Patricia worked for several years in different businesses in the commercial sector, but she is now unemployed due to a scaling back of personnel. One of her daughters has supported her economically for several years, but because of the instability of her work she has not been able to cover her household costs. For this reason, Patricia has decided to take out a loan in order to get training in business creation and design in order to open her own business and generate her own income.
Her greatest desire is to improve her quality of life and become a business woman.
Laboró por varios años es diferentes empresas del sector comercial, pero debido a un recorte de personal se quedó sin empleo. Desde hace algunos años una de sus hijas es quien la sostiene económicamente, pero debido a la inestabilidad de su trabajo no ha podido solventar los gastos del hogar. Por lo cual Patricia, tomó la decisión recurrir a un crédito con el fin de capacitarse en la creación de empresas y diseño para montar su negocio y generar sus propios ingresos.
Su mayor deseo es mejor su calidad de vida y convertirse en una mujer de negocios.
More information about this loan
This loan is part of Interactuar's effort to being innovative and high-quality non-financial products to more borrowers.
In addition to credit, the organization provides training in business management, gastronomy, tourism, marketing, design, sales, and other areas. It also advises borrowers on their new and existing businesses, and its food laboratory helps farmers increase their crop yields. Together, all of these services help borrowers gain new skills and optimize their businesses.
Important InformationThis 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.
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