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María Yeni
María is 40 years old. She has worked in a number of different businesses making wafers and waffles, but a while back she decided go out on her own and used her savings to start her own business. She works alone every day and during the the busy season hires someone to help her out. Her business has provided her the resources to support her family: her husband and her 12-year-old son. She is requesting this loan to carry out some needed renovations, including replacing the floor and painting the walls of her business as the health authorities have required. That way she will be in compliance with all the health codes and can keep her business running, as well as giving the place a facelift. She thinks of it as taking another step toward realizing her dream of having a successful business with updated equipment and that looks more inviting, which would help her increase her production and satisfy her customers' high demand. That way she would be able to increase her income and continue to support her husband with the family expenses and enjoy a better quality of life and well-being.
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María tiene 40 años de edad, ha trabajado en diferentes negocios de producción de obleas y barquillos, pero hace algún tiempo decidió independizarse y con unos ahorros que tenía empezó su propia microempresa. Trabaja sola todos los días y en temporada de demanda contrata a una persona para que le colabore, así ha conseguido los recursos suficientes para aportar a la economía de su familia, conformada por su esposo y su hijo de 12 años. Actualmente solicita el crédito para utilizarlo en unas adecuaciones locativas que debe realizar, debe cambiar el piso y pintar las paredes del negocio, pues es un requerimiento que le hace la autoridad competente en sanidad. De esta manera podrá cumplir con todas las reglas para mantener su negocio en funcionamiento y dará una mejor imagen al establecimiento, además lo toma como un paso más hacia el cumplimiento de su principal sueño que es tener un negocio amplio, con mejor maquinaria, planchas y mejor presentación, lo que le permitirá aumentar su producción y satisfacer la gran demanda de productos, esto le dará la opción de incrementar sus ingresos y así continuar apoyando a su esposo con la carga económica de su familia y disfrutar de una mejor calidad de vida y bienestar.

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.

Tags

About Colombia

  • $11,100
    Average annual income
  • 570
    View loans »
    Colombia Loans Fundraising
  • $14,881,725
    Funds lent in using Kiva
  • 1,916.0
    Colombia Pesos (COP) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $1,575 helped María Yeni to carry out some needed renovations, including replacing the floor and painting the walls of her business.
83% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 30, 2013
Listed
Sep 29, 2013
Currency Exchange Loss:
Covered