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Luz María

Update on Luz María

Luz María, 48 years old, is married and the mother of 5 children. She makes a living sewing, which she has done for several years in a small space in her house. She sews uniforms, dresses, seams for her clients, among other things.

Due to the fact that she has numerous orders, she needs to buy necessary supplies to be able to satisfy her clients, who always choose her for her high quality work. She dreams of being able to extend her work space and that her business sales increase, in order to give her children the education and basic welfare they need.
View original language description ↓
La señora Luz María a sus 48 años se encuentra casada y es madre de 5 hijos. Se dedica a la confección, actividad que realiza desde hace ya varios años en un pequeño espacio de su casa donde confecciona uniformes, vestidos, costuras a sus clientes, entre otros. Debido a que tiene bastantes pedidos, requiere de la compra de insumos que le hacen falta para poder cumplir a sus clientes que siempre la buscan por realizar su trabajo con tan alta calidad. Sueña con poder expandir su área de trabajo y que su negocio incremente sus ventas, para poder brindar a sus hijos la educación y bienes básicos que necesitan.

Previous Loan Details

Several years ago, Luz Maria A. learned to make clothing, which has allowed her to use the small space available in her home to work and cover household expenses. Her husband's income alone could not cover these costs for their large family, comprised of five children. Luz Maria needs a loan t... More from Luz María's previous loan »

Additional Information

Important Information

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Colombia

  • $11,100
    Average annual income
  • 466
    View loans »
    Colombia Loans Fundraising
  • $15,270,025
    Funds lent in using Kiva
  • 1,919.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $900 helped Luz María to buy supplies.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 22, 2011
Listed
Jan 1, 2012
Currency Exchange Loss:
Covered
Ended:
Apr 15, 2012
This photo was used before for a previous loan for Luz María. It was first posted on Kiva on Mar, 2011. Learn More