For 10 years Lucila has been working independently making all kinds of clothing, a skill that she learned in a store where she worked for 14 years. Unfortunately, due to personnel cuts, Lucila had to begin a new challenge.
Currently she works in her workshop with the goal of helping her two children to get ahead. Every 15 days she is sent 300 garments to finish, which occupies the majority of her time. Lucila needs to buy a coverstitch machine that will streamline her processes and help her to get her assignments in on time and with better quality, but she doesn't have the funds to make the purchase. She knows that with this machine she will improve her workshop. Her dream is to have the necessary space to work and, day-by-day, to increase production.
Hace 10 años Lucila es una trabajadora independiente que confecciona todo tipo de prendas de vestir, labor que aprendió en una empresa donde fue empleada durante 14 años pero desafortunadamente por un recorte de personal, Lucila tuvo que emprender un nuevo reto.
Actualmente ella trabaja en su taller para sacar a sus 2 hijos adelante, quincenalmente le envían 300 prendas para terminarlas, lo que le ocupa la mayor parte de su tiempo. Lucila necesita comprar una máquina recubridora que agilice sus procesos y le permita entregar sus pedidos a tiempo y con mayor calidad, pero carece del capital para dicha compra; es consciente que con ésta máquina mejorará el taller, su sueño es poder tener el espacio necesario para trabajar y día a día, aumentar la producción.
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.