Despite her age, María Virgelina is a complete entrepreneur because, aiming to cover expenses, she’s been sewing household items like bedclothes, comforters, drapes and made to order clothes, for quite some time. Her customers, neighbors and acquaintances prefer her because she does her work very well. This is how this 68-year-old fighter states it with great enthusiasm.
To stay in business, María Virgelina needs a loan to buy more supplies typical of her line of work like thread, fabric and other supplies that will allow her to increase production in a shorter time to improve income and her quality of life.
A pesar de su edad, María Virgelina es una emprendedora a todo dar, pues con el fin de cubrir sus gastos, desde algún tiempo se dedica a la confección de implementos para el hogar como tendidos, colchas, cortinas, así como ropa sobremedida, sus clientes vecinos y conocidos la prefieren porque hace muy bien su trabajo, así lo expresa esta luchadora de 68 años de edad con gran entusiasmo.
Para continuar con su negocio, María Virgelina necesita de un préstamo para comprar insumos propios de su oficio como hilos, telas y demás implementos que le permitan realizar mayor producción en menos tiempo y así mejorar sus ingresos y su calidad de vida.
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.