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Luz Marina
Luz, 50, is divorced and has been working in commerce for 20 years.

She currently has two coffe-bar businesses in the city which she and her daughter run. She is in the process of renovating her business permit and transferring one of the businesses, so she is requesting a loan.

Her goal is to have her own house and larger businesses with a better corporate image so her customers will be comfortable on weekends when there is more activity. She will use the loan to pay for a new permit and to buy goods for both businesses. This will increase sales and income so she will be able to buy the house she dreams about.
View original language description ↓
Luz, con 50 años, es separada, tiene experiencia en el comercio ya que desde hace 20 años labora, tiene actualmente dos negocios de café bar en un sector de la ciudad, ella maneja uno y en el otro le ayuda su hija. Está pendiente de actualizar la licencia de funcionamiento y el traspaso de uno de los negocios, por este motivo ella pasó la solicitud del crédito ya que sueña con tener casas propia y con tener unos negocios más amplios y con buena presentación para que su clientes se sientas en un lugar cómodo de esparcimiento sobre todo los fines de semana que son de más movimientos, con este dinero ella pagará la actualización de la licencia del negocio y también comprará buen surtido para los dos negocios, todo esto reflejará mayores ventas y como resultado mejores ingresos, y así podrá comprar la casa de sus sueños.

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

  • $6,070
    Average annual income
  • 360
    View loans »
    Colombia Loans Fundraising
  • $14,083,800
    Funds lent in using Kiva
  • 2,031.7
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,000 helped Luz Marina to renew her business permit, so that she can increase her income and one day buy her own home.
48% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 17, 2014
Listed
Mar 26, 2014
Currency Exchange Loss:
Possible