Mrs. Otilia is a 49-year-old mother of four children for whom she has to care for alone since her husband recently died. With the aim to generate income to support her family, Mrs. Otilia wants to start her own business selling casual clothes for men and women from her home. Mrs. Otilia needs to purchase an assortment of clothing to start to work and thus to generate income for her home. Mrs. Otilia's dream is to have her own store and improve the welfare of her family.
La señora Otilia a sus 49 años de edad es madre de cuatro hijos por los cuales tiene que velar sola puesto que su esposo murió hace poco. Con el ánimo de generar ingresos para sostener a su familia, la señora Otilia desea emprender su propio negocio de venta de ropa informal para dama y caballero desde su casa. La señora Otilia requiere de la compra surtido para iniciar a trabajar y así poder generar los ingresos para su hogar. El sueño de la señora Otilia es tener su propio almacén y mejorar el bienestar de su familia.
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.