Update on Yorfi LedyYorfi, 34, is a woman who firmly believes that family is more important than all the riches and pleasures in the world. At age 20, she became pregnant with her first son and decided to stay at home and care for him. Thanks to one of her aunts, Yorfi learned how to sew and works out of her home as a seamstress, splitting her time between household chores, caring for her son and sewing. Her aim is to generate an income to help her husband cover the household expenses since the family needs have increased.
Three years ago she decided to reorganize her work and turn her informal job into a small business. Currently, she works from 8:00 a.m. to 6:00 p.m.
Her goal is to expand her business and buy more equipment. Therefore, she is requesting a loan to buy an overlock sewing machine so she can provide better service. She hopes this investment will allow her to increase her income and guarantee that her three minor children receive a quality education.
Desde hace tres años decidió organizar su negocio y cambiar su trabajo informal por la creación de una microempresa, actualmente labora de ocho de la mañana a seis de la tarde.
Su mayor sueño es poder incrementar su planta y equipo, por lo cual se encuentra solicitando un crédito con el fin de comprar una máquina fileteadora y ofrecer un mejor servicio. Espera que esta inversión le permita aumentar sus ingresos y garantizarles a sus tres hijos menores de edad una educación de calidad.
Previous Loan DetailsYorfi is married and has 3 children, aged 9, 11 and 14. Because her husband's income wasn't enough to pay for all of the household expenses, she decided to start working as a seamstress, which she learned how to do thanks to her mother. That was why, two years ago, she used her savings to open her… More from Yorfi Ledy'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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