Update on Luz MagnoliaLuz is 50 years old, hard-working and thriving. She is always seeking alternatives that will permit her to grow. She has worked in the sewing field for many years, work she learned empirically through observation, and little by little she perfected her technique and expanded her knowledge through practice. This inspired her to open her own shop, for which she created space in the house where she lives, and with the saving she had she bought her first machines. She works every day, but occasionally has the help of another person, depending on the quantity of contracts that she has. In this way she has generated sufficient income to meet her household expenses.
The loan she seeks is in support of strengthening her work, as she will buy a serger sewing machine, which will make her process much more agile and she will be able to acquire more contracts, generating greater profits in her business.
Luz states that her greatest challenge is the competition in the market, nevertheless this motivates her to continue providing better service and fighting so that her dream of a successful business becomes reality and it enables her to generate employment opportunities for others, and in this way improve her quality of life and that of others who work with her.
Desde hace muchos años se dedica a trabajar en el campo de la confección, el oficio lo aprendió de manera empírica por medio de la observación y, poco a poco fue perfeccionando su técnica y ampliando sus conocimientos por medio de la práctica, esto la impulsó para iniciar su propio taller, para lo cual adecuó un espacio en la casa donde reside y, con unos ahorros que tenía compró sus primeras máquinas, trabaja sola todos los días, pero en ocasiones recibe el apoyo de una persona, dependiendo de la cantidad de contratos que tenga; así ha logrado generar los recursos suficientes para solventar los gastos del hogar.
El crédito que solicita es un apoyo para el fortalecimiento de su labor, pues con el dinero comprará una máquina fileteadora, con la que podrá agilizar el proceso de producción y adquirir más contratos, generando mayor rentabilidad en el negocio.
Luz manifiesta que su mayor desafío es la competencia en el mercado, sin embargo esto la sigue motivando para seguir prestando un mejor servicio y luchar para que el sueño de la acreditación de su negocio se haga realidad y le permita generar oportunidades de empleo, así mejorará su calidad de vida y la de las personas que influyan en la labor.
Previous Loan DetailsLuz is 50 years old and she works in the art of sewing. During he working life she has worked in different workshops as an operator, but after a time she decided to go off on her own and start her own business in a room in her house. That is where she started to sew for third parties, but due to… More from Luz Magnolia'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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