Señora Maria Sonia, who is 55 years old, works in her own workshop, set up in the living room of her home, where she principally makes curtains, tablecloths, and quilts. She has been doing this work her entire life, and with it she has generated her own income to sustain herself and to help with the household finances. She had some difficult times because of the winter, since her orders diminished drastically, so now she needs to buy new fabrics and other items that will allow her to make her products to sell. Thus she will reactivate her business and improve her quality of life and that of her parents.
La señora Maria Sonia a sus 55 años de edad se dedica desde su propio taller adecuado en la sala de su casa a confeccionar principalmente cortinas, manteles y acolchados, esta actividad la ha realizado durante toda su vida y con la cual ha generado sus propios ingresos para su sostenimiento y apoyo económico en su hogar. Debido al invierno, la señora Maria Sonia ha pasado por dificultades puesto que sus pedidos disminuyen drásticamente, por lo cual requiere de la compra de nuevas telas e insumos que le permitan realizar sus productos, poderlos vender, así reactivar su negocio y mejorar su calidad de vida y la de sus padres.
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.