Luz Amparo is a 51-year-old woman. She is separated from her husband and is the mother of one son. She is a determined and hard-working person who works to get herself and her family ahead in life. For approximately 38 years she has had a shop where she sells liquor and groceries. With great care she has managed to get the business well-known in the area where she lives. Every day she works hard in her business, and on the weekends she extends her business hours because there is a greater flow of people and possible customers.
The loan that she wants will be used to buy an assortment of inventory (liquor, beer, and basic household products) in order to have a greater variety and quantity of products that will allow her to meet the demand of her customers. Additionally, she wishes to settle her current loan. Her greatest dream is to grow her business, to have a larger location or to make structural improvements to her house, and to have her own place. In this way she will be able to save expenses that she can later use to support her family and improve their quality of life.
Luz Amparo es una mujer de 51 años de edad, es separada y madre de un hijo. Es una persona luchadora y trabajadora, se esfuerza por sacar adelante su hijo y su familia. Hace aproximadamente 38 años tiene una tienda donde vende licores y abarrotes, con esmero ha logrado que el negocio sea reconocido en el sector donde reside. Cada día trabaja arduas jornadas en su negocio y los fines de semana extiende el horario de atención debido a que se presenta mayor flujo de personas y posibles clientes. El crédito lo desea invertir en la compra de surtido (licores, cerveza y productos de la canasta familiar) para tener mayor diversidad y cantidad de productos que le permita satisfacer la demanda de sus clientes y, adicionalmente desea cancelar el crédito que tiene vigente. Su mayor sueño es hacer crecer su negocio, tener un local más amplio o hacer mejoras locativas en su casa, que le permitan tener un local propio, y de esta forma poder economizar gastos que posteriormente pueden servir para el sostenimiento de su familia y mejorar la calidad de vida.
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.