I considered myself a proud business entrepreneur, with a professional background in the Compliance and Banking sector, with a passion for the culinary industry. I was born in the US and raise in Venezuela. I came to live to the United States 15 years ago with my husband Alejandro, initially to Miami, FL and we later relocated to the amazing state of Colorado.
We started the project of producing Alfajores, a unique and delicious sandwich cookie filled with Dulce de Leche, in Venezuela over 20 years ago. This is a family recipe that was created by my husband’s grandmother (“Charo”) with the most original and natural flavors that always make people fall in love with it.
Firstly, in Miami, we used to prepare and sell the cookies directly to family, friends, and for special events under the cottage law. Later, when we moved to Colorado, the production of the cookies was moved to a Commissary Kitchen. However, this process didn’t work for for our business as the consistency of the cookies was lost with the use of an extruder machine, the process was very tedious and the logistic of schedules on the commissary kitchen was not feasible for our family.
We have now reinvented ourselves and put everything that we have into our business. After several years of artisanal manufacturing of alfajores for sale, we are now industrializing the process (without compromising quality) so they can efficiently capture a sizable market share. We purchased a machinery that was specially customized to our recipe and type of cookie, and another machine for the filling of the alfajores. We are now looking to have our own space, and to purchase the other machineries that we need for the production (mixer, ovens and a packing machine). In addition, in order to comply with the production chain, the company need to produce from its own space.
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Funded
A loan helped my woman-owned business to overcome the difficulties held by the COVID19.
Carolina's story
This loan is special because:
More about this loan
Business Description
Charoles is a small woman owned family business dedicated to the production of Alfajores, a special cookie well-known in South America that consist of two soft cookies that melt in your mouth and are held together by a creamy Dulce de Leche, a caramel confection made from milk and sugar. Charoles mission is to produce the best Alfajor in the market, by using premium ingredients, egg free and non-GMO. The product is presented on a modern package that is made with a BOPP (Biaxially Oriented Polypropylene) film that provides moisture resistance, improving the shelf life and retains crispness of the cookie, given its excellent slip and optical properties. In addition, the cookies are seat on a plastic blister with two cavities to preserve its shape and crumbliness. The package also contains an oxygen absorber bag, to further maintain and preserve the freshness of the cookies, extending the life shelf of the product up to 12 months, without adding additives. Our objective is to gather presence in the market, as a special and sophisticated product, initially targeting local customer’s through the marketing of the Company as a Proud Colorado entity, reaching individuals and local businesses. We also expect to expands our market niche to South Florida, given the multicultural traditions in such area and the large potential customers from South American traditions. Production and monthly sales are expected to increase gradually, via distributors and direct sales. Major expected clients are anticipated to be directed through groceries and convenience stores by the distributors. After economy comes back to normal, sales are also expected to be directed to strategic point of sales, such as: airports, ski resorts, tourist markets, small supermarkets, coffee stores, to name a few.
What is the purpose of this loan?
COVID19 came to teach all of us a lesson, that we need to stand together and that we need more than ever to support our local businesses and communities. As a Hispanic woman, and an entrepreneur mother, I was very affected during the COVID19 crisis. We as a family, were moving on the direction to raise capital for our business to commence to operate from our own facility. Given the COVID19 situation, all loans held for new businesses were put on a hold; thus, our project was on a STOP too. Failing to continue to produce, our family started to got into debt, with no sufficient income to continue our business needs. Further, as schools were closed, my daughter’s need it me more than ever; thus, my time was also occupied with their education, instead to the fully development of our cookie factory. This loan will be an extraordinary help, that will provide our business the require cash flow to commence operations, such as purchase of inventory.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
Funding model
What does "Partner covers currency loss" mean & how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Yes" means the Lending Partner will cover any currency loss. Lenders will not bear losses due to currency fluctuation
"Partial" means that the Lending Partner has opted to cover losses only up to 10%. If the U.S. dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders.
"No" means that the Lending Partner is not covering any currency losses and all losses will be passed onto lenders.
"N/A" means the Lending Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Lending Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Lending Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
We also encourage you to read the following articles if you are interested in further educating yourself on the topic: Microfinance 101 (https://www.kiva.org/microfinance), Top 10 things to know about microfinance (https://www.kiva.org/blog/top-10-things-to-know-about-microfinance), Microfinance interest rates explained (https://www.kiva.org/blog/whats-up-with-microfinance-interest-rates)
What is a risk rating?
The Lending Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Lending Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Lending Partner section of every loan. Lending Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Lending Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Lending Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
About Charole's Cookies
Lenders and lending teams
Country: United States
Trustee: Colorado Lending Source
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Carolina?
Carolina has proven that she has the integrity and work ethic to make her company, Provdingreen, LLC dba Charoles Cookies successful. With this loan, Carolina can purchase a packaging machine which will help take her business to the next level. She has been taking all the right steps to expand her business and deserves support!
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Loan tags help lenders find loans that match certain areas of interest.
Loan details
Loan length:
Repayment schedule
Monthly: One repayment made per month
End of term: One repayment made at the end of the loan term
Irregular: Any other repayment schedule
To see a detailed repayment schedule for a specific loan, click the "Repayment schedule" link on the loan profile under "Loan details."
What is the disbursed date?
In the case of partner loans, many of our Lending Partners choose to disburse loan funds before the loan request is posted on Kiva. We allow pre-disbursal because it ensures that the funds reach the borrower as soon as they are needed. Loan funds from Kiva lenders then go to backfill that amount and as a lender you assume the risk of the loan. By doing this, our Lending Partners assume the risk that, if the loan isn't funded by lenders, they will have to fund the loan without any funds from Kiva.
If a partner loan is not pre-disbursed, it will be listed on Kiva with an expected "post-disbursed" date. If a post-disbursed loan is not funded on Kiva, there is a chance that the borrower may not receive their loan. Some Lending Partners choose to disburse loans with other sources of funding, while other partners don't have the resources available to fund loans without Kiva lenders' support. No direct loans will be disbursed unless they fully fundraise on Kiva.
Funding model
What does "Partner covers currency loss" mean & how could it affect my Kiva loans?
Potential for currency exchange loss is noted on every loan profile under the loan details:
"Yes" means the Lending Partner will cover any currency loss. Lenders will not bear losses due to currency fluctuation
"Partial" means that the Lending Partner has opted to cover losses only up to 10%. If the U.S. dollar appreciates more than 10% against the local currency, those losses will be passed onto lenders.
"No" means that the Lending Partner is not covering any currency losses and all losses will be passed onto lenders.
"N/A" means the Lending Partner disburses loans to borrowers in USD so their loans are not subject to any currency fluctuation.
Do Kiva borrowers pay any interest on their loans?
Our partners collect interest from borrowers because there are many operational expenses associated with microfinance in developing markets, especially in rural areas. Many of Kiva's Lending Partners also provide additional services alongside their loan products such as business training, financial literacy lessons, or health services.
Kiva will not partner with an organization that charges unreasonable interest rates, and we require Lending Partners to fully disclose their rates. In addition, we only partner with microfinance institutions and organizations that have a social mission to serve the poor, unbanked, and underserved.
There are some 0% interest loans on Kiva, including all direct loans in the United States. To learn more about the interest rates Kiva borrowers pay, you can review the "Average cost to borrower" field on a loan profile.
We also encourage you to read the following articles if you are interested in further educating yourself on the topic: Microfinance 101 (https://www.kiva.org/microfinance), Top 10 things to know about microfinance (https://www.kiva.org/blog/top-10-things-to-know-about-microfinance), Microfinance interest rates explained (https://www.kiva.org/blog/whats-up-with-microfinance-interest-rates)
What is a risk rating?
The Lending Partner risk rating reflects the risk of institutional default associated with each of Kiva’s Lending Partners. A 0.5-star rating means the organization has a relatively higher risk of institutional default, while a 5-star rating indicates the organization is at a relatively lower risk of default, based on Kiva's analysis and the available information displayed in the Lending Partner section of every loan. Lending Partners with the lowest credit tier undergo a lighter level of due diligence and do not receive a risk rating; instead, in places where a risk rating would normally appear, these partners are labeled as “Experimental.” For more information, see "What is an Experimental Lending Partner?"
Direct loans also do not receive a formal risk rating. Instead, these loans are approved through “social underwriting”, where trustworthiness is determined by friends & family lending a portion of the loan request, or by a Kiva approved Trustee vouching for the borrower. Direct loans will appear as "Unrated" and lenders should always assume these loans represent the highest level of repayment risk on Kiva.
How are loans facilitated?
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
More information about successive and concurrent loans
Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Lending Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These additional loans are typically smaller than the borrower's primary loan and serve a different purpose. We trust our partners to determine whether a borrower has the means to be able to repay a successive or concurrent loan.
Trustee: Colorado Lending Source
What are Trustee tiers?
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
Why are you endorsing Carolina?
Carolina has proven that she has the integrity and work ethic to make her company, Provdingreen, LLC dba Charoles Cookies successful. With this loan, Carolina can purchase a packaging machine which will help take her business to the next level. She has been taking all the right steps to expand her business and deserves support!
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