44-year-old Gloria Orlinda makes women's clothes, and has her own workshop at home. She has more than 10 years experience of more than 10 years in this business and has raised her two children and financially supported her parents. Gloria want to produce blouses to offer her customers, but does not have the supplies needed for this product. She needs to purchase fabric and thread with which to make the garments and generate the income to support herself and her family.
La señora Gloria Orlinda a sus 44 años de edad se dedica en su propio taller ubicado en su casa a la confección de ropa de mujer, con una experiencia de mas de 10 años en esta actividad ha logrado sacar adelante a sus dos hijos y apoyado económicamente a sus padres. La señora Gloria desea sacar una producción de camisas para dama para ofrecer a sus clientes, pero no cuenta con los insumos necesarios para tal fin, por lo que necesita de la compra de telas e hilos con lo cual pueda hacer sus prendas y así generar los recursos necesarios para su sustento y el de sus padres.
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.