Now that she has inherited the business, she is asking for a loan so she can buy fabric to satisfy her customer demand.
She expects that this loan will allow her to improve her family’s quality of life and provide her son the opportunity to begin a higher education.
Lilia del Socorro de 45 años de edad, se dedica a la venta de mercancía especialmente insumos para la confección en diferentes municipios de Antioquia, Colombia. Laboró con su padre en el desarrollo de la actividad y hace unos meses falleció por lo cual Lilia se hizo cargo del negocio.
Asegura que las ventas siempre le han llamado la atención, y después de separarse de su cónyuge y con un hijo que sostener decidió pedirle empleo a su padre. Hoy el negocio le corresponde por herencia, por lo cual se encuentra solicitando un crédito que invertirá en la compra de de telas con el fin de satisfacer la demanda.
Espera que con dicho préstamo pueda mejorar la calidad de vida de su familia y brindarle a su hijo la oportunidad e ingresar a la educación superior.
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.