A loan of $1,125 helped to purchase chandeliers, manufactured lamps, cupboards, and rocking chairs.

Gloria Estefany's story

Gloria, age 20, is a dynamic and enterprising young woman who works in the retail sector. She sells handicrafts and other types of merchandise that are brought in from Sampués, a town in the Department of Sucre. Gloria distributes her goods to her customers who include neighbors, relatives, friends, employees, and independent workers in the neighborhoods of Los Almendros, El Campito, La Alboraya, and El Santuario in Barranquilla. She recently opened a shop in the town plaza of Galapa, which is 15 minutes away from Barranquilla. Gloria manages her business with her mother, who has plenty of experience, and her boyfriend. She sells her products on credit and in large volumes and then collects payment either weekly or every 15 days. In some places, she collects payment on a daily basis. At the moment, she must pay cash for the merchandise she acquires from her distributors, but there are some who will extend credit to her. Gloria’s trips to the town of Sampués occur twice per month and she utilizes public transportation. Her business shows good indication of its liquidity. Her accounts receivable period averages 18 days and the product turnover within her inventory moves very rapidly. In addition, her profitability levels indicate that her business is efficient and solvent enough to cover her future commitments. However, her greatest challenge is taking into account the distance she must travel to acquire her products. Gloria must also consider her travel costs since those factors are not stable.

This Kiva loan is her first form of financing with Fundación Mario Santo Domingo. She will buy chandeliers, manufactured lamps, cupboards, and rocking chairs so that she can satisfy her main customers who have requested these products.

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Translated from Spanish by Kiva volunteer Ronan Reodica

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