63-year-old Ana makes a living by making handicrafts out of wool and thread. She started doing this more than 40 years ago as a pastime, and over time she turned it into a source of income to sustain her five children. Her work is widely recognised in her municipality due to the quality of her products. She is requesting a loan, which she will invest in purchasing supplies (wool, thread, needles). She hopes that with this investment she will be able to improve her quality of life.
One of her greatest goals is to make her clients aware of the work that goes into making her embroidery, since many of her clients want the products at very low prices.
Ana de 63 años de edad, se dedica a la elaboración manual de artesanías en lana e hilo, actividad que inició hace más de 40 años como un entretenimiento, y con el tiempo se convirtió en su fuente de ingresos para el sostenimiento de sus cinco hijos. Su trabajo es ampliamente reconocido en su municipio debido a que a la calidad de sus productos. Se encuentra solicitando un crédito que invertirá en la compra de insumos (lana, hilos, aguja). Espera que con dicha inversión pueda mejorar su calidad de vida.
Uno de sus mayores retos es crear conciencia a sus clientes del trabajo que requiere la elaboración de sus bordados, ya que muchos requieren los productos a muy bajos costos.
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.