Flor, 48, has made a living for eight years making pajamas and underwear. She works every day from 8 in the morning until 6 in the afternoon in her workshop located in the living room of her house. She dreams of being able to have her own line and expanding her business to offer her products in the local market.
She wants to increase her production level and her clientele, so she's requesting a loan to invest in buying fabric and thread to produce on a large scale. This will allow her to improve her quality of life and that of her family.
Flor tienes 48 años de edad y se dedica desde hace 8 años a la confección de pijamas y ropa interior, Labora diariamente de ocho de la mañana a seis de la tarde en su taller ubicado en la sala de su casa. Sueña con poder tener una marca propia y expandir su negocio, ofreciendo sus productos en el mercado local.
Desea aumentar su nivel de producción y el número de clientes, por lo que se encuentra solicitando un crédito que invertirá en la compra de telas e hilos para producir en escala; lo que le permitirá mejorar su calidad de vida y la de su familia.
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.