Mónica is a woman with dreams, who is strong and has a strong desire to seek out a better future for her six year old son. She worked for many years in a pet store where she acquired knowledge about this type of work.
A year ago she decided to make herself independent and start a business dedicated to the sale of pet food, accessories and canine medicine.
Mónica feels satisfied with the achievements she has made and hopes to continue growing within the local market. For this reason she is requesting this loan to invest in the purchase of mercahandise. She plans to widen her product offerings and increase her sales.
Mónica, es una mujer soñadora, esforzada y con grades deseos de buscar un mejor futuro para su hijo de 6 años de edad. Laboró por varios años en una tienda de mascotas, en donde adquirió los conocimientos sobre el oficio.
Desde hace un año decidió independizarse y montar su negocio dedicado a la venta de concentrados, accesorios y medicina canina.
Mónica se siente satisfecha con los logros alcanzados y desea seguir creciendo dentro del mercado local, por lo cual se encuentra solicitando un crédito que invertirá en la compra de mercancía con el propósito de ampliar su portafolio de productos y mejorar su nivel de 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.