Norelia is 24 years old. She lives in the city. She works in her own business, a bar that she started some years ago. It is located in the main city plaza, being very advantageous for this type of business due to the flow of visitors in the area. Norelia dreams of growing her business and having a larger stock. She made the loan request with which she will buy a variety of products (liquors, sodas, snacks) to satisfy her customer tastes and needs, all with the end of improving her work. She will have profits and will have more time to do other work for the well-being of her family.
Norelia tiene 24 años, vive en zona municipal, trabaja en su propio negocio, una salsamentaría que inició hace varios años, está ubicada en la plaza principal del municipio, siendo de mucha ventaja para este tipo de actividad por el flujo de visitantes en este sector. Norelia sueña con ampliar su negocio y tener un mayor surtido, hizo la solicitud del crédito con el cual comprará variedad de productos (licores, gaseosas, mecato) y tener como satisfacer las necesidades y gustos de su clientela, todo con el fin de mejorar en la competencia que allí se vive, tendrá ganancias y dispondrá de mayor tiempo para realizar otras actividades que le brinden bienestar familiar.
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.