Alicia is 59 years old, a single mother, and the head of her household. She has four children whom she has been able to push forward with a great deal of hard work and dedication. She works in the production and sale of arepas, a type of thick corn tortilla, which she makes in the traditional way, grilled over charcoal, and sells in her neighborhood. Her arepas are so well liked that she cannot make enough of them to meet her customers' demands, since she works by herself. This loan will be used to invest in the purchase of an electric grinder, a stainless steel counter top, large pots, and the wholesale purchase of corn and charcoal. These will speed up her production process and let her meet the demands of her customers.
Her greatest dream is to grow her business into an arepas factory, one that would be both well run and well known, with the goal of increasing her income and bringing a better quality of life to her family.
Alicia es una mujer de 59 años de edad, soltera y madre cabeza de hogar. Tiene 4 hijos a los cuales ha sacado adelante con mucho esfuerzo y dedicación. Se dedica a la producción y venta de arepas hechas de forma artesanal, asadas al carbón y las vende en el sector donde reside. Su producto ha gustado tanto que ahora no alcanza a producir toda la cantidad que requiere para satisfacer la demanda de sus clientes, ya que trabaja sola. El crédito lo desea invertir en la compra de un molino eléctrico, un mesón en acero inoxidable, ollas grandes, maíz y carbón al por mayor para agilizar su proceso de producción y poder cumplir con los requerimientos de sus clientes. Su mayor sueño es hacer crecer su negocio y convertirla en una fábrica de arepas que sea muy bien organizada y reconocida, con el fin de aumentar sus ingresos y brindarle una mejor calidad de vida a 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.