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Gloria Estela

Update on Gloria Estela

Gloria is married and has an 8 year-old daughter. She is a hardworking person who, with a lot of effort, has managed to get ahead and overcome the great adversities that life has presented her. A long time ago she started to sew garments, and thanks to some savings, she decided to become independent and set up a sewing workshop in her home. This way she could be there to care for her daughter and her business. With her sewing workshop, she has the opportunity to make a financial contribution to the household so that her family can enjoy a better quality of life and gradually overcome the financial difficulties they face. Thanks to the good quality of her work, her orders have been increasing. This is why she is seeking a loan to buy a tabletop sewing machine, so that she can increase her production capacity to respond to her customers' orders.

Her main dream is to be able to help her daughter get ahead by providing her with a good quality of life and access to a good quality education. Also, she aspires to be able to provide her with access to a university education in the future.
View original language description ↓
Gloria se encuentra casada, tiene una hija de 8 años y es una persona muy trabajadora que con mucho esfuerzo ha logrado salir adelante y superar las grandes adversidades que se le han presentado en la vida. Desde hace mucho tiempo comenzó a confeccionar y gracias a unos ahorros decidió independizarse y montar su taller de confección en su hogar para poder estar al cuidado de su hija y de su negocio. Con su taller de confección tiene la oportunidad de contribuir económicamente en su hogar para que su familia pueda gozar de una mejor calidad de vida y poco a poco ir superando las dificultades económicas que se presentan. Gracias a la buena calidad de sus trabajos, sus pedidos se han ido incrementando; es por esto que busca un préstamo para comprar una máquina plana y aumentar su capacidad de producción para responder a los pedidos de sus clientes.

Su mayor sueño es poder sacar su hija adelante brindándole una buena calidad de vida y el acceso a una educación de buena calidad. Además, aspira a poderle brindar el acceso a una educación universitaria en un futuro.

Previous Loan Details

Gloria started her dressmaking business twenty-five years ago. She started out doing alterations for her customers but later on decided to start manufacturing items for third parties to improve her income and contribute to household expenses. She currently needs a loan to buy thread and fabri... More from Gloria Estela's previous loan »

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.

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.

About Colombia

  • $6,070
    Average annual income
  • 269
    View loans »
    Colombia Loans Fundraising
  • $13,343,550
    Funds lent in using Kiva
  • 1,810.0
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $900 helped Gloria Estela to buy a tabletop sewing machine.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 27, 2012
Listed
Sep 7, 2012
Currency Exchange Loss:
Covered
Ended:
Jan 18, 2014