This has led Gloria to solicit a loan, to invest in the preparation of space and the purchase of fixed assets (chairs, tables, display cases, an ice maker, a freezer, and kitchen utensils) and a selection of inputs at wholesale (meat, grains, vegetables, oil, rice, pasta, and fruits, among others). In this manner she will be able to launch her business project and hopes it will generate good income, providing for the necessities of her home and the wellbeing and education of her children.
Gloria, with her enterprising spirit, her positive attitude, and her work ethic, dreams of making her business into a recognized location in the region, attracting many travelers who transit the zone. In addition, she desires to generate employment opportunities for mothers who are also heads of households. In this manner, she wants to have the capacity to stabilize the economy of her home and improve her family's conditions of life.
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By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
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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