María Rocío, 57, has had to face critical life situations; losing her husband was the most painful of all. A widow with six children in her care, she decided to find a source of employment that would make it possible for her to move her family forward. “Thanks to God I had learned to sew and I decided to go into this occupation.” With these words, María relates how she started her business.
She started out doing sewing for neighbors until she saved up enough capital to buy a sewing machine to start making clothes. She later set up her own workshop where one of her children helps her. She currently dreams with expanding the business and create her own line of clothing for which she’s requesting a loan to buy supplies and equipment to expand production capacity and improve her income.
María Rocío de 57 años de edad ha tenido que enfrentar situaciones críticas en la vida, perder a su esposo ha sido el suceso que más dolor le ha causado. Viuda y con 6 hijos a cargo, tomó la decisión de buscar una fuente de empleo que le permitiera sacar adelante su familia. “Gracias a Dios aprendí de confección y decidí dedicarme a este oficio” con estas palabras María nos cuenta como inició su negocio. Comenzó realizando costuras a sus vecinos hasta que logró reunir un capital y comprar una máquina con la cual comenzó a confeccionar. Posteriormente montó su propio taller en el que uno de sus hijos le colabora. En la actualidad sueña con expandir su negocio y crear una marca propia, por lo cual se encuentra solicitando un crédito para la compra de insumos y equipos que le permitan ampliar su capacidad de producción y mejorar sus ingresos.
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.