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Magdalid
Magdalid is a 49 year old single mother with three children and is the head of the household.

She has made craft work during her entire working life. Her workshop is located in her home. There she makes oil paintings, decorative art country items and during the holiday season she makes Christmas items. She works every day from 5:00 am to 10:00 pm.

The craft work that she makes with her hands is sold to acquaintances, friends and neighbors. This is how she generates the economic resources to maintain her home.

Her dedication, creativity and perseverance have allowed her to get ahead in spite of the difficulties that have arisen. This has motivated her to ask for support in the form of a loan.

With the loan she will buy supplies at wholesale (fabric, cloth, yarn, paint, tape, etc) as well as pay off the balance of a loan. This way she can have material available to make a large quantity of items and satisfy the increased demand during the Christmas season thanks to the traditions of the families in her neighborhood.

Magdalidad dreams of having a larger, well funded, profitable workshop giving her an economic stability. In this way she will be able to enjoy a better quality of life with her family.
View original language description ↓
Magdalid es una mujer de 49 años de edad, madre soltera de 3 hijos y cabeza de hogar. Durante toda su vida productiva se ha dedicado a la elaboración de manualidades, tiene su taller ubicado en la casa donde reside, allí elabora cuadros al óleo, artículos de decoración en arte country, y, en vísperas de la temporada de fin de año elabora artículos navideños, trabaja sola todos los días de 5:00 am a 10:00 pm; todo este arte que elabora con sus manos, es vendida a familiares, amigos y vecinos del sector para así generar los recursos económicos con los que sostiene su hogar. Su empeño, creatividad y perseverancia le han permitido salir adelante a pesar de las dificultades que se le han presentado. Esto la motiva para solicitar el apoyo del crédito con el que comprará insumos al por mayor (telas, paños, hilos, pinturas, cintas, entre otros) y pagar el saldo de un crédito que tiene vigente, así podrá tener material disponible para elaborar gran cantidad de artículos y satisfacer la demanda que se incrementa en la temporada navideña, gracias a la tradición que viven las familias del sector y de la ciudad. Magdalid sueña con tener un taller más amplio y bien consolidado, que sea rentable y que perdure en el tiempo, para que le garantice una estabilidad económica favorable y así poder disfrutar de una mejor calidad de vida al lado de los suyos.

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

  • $6,070
    Average annual income
  • 232
    View loans »
    Colombia Loans Fundraising
  • $12,881,350
    Funds lent in using Kiva
  • 1,916.1
    Colombia Pesos (COP) = $1 USD

Success!! The loan was 100% repaid

A loan of $800 helped Magdalid to buy supplies at wholesale (fabric, cloth, yarn, paint, tape, etc) as well as pay off the balance of a loan.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 18, 2013
Listed
Nov 23, 2013
Currency Exchange Loss:
Possible
Ended:
Aug 30, 2014