Beatriz is a 54 year-old woman who has works in her own small general store. Twenty-eight years ago she decided to support her husband with the household expenses and be able to care for her son, who was barely one year old.
These days her business is going well for her because it is located on a main road where she lives, next to the only sports field in the area. So her business is well-known by all the neighbors. She will invest this loan in the purchase of more merchandise (pastries, cookies, soda, dairy products, and other items) and a wider variety of products to sell in her store.
Beatriz dreams of expanding and improving her business, and buying a pool table, so she could increase her income and her living conditions.
Beatriz es una mujer de 54 años dedicada a su tienda de abarrotes y productos varios desde hace 28 años, momento en el cual decide apoyar a su esposo con los gastos de la casa y poder estar al cuidado de su hijo de apenas un año de edad. Actualmente le va bien en el negocio, ya que está ubicado sobre la vía principal de la vereda donde vive y al lado de la única cancha deportiva del sector, por lo que ya es conocida por todos sus vecinos. El crédito lo invertirá en la compra de más surtido (mecato, galletería, gaseosas, lácteos y otros) y más variedad de productos para vender en la tienda. Beatriz sueña con ampliar y mejorar su negocio y comprar una mesa de billar, con lo que incrementaría sus ingresos y su nivel de vida.
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.