Luz Elena is 49 years old and she is a hardworking woman with a deep desire to progress in life. She told us that she has been given the chance to work in a sewing workshop and that it was there that she has learned her activity. Once she became more expert she bought a sewing machine and she sewing clothes for her neighbors in her house, so that she could also care for her children. Together with her husband she set up the workshop to fashion clothes for third parties. Through this activity she has succeeded in getting ahead, granting a good future to her family and better education opportunities to her three children.
Her biggest wish is to expand her activity and to increase her production rate; in order to achieve her goal she is requesting a loan that she will use to adapt her locale – the room in her house – having the electricity system repaired to optimize her working time.
Luz Elena de 49 años de edad, es una mujer trabajadora y con muchos deseos de progresar en la vida, Cuenta que aprendió el oficio cuando le dieron la oportunidad de laborar en un taller de confección. Cuando lo perfeccionó compró una máquina de coser y comenzó a realizar costuras desde su casa a sus vecinas, para estar pendiente del cuidado de sus hijos. En conjunto con su esposo montaron el taller para confección a terceros. Esta actividad les ha permitido salir adelante ofreciéndoles a su familia un buen futuro y mejores oportunidades de educación a sus tres hijos.
Su mayor sueño es poder ampliar su negocio e incrementar el nivel de producción y para lograrlo se encuentran solicitando un crédito que destinará en la adecuación del local -sala de la casa- realizando reparaciones en la instalación eléctrica para optimización de tiempo.
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.