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Flor Bibiana
Flor is a person who, in spite of the adversities she has faced, has had the strength to move forward and continue to progress in life. Flor is a single mother and head of household. She has a son who is four years old. His father abandoned them without ever making a financial contribution. Since then, Flor has had to start earning more income to cover household expenses since her earnings before weren't enough for both her and her son.

Flor used to work as an employee of a clothing company. There she gained experience which allowed her to make the decision to work independently and to start her own business. Flor set up a tailoring business, where she offers the service of manufacturing to third parties, a form of production that is set as a commitment by the owner of the production and / or a brand with the person performing the work. Thanks to the high quality of her work, her shop is very well known in the area.

One of the machines Flor works with is a little outdated, requiring that Flor spend a lot of money on its maintenance. For this reason, Flor is seeking a loan that will permit her to acquire a new machine for manufacturing high quality products.

Flor hopes that her monthly income will thereby increase and that she won't have to spend so much on the maintenance of the old machine. Furthermore, Flor hopes that increased earnings will allow her to provide her son a better life and more opportunities for advancement, in addition to access to a quality education in the future.
View original language description ↓
Flor es una persona que a pesar de las adversidades que le ha presentado la vida, ha tenido la fortaleza para salir adelante y continuar progresando en su vida. Flor es una madre soltera cabeza de familia de 1 hijo de 4 años, pues su padre los abandonó hace un tiempo sin realizar ninguna contribución económica. Desde entonces, Flor tuvo que empezar a generar mayores ingresos para sostener los gastos de su hogar, pues los ingresos que generaba anteriormente no le alcanzarían para el sostenimiento de sus gastos junto con su hijo. Flor trabajaba como empleada en una empresa de confección, allí adquirió la experiencia y gracias a esto tomó la decisión de independizarse y montar su propio negocio. Flor montó su negocio de confección donde ofrece el servicio de confección a terceros, y gracias a la buena calidad de sus productos, su taller tiene muy buen reconocimiento en su región. Una de las máquinas con las que trabaja Flor ya se encuentra un poco vieja, y ha hecho que Flor gaste mucho dinero en el mantenimiento que requiere. Es por esto que Flor busca que un préstamo le brinde la posibilidad de acceder a la compra de una máquina plana la cual le permita seguir trabajando sus productos con buena calidad.

Flor espera que de esta manera sus ingresos mensuales aumenten, pues no tendrá que generar tantos gastos por el mantenimiento de la máquina vieja. Además, Flor espera que con mayores ingresos le pueda ofrecer a su hijo una mejor calidad de vida y mayores oportunidades de progresar, además de en un futuro acceder a una educación de calidad.

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.

About Colombia

  • $11,100
    Average annual income
  • 497
    View loans »
    Colombia Loans Fundraising
  • $14,967,400
    Funds lent in using Kiva
  • 1,777.0
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,150 helped Flor Bibiana to buy a new machine that will allow her to make high quality products.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 14, 2012
Listed
Mar 2, 2012
Currency Exchange Loss:
Covered
Ended:
Mar 15, 2013