Update on Wilson DarioWilson is a single father, head of household; he has a nine-year-old daughter whose mother abandoned them some time ago without making any economic contribution toward her support which left Wilson with the responsibility of covering all expenses generated there.
Thanks to a sister of his who had a sewing workshop back then, he was able to get a well-paying job and learned clothes making. Later on his sister was forced to close her sewing workshop and this is how Wilson started his own sewing shop where he provides sewing services to third parties and during low production periods manufactures his own line of bedspreads and quilts, among others.
He’s been in this activity for about 6 years now and with his own business a much shorter time but thanks to the good quality of his products he’s managed to get very good orders both in sewing for third parties as well as for his own line. Because of this he has large orders at present for his bedspreads and quilts and is looking for a loan to buy supplies and raw materials like fabric and thread, among others to manufacture his bedspreads and quilts and respond to the large orders his customers have placed.
In this way his business will continue to grow and he will be able to continue generating income to offer his daughter a better quality of life and access to a better quality education.
De esta manera su negocio seguirá creciendo y así podrá seguir generando ingresos con los cuales podrá ofrecer a su hija una mejor calidad de vida y el acceso a una educación de mejor calidad.
Previous Loan DetailsAt 32 years old Wilson, an entrepreneur, tells us how he learned the art of hand sewing from his sister, who was his teacher and support. So he began to make his own line of clothing, with which he manages to generate revenue for his livelihood and that of his daughter who is only 9 years old. At… More from Wilson Dario's previous loan »
Important InformationThis 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.
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