Gloria is married. Throughout her working life as a merchant she has had experience with sales, as much at the counter at selling products by catalog.
In light of the current difficult financial situation, she has started a small business of selling fast food at her house. She dreams of having a place, of acquiring grilling equipment, and improving sales.
She will use the loan to buy grilling equipment and stock for the business (bread, meat, salsas, etc.). She wants all of this for the sole reason of having greater earnings. This way she will be able to fulfill her commercial and familial obligations.
Gloria es una mujer casada, que a lo largo de su trayectoria como comerciante ha tenido experiencia con las ventas, tanto de mostrador como vendedora de productos de catálogo; actualmente y en vista de la situación económica difícil, ha iniciado un pequeño negocio desde su casa de venta de comidas rápidas, sueña con tener un local y también adquirir una plancha para asados y mejorar las ventas, con el crédito comprará la plancha de asados y comprará surtido para el negocio (panes, carnes, salsas, etc), todo esto con el único fin de tener mayores ingresos y de esta forma poder cumplir con sus obligaciones comerciales y familiares.
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.