Alba is 52 years old. She is known as being an entrepreneurial woman with big aspirations. Over 20 years ago, she learnt the art of cooking thanks to her previous jobs. Now she has a small business where she sells food along with one of her daughters.
With the aim of continuing to develop this, Alba is requesting a loan which she will invest in buying a fast food cart, a hot drinks dispenser, a microwave, kitchen utensils and everyday food products. This will allow her to increase sales and generate more resources that will translate into a better quality of life for her immediate family.
Alba de 52 años de edad, se caracteriza por ser una mujer emprendedora y de grandes aspiraciones. Desde hace más de 20 años aprendió el arte de la culinaria gracias a sus antiguos trabajos. En la actualidad tiene un pequeño local en donde se dedica a la venta de comidas en conjunto con una de sus hijas.
Con el fin de continuar con el desarrollo de la actividad, Alba se encuentra solicitando un crédito que invertirá en la compra de un carro de comidas rápidas, un greca, un microondas, utensilios de cocina y productos de la canasta familiar, lo que le permitirá aumentar las ventas y generar mayores recursos que se traducirán en una mejor calidad de vida para su núcleo familiar.
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.