Luz Elena has been making made-to-measure and custom clothing for approximately 15 years. She is 50 years old. She has a small, adequate workshop in her house, and works every day from 8:00am until 6:00pm.
Thanks to this business, she has been able to generate the income necessary to support herself and her parents. Luz Elena wishes to buy supplies such as fabric and thread, to use for making women's shirts to sell to family members and to people she knows, and to be able to improve her sales.
Luz Elena's dream is to have a really spacious dressmaking workshop, through which she can generate several direct jobs.
La señora Luz Elena esta dedicada desde hace aproximadamente 15 años a la confección de prendas de vestir sobre medida y por encargo en un pequeño taller adecuado en su casa, trabaja en una jornada de todos los días desde las 8:00 a.m hasta las 6:00 p.m. Gracias a esta actividad ha podido generar los ingresos necesarios para su sustento y el de sus padres. A sus 50 años, la señora Luz Elena desea de la compra de insumos tales como telas e hilos con los cuales pueda producir camisas de dama para vender a sus familiares y conocidos y poder mejorar sus ventas. El sueño de la señora Luz Elena es tener un taller de confección bien amplio en el cual pueda generar varios empleos directos.
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.