Omaira is 41 years old and makes a living making clothing in her own workshop located in the living room of her home. Two of her daughters and one niece have helped her since she started the business seven years ago with the desire to improve her income and her family's quality of life.
Right now, Omaira needs to buy supplies such as thread and zippers with which she can make a new clothing line. She wants to put the line on a special offer to her customers who single her out for her quality and good prices.
Omaira's dream is to expand her clothing workshop and be able to employ more of her family members.
La señora Omaira a sus 41 años de edad se dedica a la confección en su propio taller ubicado en la sala de su casa en el cual le ayudan dos de sus hijas y una sobrina desde hace 7 años cuando inicio con su negocio con el ánimo de mejorar sus ingresos y la calidad de vida de su familia. Actualmente, la señora Omaira necesita de la compra de insumos tales como hilos y cierres con lo cual pueda confección una nueva línea de ropa que desea ofertar a sus clientes quienes la distinguen por su calidad y buenos precios. El sueño de la señora Omaira es ampliar su taller de confecciones y poder emplear a más de sus familiares.
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.