Nubia is the mother of a son who is 12 years old. For many years she had worked as an assistant in a store in her neighborhood, but because of poor management by the owner, the business went bankrupt. Nubia now has the opportunity to rent the store.
This is how Nubia has become a business woman. She is confident that sales will return and that the business will begin to grow. In fact, she is satisfied by the results she has already seen. She is now motivated to seek a loan so that she can buy staple food products so that she can offer her customers better service and gain their loyalty. Her dream is to have successful mini-market and to become the number one business in her region.
Nubia es madre de un hijo de 12 años de edad, hace varios años inició laborando como ayudante en una tienda de su localidad, pero debido a la mala administración del propietario entró en quiebra, así que Nubia le propuso que se la alquilara. De esta manera Nubia se convirtió en toda una mujer de negocios. Asegura que las ventas resurgieron y el negocio comenzó en crecimiento. En la actualidad se siente satisfecha por lo resultados obtenidos, razón que la ha motivado a solicitar un crédito para invertir en la compra de surtido garantizándole a sus clientes un mejor servicios y lograr fidelizarlos. Sueña con tener un gran mercado autoservicio y convertir su negocio en el número uno de su localidad.
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.