Mariela is 64 years old. She is a living representation of how when one wants something it is possible to achieve what they dream for. For twelve years she has made a living at tailoring. With her hard work she has been able to create a micro business. She works making uniforms for students in her community.
Her proposal is to expand her business and to request a loan that she will use to purchase supplies and repair her sewing machine. This will allow her to make more of an income for her home.
Doña Mariela de 64 años de edad es una viva representación de que cuando se quiere es posible obtener lo que se sueña, desde hace doce años se ha dedicado a la costura y con su empeño a logrado crear una microempresa dedicada a la fabrican de uniformes para los colegios de su comunidad. Su propósito es poder expandir su negocio y para lograrlo solicita un préstamo que destinará a la compra de insumos y el mantenimiento de su máquina de coser, lo cual le permitirá generar mayores ingresos para su 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.