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Elvia Sofìa
Elvia is a 50 year-old woman who, with the help of her partner, was able to build a small store that has the advantage of being close to the municipal court, giving her a lot of customer traffic. She faces a big difficulty, which is the lack of capital to stock her store, and even further, that it is located in a violent zone. Little by little businesses like hers have been forming, which want to change the area’s perspective and prove that there is more good than bad, and that honest work is the best way to get ahead.

She is requesting a loan to buy candy, water, soft drinks, fried foods, and groceries to stock her business, to meet the demand of both the youth that come by frequently, and the many other customers whose store closest to their homes is Elvia’s. Her main dream is to have the most well-known shop in the village, with good income which will allow her to live peacefully with her husband.
View original language description ↓
Elvia una mujer de 50 años de edad que con la ayuda de su pareja logro constituir una pequeña tienda con la gran ventaja de que queda cerca a la cancha municipal de su sector pro lo que su movimiento de clientes es bueno. Se enfrenta a una gran dificultad y es la falta de capital para surtir y más a un por que donde está ubicado ha sido una zona marcada por la violencia donde poco a poco han nacido negocios como este que quieren cambiar la perspectiva del sector demostrando que los buenos son más y que el trabajo honrado es la mejor manera de salir adelante. Solicita un crédito para la compra de dulces, agua, refrescos, frituras y abarrotes para surtir su empresa cubriendo a si la demanda de los jóvenes que se acercan a consumir un producto y de muchas personas que tienen como la tienda más cercana la de doña Elvia. Su principal sueño es tener la tienda más conocida en la vereda con buenos ingresos que le permitan vivir tranquilamente junto a su esposo

Additional Information

More information about this loan


By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.

This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.

Important Information

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.

Tags

About Colombia

  • $6,070
    Average annual income
  • 168
    View loans »
    Colombia Loans Fundraising
  • $12,834,025
    Funds lent in using Kiva
  • 1,910.4
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,175 helped Elvia Sofìa to stock her store with water, soft drinks, fried foods, supplies, and other items to meet the demand of customers requesting these products.
24% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 26, 2014
Listed
Jun 11, 2014
Currency Exchange Loss:
Possible