Carmen is 52 years old. She has two children and lives with her partner.
For 10 years, she has had a small business in her home in which she sells fruit, vegetables, and grains, among others. With the experience acquired and in light of the difficult economic situation, she dreams of having an independent and larger store and to supply it.
With the loan, she will purchase supplies wholesale, which generate better profits. In this way, she will be able to offer a great variety of good quality products to her customers at better prices. She will soon obtain the savings to move to a store, and things for herself and her family will be greatly satisfactory.
Carmen con 52 años, tiene dos hijos y convive con su compañero, desde hace 10 años tiene un pequeño negocio en su vivienda, en el cual vende frutas, verduras, granos, entre otros; con la experiencia adquirida y en vista de la situación económica difícil, ella sueña con tener un local independiente, más amplio y surtirlo, con el dinero del préstamo ella comprará surtido al por mayor que le genera más ganancias, de esta manera podrá ofrecer a su clientela productos de gran variedad y calidad a mejores precios, ella conseguirá en poco tiempo el ahorro para pasar a un local y las cosas para ella y toda su familia serán de gran satisfacción.
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.