The young man Oscar, age 19, is an excellent worker and son. He is the principal support of his mother in the sewing shop in which he works and carries out the sewing work which his mother taught him. The goals of improving the production process and the quality of dresses made in the shop require the purchase of a reconditioned sewing machine with which he can fulfill these objectives. Señor Oscar’s dream is to continue working in his mother’s shop and begin university studies that can be applied to the business.
El joven Oscar a sus 19 años de edad es un excelente trabajador e hijo, puesto que es el principal apoyo de su madre en el taller de confecciones en el cual trabaja y donde realiza labores de confección que su madre le enseño. Con el ánimo de mejorar el proceso productivo y calidad de las prendas elaboradas en el taller, se requiere de la compra de una máquina recubridora con la cual se pueda cumplir estos objetivos. El sueño del señor Oscar es continuar trabajando en el taller de su madre e iniciar estudios universitarios que pueda aplicar en el taller.
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.