Miriam works every day in her store, located in her home. She is 55 and works hard for the well-being of her four children and her husband. She is now requesting a loan to invest in stock - basic household products - for her business. Her goal is to offer her clients better quality service and a greater variety of products. With this investment, she hopes to be able to increase her sales and to define her business in the future, consolidating it in the sector.
Miriam trabaja diariamente en su tienda ubicada en su residencia. Tiene 55 años de edad y vela por el bienestar de sus cuatro hijos y esposo. Hoy se encuentra solicitando un crédito que invertirá en la compra de surtido -productos de la canasta familiar- para su negocio, con el fin ofrecer a sus clientes una mejor calidad en el servicio y mayor variedad de productos. Espera que con dicha inversión pueda incrementar sus ventas y en un futuro cercano posicionar su negocio, consolidándolo en el sector.
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.