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Luz Mary
Mary is a 40 year old woman, a single mother of a 3 year old son and a head of household. She lives with her father and her young son. For 5 years she worked in clothing stores in the center of town, but she left and with the settlement and some savings she decided to go off on her own and she bought a business selling fruit close to the stadium. She is a fighter who is enterprising and who works long hours to obtain support for her family. She opens her business at 5:30 in the morning to 9:00 at night. She is going through a difficult situation because she leaves her son with her father who is elderly, because she doesn't have the resources to pay for a daycare. That is the reason she is asking for the second cycle loan, because she wants to pay a fixed asset (an LCD television) in order to give her business a better image and attract more customers. This will allow her to sell more and generate better income to get her son ahead and have an opportunity to open another business, a clothes store in a locale in the center of town. That way, she will be able to improve her household finances and offer her son an excellent education.
View original language description ↓
Mary es una mujer de 40 años de edad, madre soltera de un hijo de 3 años y cabeza de hogar. Vive con su padre y su pequeño hijo. Durante 5 años trabajó en almacenes de ropa en el centro de la ciudad, pero se retiró y con la liquidación y unos ahorros decidió independizarse y compró un negocio de venta de frutas ubicado cerca al estadio. Ella es una persona luchadora, emprendedora y trabaja largas jornadas para obtener el sustento para su familia, ella abre su negocio de 5:30 de la mañana a 9:00 de la noche, pero pasa por una situación difícil pues, deja a su hijo al cuidado de su padre, que es un señor de la tercera edad, porque aún no tiene los recursos para pagar una guardería. Es por esta razón que solicita el segundo ciclo de crédito, ya que desea comprar un activo fijo (televisor LCD) con el fin de darle una mejor imagen a su negocio y atraer más clientes, esto le permitirá vender más y generar mejores ingresos para sacar adelante a su hijo y para tener la oportunidad de montar otro negocio adicional, un almacén de ropa en un local ubicado en el centro de la ciudad, así podrá mejorar la economía de su hogar y brindar a su hijo una excelente educación.

Additional Information

Important Information

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.

About Colombia

  • $11,100
    Average annual income
  • 570
    View loans »
    Colombia Loans Fundraising
  • $14,881,725
    Funds lent in using Kiva
  • 1,881.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $250 helped Luz Mary to buy a fixed asset (an LCD television).
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 21, 2013
Listed
Jul 24, 2013
Currency Exchange Loss:
Covered
Ended:
Apr 17, 2014