Her current project is to begin an office supply store on the main park of the city where she lives together with her children. She dreams of having a very large, attractive business that would be nice and popular.
Mary submitted her loan application with the goal of paying the rent on the shop that she has already set aside, and with the rest she will buy a good supply of merchandise (notebooks, crayones, poster board, rulers, etc.); everything related to this business, in short. She will invest the earnings from her sales her daughters’ education, because she can’t assume she has the support of her family. In this way, she can improve her quality of life and that of her daughters.
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By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
Important InformationThis 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.
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