57-year old Carmen is from a humble background. She tells us that she is a hardworking woman, keen to make progress in life. Household chores have always been a big part of her life as even as a child she had to help her mother prepare food. Later on she earned her living working in a restaurant. With this experience and a desire for a better future, Carmen managed to start her own business selling meals.
In order to improve service and continue growing her business, she is now seeking a loan to buy everyday food items. Her dream is to have her own premises and open a large restaurant.
Carmen tiene 57 años de edad, es de procedencia humilde. Asegura que es una mujer trabajadora y echada para adelante. Manifiesta que las labores del hogar siempre han sido su compañera ya que desde niña debía ayudarle a su madre con la elaboración de la comida. Posteriormente para ganarse la vida se empleó en un restaurante. Con la experiencia y con el deseo de un mejor futuro Carmen logró montar su propio negocio dedicado a la venta de comidas.
Con el fin de mejorar el servicio y seguir creciendo en el sector, se encuentra solicitando un crédito que invertirá en la compra de productos de la canasta familiar. Sueña tener su propio local y montar un gran restaurante.
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.