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Mónica María
Mónica, 40, is the mother of three children. She has made a living sewing for 10 years. Her workshop is in her house and she mainly sews for third parties.

She's requesting a loan to invest in buying an overlock machine and a tabletop machine because production has increased and she needs to hire an employee.

She's very grateful for the great blessings that God grants her every day. She says her most beautiful gift is her family; she strives tirelessly to guarantee them a better quality of life.
View original language description ↓
Mónica de 40 años de edad es madre de tres hijos, se dedica a la actividad de la confección desde hace de 10 años. El taller se encuentra ubicado en su residencia y se dedica principalmente a la confección a terceros.
Se encuentra solicitando un crédito que invertirá en la compra de una máquina recubridora y una plana, debido a que la producción ha aumentado y requiere de contratar una empleada. Se siente muy agradecida con Dios por las grandes bendiciones de cada día le concede, asegura que su más bello regalo es su familia por la cual lucha incansablemente a fin de garantizarles una mejor calidad de vida.

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
  • 561
    View loans »
    Colombia Loans Fundraising
  • $14,903,600
    Funds lent in using Kiva
  • 1,843.5
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,250 helped Mónica María to buy an overlock sewing machine and a tabletop machine.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 11, 2013
Listed
Apr 24, 2013
Currency Exchange Loss:
Covered
Ended:
Aug 30, 2014