Olinda has had a weaving business for 12 years, which allows her to contribute financially to the household so that her husband and 8-year-old son can enjoy a better quality of life and improved economic opportunities in order to progress. From a very young age, she learned this skill thanks to some of her family members who also worked in weaving. The experience she acquired has allowed her to offer high quality products to her customers. Because she does not have a large working capital, the majority of her work is done by hand. Now, however, her production capacity cannot satisfy all of her customers' requests. Olinda is requesting a loan to buy raw materials and a sewing machine in order to increase her production capacity.
Her dream is to grow her business, which will allow her to continue providing her household with a good quality of life. In addition, she hopes that her business will create jobs for people in need.
Olinda tiene su negocio de confección de tejidos desde hace unos 12 años y con este contribuye económicamente en su hogar para que su esposo y su hijo de 8 años de edad puedan acceder a una mejor calidad de vida y mejores oportunidades económicas para progresar. Desde muy joven aprendió la actividad gracias a que unos familiares se dedican a esto, y la experiencia que ha adquirido le ha servido para ofrecer a sus clientes productos de muy buena calidad. Debido a que no cuenta con un gran capital, la mayoría de su trabajo lo realiza a mano, pero ahora que su capacidad de producción no puede abastecer todos los pedidos de sus clientes, Olinda busca un préstamo para comprar materias primas y una máquina plana para aumentar su capacidad de producción.
Su sueño es sacar este negocio adelante y que este le permita seguir ofreciendo en su hogar una buena calidad de vida. Además, espera que su negocio pueda generar empleo para las personas más necesitadas.
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.