With the intention to progress and get ahead and her enterprising spirit, and motivated by her family, she decided to start her own business, making clothes for third parties. She is requesting a loan in order to buy machines (COP 4,000,000), pay for specialized consultancy services (COP 574,200), buy supplies in bulk (fabrics, threads, laces, buttons, zippers) (COP 1,000,000) and pay for the administrative costs of the loan and the insurance (COP 225,800); i.e., COP 5,800,000 in total.
With this loan, she will be able to work and generate an income to maintain her family. She will also be able to promote her business locally, something that will help her to have her own brand and open a store where she can sell her garments. All this will result in a better quality of life and the possibility of offering her son an excellent education.
More information about this loan
By supporting this loan, you're helping a borrower launch a new business!
This loan is designed for an entrepreneur who needs working capital to start a brand new business. Along with the loan, Kiva's field partner Interactuar provides counseling, training courses, and other financial resources to help new, riskier entrepreneurs set up young businesses.
Important InformationThis 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.
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