Olga Fanny is 48 years old. She is a housewife and has worked as a dressmaker for 15 years. It's a business that allows her to generate income to help her husband with the family expenses. She makes made-to-measure clothes.
Olga has a great dream and she is starting to work to make it a reality. To achieve this she is applying for a loan to finance the cost of buying fabric for the manufacture of sports clothes. She will distribute these to wholesalers in the municipality of Rionegro, Colombia. She is sure that this will be the start of building a large business from which she hopes many female heads of household will benefit, giving them the opportunity to work and generate income.
Olga Fanny de 48 años de edad, es ama de casa y se dedica al oficio de la confección desde hace 15 años. Actividad que le permite generar ingresos para colaborarle a su esposo con los gastos familiares. Realiza prendas sobre medida.
Olga tiene un gran sueño por el cual comienza a trabajar para hacerlo realidad, para lograrlo se encuentra solicitando un crédito con el que financiará la compra de telas para la elaboración de prendas deportivas las cuales distribuirá en almacenes del municipio de Rionegro, Colombia. Asegura que éste será el comienzo para crear una gran empresa con la que espera beneficiar a muchas madres cabeza de familia, dándoles la oportunidad de laborar y generar 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.