Esperanza is a street vendor in the city center of Rionegro, Colombia. She has had a small kiosk where she sells all kinds of candy for seven years. She works from 10am to 7pm and says that the winter season is the most difficult because sales go down significantly.
She is now requesting a loan to buy candy. Her goal is to contribute to her household expenses and to guarantee a better quality of life for her four children. She dreams of having her own store so that she does not have to endure the harsh weather.
Esperanza se dedica a las ventas ambulantes en el centro de la ciudad de Rionegro, Colombia desde hace siete años trabaja en un pequeño puesto donde vende toda clase de dulces. Trabaja de 10:00 a.m. a 7:00 p.m. Asegura que lo más difícil es la temporada de invierno donde las ventas disminuyen notablemente.
En la actualidad se encuentra solicitando un crédito que invertirá en la compra de surtido con el propósito de contribuir con los gastos de su hogar y garantizarles a sus cuatro hijos una mejor calidad de vida. Sueña con tener su propio local y no tener que padecer las inclemencias del clima.
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.