At 51 years of age, Maria Liria is an entrepreneurial woman who has been making t-shirts and jackets for some time. This enables her to contribute towards covering her household expenses.
Maria Liria needs a loan to buy a 'máquina recubridora' (a special kind of sewing machine used for hemming). This will allow her to make more income as she will no longer have to subcontract out this service which is what she currently does.
A sus 51 años de edad, Maria Liria es una mujer emprendedora que desde hace algún tiempo se dedica a la confección de camisetas y chaquetas lo que le permite contribuir con el cubrimiento de los gastos del hogar.
Maria Liria necesita de un crédito para comprar una máquina recubridora lo que le permitirá generar mayores ingresos pues no tendrá que subcontratar este servicio como lo hace actualmente.
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.