I was born in a small town in North Carolina and raised to be all things proper Southern Belle. But I always knew that I would someday outgrow southern living because I had Big City dreams. My corporate career of nearly 30 years as an EA would eventually lead me to one of the greatest cities in the world – New York.
I grew up in Greensboro, NC in a 2 parent home in tree-lined white neighborhoods with 2 brothers, 2 sisters and a dog named Brownie. My parent's first house was in an upper middle class neighborhood where they unknowingly bought next door to a KKK leader. No welcome wagon came with gifts and coupons to welcome us and congratulate us for breaking the color barrier. Rather, a cross was burned in our yard and my parents were threatened harm if we did not move. Despite the threats my parent's stood fast and vowed never to move, with the only casualty of that decision being the slaughter of Brownie by our KKK neighbor.
Years went by, we got another dog and my mother became best friend's with the KKK leader's abused wife. I watched my mother bandage her wounds, apply cold compresses to black eyes and pray for her. She turned an enemy into a friend. But not only did my Mother's compassion make her my hero, she started a printing business on a kitchen table that eventually lead to a commercial space and the opening of her 2nd business, a check cashing store. Beyond compassion was her determination, ambition and strength. All attributes I too possess.
From career executive assistant to CEO of my own business are the fruit of my Mother's labor.
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Funded
A loan of $10,000 helped the Nail Belle increase its reach through conventional marketing, thus increasing revenue to roll out mobile and in-home services.
Karla's story
This loan is special because:
More about this loan
Business Description
The Southern attributes of good manners and hospitality served me well in my career and opened doors to opportunities with some of the world’s greatest companies – AOL, IBM, Burberry. In 2006 my career brought me to NYC where I was blessed to land in beautiful brownstone Bed-Stuy, Brooklyn. I have lived in the same building every day since.
In surveying my neighbors, friends and fellow block association members we all agreed that an upscale nail salon would be the next big thing to hit Bed Stuy. I have witnessed a lot in Bed Stuy over the last 10 years. I’ve seen abandoned buildings become swanky restaurants, neon liquor store signs exchanged for scalloped awnings that say wine store and scone serving coffee shops. But despite these changes I still traveled to Williamsburg and Tribeca for mani/pedi’s. My neighbors and I longed for a nicer nail salon in Bed Stuy and agreed that whomever brought it would be filling a much needed void. Hence, The Nail Belle was born.
My discontent for local nail salons prompted me to create the experience I wanted, in my own backyard. Located 5 blocks from my house I have created a warm and inviting space for all to enjoy. I chose vintage décor!
What is the purpose of this loan?
A $3500 portion of this loan is requested for rent and utilities to ensure the continuity of business during the cold months when business is slow. Further needed is $2500 to invest in conventional marketing to promote business and drive traffic. Marketing outlets include trade publication ads, online banner ads and Search Engine Optimization.
Marketing is critical to the success of our business and despite our social media success conventional marketing indicators point to a 54% increase in traffic within a 6 month period. This increase in traffic will come during a critical slow season (cold months) where our best seller, pedicures are not as popular.
Of the requested loan amount $1500 will go towards staff training and development. Now that business has slowed it is critical to expand our service offerings in order to remain solvent. Team members will learn facial waxing, eyelash application and threading. With client wellness at the forefront of our eco-friendly business we will also be adding reflexology massages. Addition of these low expense and high profit margin services will add 31% more revenue to our bottom line within 12 months of inception.
Remaining funds of $2500 will be used to add equipment for new services, purchase point of sale hardware and necessary software for accounting, client management and inventory tracking.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
The disbursed date indicates the date that the borrower receives their loan funds. Loan disbursal for loans on Kiva can happen anywhere from 30 days before to 90 days after the loan is posted on the Kiva website. Direct loans are always post-disbursed, and will be done only after the loan has fully fundraised on Kiva.
In the case of partner loans, many of Kiva's Field Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Field Partners assume the risk that, if the loan isn't funded by Kiva lenders, the Field Partner has to fund the loan without any funds from Kiva lenders.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Field Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
What is currency exchange loss and how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Covered" means the Field Partner has opted to cover any currency loss. Lenders will not bear losses due to currency fluctuation.
"Possible" means the Field Partner has opted not to cover these losses, and lenders face additional risk because they will bear losses greater than 10%.
"N/A" means the Field Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Field Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Field Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
What is a risk rating?
The Field Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Field Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Field Partner section of every loan. Field Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Field Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Field Partner, which manages the loan on the ground. Field Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Field Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Field Partners often work with borrowers over time to help them build credit and expand their businesses. In order to make it easier for partners to post loans for borrowers who have been listed on Kiva before, we allow some partners the ability to relist a loan without having to re-enter all of the borrower's information. When this occurs, you'll see an updated loan description, as well as excerpts of the original descriptions from an earlier loan.
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
About The Nail Belle
Lenders and lending teams
Country: United States
Trustee: NYC Business Solutions
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Karla?
Karla is a woman who walks the walk and talks the talk. She’s also got an eye for an upscale nail salon and beautifully presents her brand and image with the highest quality. I am endorsing Karla because she knows the object of running a successful business is being able to service the needs of the customer. That means, you must give the customer what she wants, when she wants it, and in the way that best serves her needs. The Nail Belle salon owner has figured this out and is about the business of satisfying the customer.
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Loan tags help lenders find loans that match certain areas of interest.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
The disbursed date indicates the date that the borrower receives their loan funds. Loan disbursal for loans on Kiva can happen anywhere from 30 days before to 90 days after the loan is posted on the Kiva website. Direct loans are always post-disbursed, and will be done only after the loan has fully fundraised on Kiva.
In the case of partner loans, many of Kiva's Field Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Field Partners assume the risk that, if the loan isn't funded by Kiva lenders, the Field Partner has to fund the loan without any funds from Kiva lenders.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Field Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
What is currency exchange loss and how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Covered" means the Field Partner has opted to cover any currency loss. Lenders will not bear losses due to currency fluctuation.
"Possible" means the Field Partner has opted not to cover these losses, and lenders face additional risk because they will bear losses greater than 10%.
"N/A" means the Field Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Field Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Field Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
What is a risk rating?
The Field Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Field Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Field Partner section of every loan. Field Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Field Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Field Partner, which manages the loan on the ground. Field Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Field Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Field Partners often work with borrowers over time to help them build credit and expand their businesses. In order to make it easier for partners to post loans for borrowers who have been listed on Kiva before, we allow some partners the ability to relist a loan without having to re-enter all of the borrower's information. When this occurs, you'll see an updated loan description, as well as excerpts of the original descriptions from an earlier loan.
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
Trustee: NYC Business Solutions
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Karla?
Karla is a woman who walks the walk and talks the talk. She’s also got an eye for an upscale nail salon and beautifully presents her brand and image with the highest quality. I am endorsing Karla because she knows the object of running a successful business is being able to service the needs of the customer. That means, you must give the customer what she wants, when she wants it, and in the way that best serves her needs. The Nail Belle salon owner has figured this out and is about the business of satisfying the customer.
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