Several years ago, Luz Mary learned the art of marquetry, which has allowed her to earn her own income from her home. She uses wood to frame pictures, photographs and paintings which customers bring to her for framing.
This entrepreneur dreams of having her own premises where she can offer her services. For now, she needs a loan to buy raw materials and so improve her service.
Desde hace algunos años Luz Mary aprendió el arte de la marquetería, lo que le ha permitido generar sus propios ingresos desde su casa donde enmarca en madera, cuadros, fotografías y pinturas que sus clientes le llevan para enmarcar.
Esta emprendedora sueña con tener un local propio en el que pueda ofrecer sus servicios, por ahora necesita de un préstamo para comprar materia prima y así mejorar su servicio
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.