Update on Luz ElenaLuz is a mother and the head of the household since she separated from her husband and all the economic responsibility fell on her. She lives with her children whom she raised with much effort and dedication. For more than 25 years she has been involved in the field of garment making. She began working as an operator in a business, but with the courage to improve her income, she took the initiative to become independent, and eight years ago she set up her own workshop. It is located in her home, and she offers garment-making services for wholesalers, making sports outfits and uniforms. She has the help of an employee whom she pays by the hour. In this way, she has generated sufficient resources to pay for all the household necessities.
Now she needs the help of a loan to buy a flatbed industrial sewing machine and wholesale supplies (fabrics, threads, buttons, and elastic, among other items). This will allow her to improve her installed capacity and increase production. In addition, she will have the supplies necessary to satisfy the demand that increases in the month of January, when she sells uniforms. This will give her the possibility of generating better income.
Luz states that her greatest wish is to continue strengthening her business, and in the future she projects its expansion, so that it will allow her to generate more employment opportunities and improve the living conditions of those she loves.
Actualmente requiere el apoyo del crédito para comprar una máquina plana industrial e insumos al por mayor (telas, hilos, botones, elásticos, entre otros), esto le permitirá mejorar su capacidad instalada y aumentar la producción, además tendrá los insumos necesarios para satisfacer la demanda que se incrementa en el mes de enero, cuando vende uniformes; esto le dará la posibilidad de generar mejores ingresos.
Luz manifiesta que su mayor anhelo es seguir acreditando su negocio y, en un futuro se proyecta en la ampliación del mismo, para que le permita generar más oportunidades de empleo y mejorar las condiciones de vida de los que ama.
Previous Loan DetailsLuz Elena, age 50, has earned the affection and admiration of her community. Her professionalism has allowed her to accomplish her goal of establishing a business.
Luz has been sewing for 30 years. This woman has been able to move forward along with her four children. Her experience in… More from Luz Elena's previous loan »
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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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