Melba has made a living as a tailor for about 26 years, thanks to learning at a young age from her mother. Melba makes mainly outfits for events and also costumes. She has had a lot of recognition in the field for her high-quality work, which allows her to generate income to support her household and overcome the difficulty of being a single mother to her two children.
The Halloween season is approaching, so Melba's looking for a loan to buy supplies, such as fabric and thread, to make Halloween costumes.
Her dream is to make her business grow and be well known in the field. She also wants to be able to give her two children a better quality of life at home.
Melba se dedica a la actividad de la confección desde hace unos 26 años, gracias a que la aprendió muy joven a lado de su madre. Melba confecciona principalmente vestidos para eventos y también disfraces y con esto ha tenido un gran reconocimiento en el sector por tener trabajos de muy buena calidad, lo que le permite generar ingresos para poder sostener su hogar y superar la dificultad de ser madre soltera de sus 2 hijos. Como ya se está acercando la temporada de Halloween, Melba busca un préstamo para comprar insumos como telas e hilos y confeccionar los disfraces para la temporada de Halloween.
Su sueño es hacer crecer su negocio y que este sea muy reconocido en el sector. Además poder ofrecerles a sus 2 hijos una mejor calidad de vida en el hogar.
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.