María Amparo is 65 years old, married, and has three children. For the past seven years she has been selling pastries and candies from a cart, having learned this business from her husband. Her small business is well known in the area and she has one worker who helps her make sales. She has a steady stream of people who pass by.
María Amparo will invest her loan in buying stock (pastries, candies, soda and iced treats). This will allow her to sell a wider range of products and thereby meet the needs of her customers. Her income will increase and she will be able to cover all her household needs. María Amparo's biggest dream is to grow her business until she has a store which makes her more profits and allows her to improve her own quality of life as well as that of her family.
María Amparo es una mujer de 65 años de edad, es casada y tiene 3 hijos. Hace 7 años se dedica a vender mecato y confites en una chaza, actividad que aprendió gracias a su esposo. Su pequeño negocio es reconocido en el sector y tiene un trabajador que la apoya en las ventas, debido al alto flujo de personas que transitan por el lugar. El crédito lo invertirá en la compra de surtido (mecato, confitería, gaseosas, helados) lo que le permitirá ofrecer más variedad de productos y así satisfacer las necesidades de los clientes y, de esta forma incrementar sus ingresos económicos y poder solventar todas las necesidades de su hogar. Su principal sueño es hacer crecer su negocio hasta el punto de tener una tienda que le genere mayor utilidad y le permita mejorar su nivel de vida y el de su familia.
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.