María, 55, has four children. She started her own business some years ago with the intention to generate income and be able to take care of them, since she is a single mother. María says that she has walked a difficult path and has had to confront painful situations in life, as when her partner left her. Her children gave her strength and became her main motivation to get ahead.
María is requesting a loan to buy supplies, such as beer and sodas. This will help her increase her sales and improve her family’s quality of life.
María tiene 55 años de edad y es madre de cuatro hijos. Creó su propia fuente de empleo desde hace algunos años con el fin de generar ingresos y poder cuidar de sus hijos debido a su condición de madre soltera. Asegura que aunque el camino recorrido no ha sido fácil y ha tenido que afrontar situaciones dolorosas como el abandono de su pareja; sus hijos se convirtieron en su mayor fortaleza y en el motivo para salir adelante. En la actualidad se encuentra solicitando un crédito que invertirá en la compra de surtido como cerveza y gaseosas, lo que le permitirá aumentar el nivel de ventas y mejorar la calidad de vida 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.