Viviana, 47, has two children and she works selling food. She has had several restaurants and now is requesting a loan to buy a freezer, gas stove, supplies and utensils to set up a new business in a commercial area where she believes business will be better.
She has vast experience in this activity and will generate two jobs with the new project, so it is an accomplishment for her. She hopes to improve her lifestyle and income level to support herself and her family. She wants to carry out her dream of buying her own home.
Viviana de 47 años y madre de dos hijos, se ha desempeñado en el área de venta de alimentos preparados, ha tenido varios negocios tipo restaurante y ahora pretende invertir el crédito en la compra de un congelador, una estufa a gas, insumos y utensilios para el montaje del nuevo negocio en una zona comercial, donde cree que le iría mejor. Ella ya tiene mucha experiencia en el negocio y con el nuevo proyecto generará dos empleos directos, por lo que es un logro para ella, pues pretende mejorar su nivel de vida y los ingresos para el sustento propio y de su familia; y cumplir su sueño de tener casa propia.
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.