Gloria has been in the sewing business for ten years, working for a dressmaking company. Thanks the the experience she acquired, she has managed to establish her own sewing shop, where she offers her sewing services. She has had the shop for four years. With this shop her household financial conditions have improved considerably. They have been able to gradually overcome the difficulties that they had.
Even though her shop is able to generate employment for two people with great need, the production capacity of her shop is not enough to respond to the large customer orders she has. That is why Gloria is looking for a loan to buy an overlock machine that will allow her to increase her shop’s production capacity.
Her dream is to have a large shop that is very profitable. She dreams that it will allow her to have better financial conditions in her household in order to have a better quality of life with her husband and her children.
Gloria se dedicó a la actividad de la confección durante 10 años trabajando en una empresa de confección y gracias a la experiencia adquirida ha logrado montar su propio taller de confección el cual tiene desde hace 4 años y donde ofrece a sus clientes el servicio de confección a terceros. Con este taller, las condiciones económicas de su hogar han mejorado considerablemente y han podido venir superando poco a poco las dificultades que tenían anteriormente. A pesar de que en su taller puede generar empleo para 2 personas que tienen grandes necesidades, la capacidad de producción de su taller no alcanza a responder a los grandes pedidos que tiene de sus clientes; es por esto que Gloria busca un préstamo para comprar una máquina fileteadora que le permita aumentar la capacidad de producción de su taller.
Su sueño es tener un gran taller que sea muy rentable y le permita tener mejores condiciones económicas en su hogar para tener una mejor calidad con su esposo y sus hijos.
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.