Gloria has a 2-year-old daughter and, because the father of her daughter abandoned them when she was born, has had serious economic difficulties in trying to better her home. Before Gloria worked as a manicurist, but as the pay wasn't enough, she learned how to make crafts, which has allowed her to increase her income and provide her daughter with the basic necessities. Her main problem now is that she doesn't have enough capital in her business, which causes her to lose sales. However, now that she has the chance, Gloria is seeking a loan to buy materials to produce her crafts and increase her sales. Her dream is to have a more official business and be able to maintain a workshop where she can manufacture her crafts and also create jobs.
Gloria tiene una hija de 2 años de edad y debido a que el padre de su hija la abandonó desde que nació su hija, ha tenido grandes dificultades económicas para poder sacar adelante su hogar. Antes Gloria trabajaba haciendo arreglo de uñas, pero como los ingresos no eran suficientes, aprendió la actividad de la elaboración de artesanías y con esto ha podido mejorar sus ingresos y brindarle a su hija lo necesario. La gran dificultad que tiene es que no cuenta con el capital suficiente en su negocio y esto le hace perder ventas, pero ahora que tiene la oportunidad Gloria busca un préstamo para comprar insumos para la elaboración de artesanías y aumentar sus ventas.
Su sueño es poder tener un negocio más organizado donde pueda tener un taller para la elaboración de las artesanías y así generar empleo.
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.