Erica, 24 years old, has a six year old child. She is a hardworking young woman who is very dedicated to what she sets out to do. Two years ago she opened a store where she sells a large variety of merchandise (toys, pottery, clothing, etc.). Although business is good, she needs to buy a good deal of merchandise in order to have a broad inventory so that her customers will feel satisfied about shopping there. She dreams of having a well established and well known business.
With the loan, she will stock her store in time for the upcoming important shopping seasons. They represent increased sales and profits, which will enable her to provide her son with a better education and an enjoyable lifestyle.
Erica con 24 años, tiene un hijo de 6 años de edad, es una joven trabajadora y muy dedicada a lo que emprende, desde hace dos años inició un almacén donde distribuye gran variedad de mercancía, (juguetería, cacharrería, ropa, etc), aunque el negocio está bien, ella necesita comprar mucha mercancía para tener un amplio stock, para que los clientes se sientan satisfechos de comprar allí, sueña con su negocio bien establecido y renombrado, con el dinero del crédito ella surtirá su almacén porque se aproximan fechas importantes de alta temporada, esto representa muchas ventas y aumento en las ganancias, lo que le permite brindarle a su hijo una mejor educación y un nivel de vida muy agradable.
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.