Ángel, 60, is a farmer who has lived for over 20 years in the municipality of Caucasia, Antioquía. She raises and sell chickens for a living. Several months ago she decided also to sell soft drinks and pastries for extra income to improve her lifestyle.
Her greatest goal is to expand her business, so she is requesting a loan to buy more chickens and animal feed, as well as other goods to sell.
Ángel de 60 años de edad, es una campesina, radicada desde hace más de 20 años en el municipio de Caucasia, Antioquia. Se dedica a la cría y engorde pollos como actividad comercial. Desde hace unos meses decidió vender en su casa refrescos y mecatos para complementar sus ingresos y mejorar su calidad de vida.
Su mayor sueño es ver crecer su negocio, por lo cual se encuentra solicitando un crédito para la compra de un mayor número de pollos, concentrado y surtido para sus ventas.
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.