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Gloria Magdalena
Gloria is 53 years old and spent the biggest part of her life living in the countryside. Her husband was a butler in a country house but fourteen years ago, they were displaced from their home due to violence violence and they came to the city. However financial problems became a real headache for the family so Gloria started to make corn cakes in order to help her husband with the household costs and to pay for their seven children's education. The cost of life in the city was much higher and with little education they were unable to earn enough to pay for basic necessities.

Now Gloria works at home from 3am to 10am every day. She makes the cakes and then sells them onto neighbours and some nearby shops.

Gloria's biggest dream is to turn her business into a real micro-enterprise in order to improve her family's standard of living and to be able to provide work to others in her area. For this reason she is applying for a loan that she will use to buy gas, a pipette, grills and a set of driers for the corn cakes - these items will allow her to increase her production.
View original language description ↓
Gloria de 53 años de edad, vivió la mayor parte de su vida en el campo, su esposo era mayordomo en una finca de la región. Desde hace catorce años fueron desplazados por la violencia y se trasladaron a la ciudad, pero la situación económica se convirtió en el dolor de cabeza para esta familia, por lo cual doña Gloria comenzó a elaborar arepas con el fin de ayudarle a su esposo con los gastos de hogar y la educación de sus siete hijos, ya que el costo de vida era muy elevado y por la falta de educación el salario no alcanzaba a cubrir las necesidades básicas.
En la actualidad trabaja diariamente desde su casa de tres a diez de la mañana, elaborando su producto y luego lo comercializa entre las vecinas del sector y algunas tiendas cercanas.
Su mayor sueño es poder convertir su negocio en una microempresa, con el fin de mejorar la calidad de vida de su familia y convertirse en una generadora de empleo en su barrio. Por esta razón se encuentra solicitando un crédito que destinará en la compra de un fogón a gas, pipeta, parrillas y cuerpo de secadores de arepas, elementos que le permitirán mejorar e incrementar su producción.

Additional Information

Important Information

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.

About Colombia

  • $11,100
    Average annual income
  • 479
    View loans »
    Colombia Loans Fundraising
  • $15,254,800
    Funds lent in using Kiva
  • 1,829.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Gloria Magdalena to buy gas, a pipette, grills and a set of driers for corn cakes.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 28, 2013
Listed
Mar 28, 2013
Currency Exchange Loss:
Covered
Ended:
Apr 17, 2014