51-year-old Amparo learned dressmaking by family tradition. Located in a village in Rionegro, Amparo works making outfits for her friends and neighbors. As a result of her efforts and years of hard work, she was able to set up a small workshop in her home where she works every day. She is requesting a loan to buy supplies such as fabric so that she can guarantee her customers a good service and increase her production capacity. This will make her more income and she will be able to improve her household's quality of life.
Amparo de 51 años de edad, aprendió el oficio de la confección por tradición familiar. Radicada en una vereda del municipio de Rionegro, se dedica a realizar los trajes de sus vecinos y amigos. Gracias a su esfuerzo y años de trabajo, Amparo creó un pequeño taller en su vivienda en donde labora diariamente, se encuentra solicitando un crédito para la compra de insumos como telas con el fin de garantizar un buen servicio y aumentar su capacidad de producción, generando mayores ingresos y mejorar la calidad de vida en su hogar.
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.