Maria is 67 years old and is a woman with a great desire to work. She is vigorous and full of energy and rises every morning to begin her task. She makes terceros, having learned this after studying at a trade school 30 years ago. She began doing fashion work for her neighbors, to whom she is well known in the sector and today does work for various companies in Medellin, Colombia. She is asking for a loan to buy thread, and supplies to be able to do the jobs she has for the end of the year. Her main desire is for her work to be recognized and to have the possibility of starting a workshop where she can provide jobs.
Doña Mara de 67 años de edad es una mujer a la que le sobran ganas de trabajar, pujante y llena de energía cada mañana se levanta a comenzar su faena. Se dedica a la confección de terceros, oficio que aprendió gracias a la oportunidad que tuvo de estudiarlo en un instituto hace 30 años. Comenzó realizando arreglos de modistería a sus vecinas por lo cual es bastante conocida en el sector y hoy le confecciona a varias empresas de la ciudad de Medellín, Colombia. En la actualidad se encuentra solicitando un crédito para la compra de hilos e insumos para sacar la producción que le solicitaron para la temporada de fin de año. Su mayor deseo es que su trabajo sea reconocido y tener la posibilidad de montar un taller en el que pueda suministrar 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.