Update on Luz Marina"Fighting for my family to get ahead has been the biggest challenge in my life." With these words, Luz Marina, 57 years old, describes how at the end of her relationship with her partner, she had to assume all of the household responsibilities. She was unable to rely on the support of the father of her children. This experience taught her to depend on nobody and to find a way to get by so that she could offer her children better opportunities. This is how she learned the business of crafts and she dedicated herself to it.
Today she has worked more than 20 years in this profession and for the past 8 years she has worked independently, establishing a workshop in her home in which she manufactures bags. She is now seeking a loan that she will use to invest in the purchase of fabric and thread, with the goal of increasing production for the school season. Her biggest dream is to be able to create her own line so that she can increase her income and improve her quality of life.
Hoy lleva más de 20 años laborando en este sector y desde hace 8 años se independizó, montando en su casa un taller, en el cual se dedica a la tercerización de fabricación de bolsos. Hoy se encuentra solicitando un crédito que invertirá en la compra de telas e hilos, con el fin de sacar la producción solicitada para la temporada escolar. Su mayor sueño es poder crear una línea propia que le permita aumentar sus ingresos y mejorar su calidad de vida.
Previous Loan DetailsLuz Marina is a person who, despite the great difficulties that have presented themselves in her life, has been able to move forward fighting every day so that she can have a good quality of life in her home. A single mother and head of the household, Luz Marina has two children, whose father aba... More from Luz Marina's previous loan »
Important InformationThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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