María is 58 years old. She is a widow and the mother of four children. One of her greatest passions is working, through which she enjoys laboring independently and being a good sales person. She has spent 15 years in the city of Cañas Gordas. The local government created a marketplace that gave various families the opportunity to start their businesses. María didn't think twice and took advantage of the the opportunity to create her business. Through this activity she has been able to offer her family a better quality of life and to cover the expenses of her home after her husband passed away. Her greatest dream is to be able to increase her earnings to gain access to a decent dwelling. For this reason she is seeking a loan that is intended for the purchase of fruits and vegetables.
María de 58 años de edad, es viuda y madre de cuatro hijos. Una de sus mayores pasiones es el trabajo, por lo cual disfruta laborar como independiente y ser una gran comerciante. Hace 15 años en el municipio de Cañas Gordas la administración municipal creo una plaza de mercado, dando la oportunidad a varias familias para montar su negocio. María no lo pensó dos veces y aprovechó la oportunidad para crear su empresa. Con esta actividad ella ha podido ofrecerle a su familia una mejor calidad de vida y llevar los gastos de su hogar después del fallecimiento de su esposo. Su mayor sueño es poder incrementar sus ventas para acceder a una vivienda digna, por esta razón se encuentra solicitando un crédito que destinará a la compra de frutas y verduras.
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.