María Eugenia is 57 years old. After separating from her partner, she decided to start a business in order to generate income for supporting and educating her three children. This is how she decided to start a home-based business selling catalog products to family members, friends and acquaintances.
Currently she is experiencing financial challenges, so she needs capital, which she will earmark for purchasing stock, thereby increasing her volume of sales and improving her family's quality of life.
Her greatest dream is to have her own store selling clothing, beauty products and accessories.
María Eugenia de 57 años de edad, luego de separase de su cónyuge decidió iniciar con una actividad con la cual pudiera generar sus ingresos para el sostenimiento y la educación de sus tres hijos, es así como decide iniciar desde su casa con la venta de productos por catálogo a familiares, conocidos y amigos. Actualmente pasa por dificultades económicas por lo que requiere de capital, el cual destinará para la compra de surtido, incrementando su volumen de ventas y mejorando la calidad de vida de su grupo familiar. Su mayor sueño es tener su propio una tienda de ropa, productos de belleza y accesorios.
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.