Blanca is 63 years old, married and is the mother of 4 children. All her life has been spent in the fields, where today she has crops of gooseberries and marigolds. The harvests are sold to a customer located in the city. Additionally, she supplements her income with the production of milk, for which she owns 6 cows. The milk is sold to a neighboring town that has freezing tanks to store it. In this way she generates sufficient income to support the household. The client characterizes herself by her strength, her dynamism and her positive attitude with which she faces life, which drove her to request a loan to buy 2 dairy cows. With this purchase, she will be able to replace two animals that are in a period of gestation. This will allow her to maintain production at the same level and she will not lose the income that they generate. In this way, Blanca wants to continue tirelessly working and continuing to advance in her businesses and hopes to be able to achieve her great dream of growing to a minimum of a 10 dairy cow production to guarantee a ensure better profits and offer her family a better quality of life.
Blanca, a sus 63 años de edad, es casada y madre de 4 hijos. Toda su vida la ha pasado en el campo, donde actualmente posee cultivos de uchuvas y flor de caléndula cuyas cosechas son vendidas a un cliente que se encuentra ubicado en la ciudad; adicionalmente, complementa sus ingresos con la producción de leche que obtiene de 6 vacas de su propiedad, la cual es vendida a un vecino del pueblo que tiene tanques de frío para almacenarla; de esta manera logra generar los ingresos suficientes para aportar a la economía de su hogar. La cliente se caracteriza por su pujanza, su dinamismo y actitud positiva con la que enfrenta la vida, lo que la impulsa a solicitar el apoyo del crédito para comprar 2 vacas productoras de leche, con las que podrá reemplazar a dos animales que están en periodo de gestación; esto le permitirá mantener su producción al mismo nivel y no perderá los recursos económicos que éstas le generan. De esta forma, Blanca desea seguir luchando incansablemente para seguir avanzando en sus negocios y espera poder cumplir el sueño de aumentar la producción lechera mínimo con 10 vacas, para garantizar una mejor rentabilidad y ofrecer a su familia una mejor calidad de vida.
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.
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.