31-year old María is a single mother with a 10-year old daughter. Eight years ago she started her own sewing business in a workshop located in her home. She came up with this plan because of the need to earn money to pay for household expenses. She was unemployed and had never received assistance from the father of her child. Because she had learned how to sew from her mother, she decided to open a sewing business.
Currently María has contracts with various parties to make uniforms. The business is doing well, but her big dream is to make her own line of clothing. This is why she is seeking a loan to buy a specialized sewing machine so she can speed up production and deliver orders more promptly. Then more doors will open up for further contracts and in the not too distant future she will be able to start making her own line of clothing. In turn this will lead to an improved standard of living and a good education for her daughter so that she can have a successful future.
María con 31 años de edad es madre soltera de una hija de 10 años. Desde hace 8 años comenzó su propio negocio, un taller de confección que ubicó en un espacio de la casa donde reside; esta idea surgió por la necesidad de generar sus propios ingresos para solventar los gastos de su hogar, ya que se encontraba desempleada y nunca tuvo el apoyo del padre de su hija, por lo que aprovechó los conocimientos obtenidos en este tema, gracias a las enseñanzas de su madre y montó su negocio. Actualmente tiene varios contratos con terceros, a quienes les confecciona uniformes y, hasta el momento le ha ido muy bien, pero su mayor sueño es confeccionar su línea propia. Esto la motiva para solicitar el crédito, que invertirá en la compra de una máquina de doble aguja con rodillo, con la que podrá agilizar su producción y entregar los pedidos oportunamente, esto le abrirá las puertas para tener más contratos y a mediano plazo podrá iniciar a confeccionar su línea propia, logrando mejorar las condiciones de vida y brindar a su hija una excelente educación para que tenga un futuro exitoso.
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.