To get ahead with her business and to financially support her husband because of health problems he’s currently facing is María Leonor’s dream. At the age of 58 she has the hope of improving her quality of life.
For some years she’s been sewing and makes clothes to order, towels and bedclothes that she sells to regular customers.
María needs a loan to buy fabric, thread and buttons, among other supplies that will make it possible for her to have products on hand to show her customers and thus earn higher income.
Salir adelante con su negocio y apoyar financieramente a su esposo debido a los problemas de salud que él actualmente enfrenta, es el sueño de María Leonor, quien a sus 58 años de edad tiene la esperanza de mejorar su calidad de vida. Las confecciones son un oficio al que se ha dedicado desde hace algunos años y desde su casa elabora prendas de vestir a la medida, toallas y tendidos que vende a sus clientes fijos.
María necesita de un préstamo para comprar telas, hilos, botones, entre otros insumos que le permitan mantener existencia de sus productos para mostrarlos a sus clientes y así generar mayores ingresos.
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.