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María Elena
It is some years now since María set up her dressmaking business, an idea which resulted from necessity and the economic crisis which was affecting her family. So, using the experience she had acquired working in other clothing factories, she decided to set up her own workshop, using a simple sewing machine and patterns. However, when she wanted to make linings or do overlocking she had to hire a machine for a number of hours or wait until someone could lend her one. Then, when she received business guidance on how to make her workshop more versatile so that she could make clothing to measure rather than by using patterns, she was motivated to seek the loan. She would like to use it to replace her old sewing machine with an industrial flatbed one, which will enable her to streamline the production process and make her more efficient and competitive. All this is because of her indomitable spirit and perseverance which drive her on in pursuit of her ambitions. Her income from her business goes to contribute to the budget of her family, which consists of her husband and 3 sons. María's one desire is to continue strengthening her business and to make it a versatile workshop so she can offer her services to direct customers as well as third parties. This will improve her business's profitability and guarantee the financial stability which will allow her to provide a better quality of life for her family.
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María, inició con su actividad de confección hace varios años, idea que surgió de la necesidad y la crisis económica por la que pasaba su familia; ya con la experiencia que había obtenido mientras trabajaba en diferentes talleres de confección, decidió emprender su propio taller, trabajando con una máquina de coser sencilla y confeccionando sobre moldes, pero cuando requería hacer recubrimientos o fileteado debía alquilar una máquina por horas o esperar a que se la prestaran. Luego de obtener una asesoría sobre el negocio para hacer de su taller un establecimiento versátil en el que confeccionara sobre medida y no sobre moldes, ella se motiva a solicitar el crédito, con el que desea comprar una máquina plana industrial para cambiar su antigua máquina y así agilizar el proceso de producción y ser más eficiente y competitiva; todo esto, debido al espíritu de superación y perseverancia que la impulsan a luchar por sus objetivos. Los ingresos que recibe por su actividad, son destinados para aportar a la economía de su familia, conformada por su esposo y 3 hijos. María sólo desea seguir fortaleciendo su negocio y hacer de él, un taller versátil que le permita prestar el servicio tanto de modistería directa como de confección a terceros, mejorando así la rentabilidad de su negocio y logrando garantizar una estabilidad financiera para dar a su familia una mejor calidad de vida.

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
  • 268
    View loans »
    Colombia Loans Fundraising
  • $13,479,900
    Funds lent in using Kiva
  • 1,929.2
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $525 helped María Elena to buy an industrial flatbed sewing machine.
81% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 26, 2013
Listed
Nov 29, 2013
Currency Exchange Loss:
Possible