Cielo Del Socorro
Cielo is a successful, enterprising, and intelligent woman who is passionate about what she does. She says that she accomplished one of her important dreams, which was to open her own business. Now her challenge is to expand her business by increasing her clientele and exporting her garments to other countries. For this reason, Cielo is requesting a loan. She will invest in repairs to her knitting machine and the purchase of a necessary spare part so that she can continue her business. Cielo and her business are dependent on that machine since she must have a source of income to cover necessities and family expenses. With this support, she will be able to improve her quality of life and that of her family.
Cielo es una señora pujante, emprendedora, inteligente y apasionada por lo que hace, pues manifiesta haber cumplido uno de sus principales sueños al poder montar su negocio. Ahora, el reto que se propone es ampliar su negocio, aumentando su clientela e incluso sueña con poder exportar sus prendas a otros países. Esto la motiva para solicitar el crédito, que invertirá en la reparación de su máquina tejedora y necesita comprar un repuesto, con lo que podrá darle continuidad a su negocio, ya que la máquina es la vida del mismo y la fuente de sus ingresos con los que solventa las necesidades y gastos de su familia. Con este apoyo tendrá la posibilidad de mejorar su calidad de vida y la de su familia.
Important InformationThis 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.
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