Income is one of the essential factors in order for a family to grow. It is for this reason that many people decide to seek better work opportunities in order to improve their living conditions.
This is the case with Nancy, age 36. She knows that working is the only way to offer her family a better future. She carries this desire with her every morning when she gets up very early and starts her work. She makes and sells ‘arepas’ [corn cakes]. This business activity has allowed her to support her family.
She is a persevering woman full of dreams. Her main project is to be able to make improvements to her business in order to increase the productivity and quality. That is the reason she is requesting a loan because she does not have her own resources to make her dream come true.
La economía es uno de los factores esenciales para el desarrollo de una familia, por esta razón, muchas personas deciden buscar mejores oportunidades laborales para brindar mejores condiciones de vida. Este es el caso de Nancy, una mujer de 36 años de edad, conciente de que trabajando es la única forma de ofrecerle a su familia un mejor futuro, este deseo la lleva cada mañana a levantarse muy temprano y ha comenzar su faena; se dedica a la fabricación y comercialización de arepas, actividad que le ha permitido sostener a su familia.
Es una mujer perseverante y llena de sueños. Su principal proyecto es poder realizarle mejoras locativas a su negocio con el fin de incrementar la productividad y la calidad. Por esta razón se encuentra solicitando un crédito ya que no cuenta con recursos propios para materializar su sueño.
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.