Gloria, 53, is a woman from whom life has taken great treasures. Her husband died and she was left alone with their two children. This is why she had to make the determination to find a way to move them forward. She looked for a job and began working in tailoring at the business Leonisa. Later, because of the time required by her children, she quit and started repairing clothing for her neighbors. Today she is pretty well-known in the area where she lives, so her income has increased a lot. She is applying for a loan to buy a coverstitch sewing machine to improve the quality of service. Her greatest dream is to be able to start a sewing shop and hire a lot of people.
Gloria de 53 años de edad es una mujer a la que la vida le ha arrebatado grandes tesoros. Su esposo falleció y quedó sola con sus dos hijos. Razón por la cual tuvo que tomar determinaciones para buscar la forma de sacarlos adelante. Buscó empleo y se dedicó a trabajar en confección en la empresa Leonisa, posteriormente, por el tiempo que demandaban sus hijos se retiró y comenzó realizando arreglos de ropa a sus vecinas. Hoy es bastante reconocida en el sector donde vive, por lo cual sus ingresos han mejorado mucho. Se encuentra solicitando un crédito para la compra de una máquina recubridora para mejorar su calidad en el servicio. Su mayor sueño es poder montar su taller de confección y ofrecer empleo a muchas personas.
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.