So Diana is asking for this loan to invest it in buying stock wholesale (dyes, hair treatments, cosmetics, nail polish and decorations for the nails, etc.) and make some changes to her shop. She wants to create a better image for the establishment so she can attract more customers. She would like to be able to offer them a greater variety of products to satisfy their varied likes and needs. All this should result in an increase in sales and in the end more income, so she can continue to provide for the well-being of her child.
Diana dreams of owning her own place for her business and in this manner have the opportunity to continue advancing and strengthening her business. In the medium term she would like to expand and open a few branches. For the moment she is conscious that she must put a lot of effort and dedication into her work to make sure that her business is profitable. She wants a stable economic situation which would offer the possibility of providing a better quality of life and a good education for her young son.
More information about this loan
By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.
This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.
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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Success!! The loan was 100% repaid