Update on Gloria EstelaGloria is married and has an 8 year-old daughter. She is a hardworking person who, with a lot of effort, has managed to get ahead and overcome the great adversities that life has presented her. A long time ago she started to sew garments, and thanks to some savings, she decided to become independent and set up a sewing workshop in her home. This way she could be there to care for her daughter and her business. With her sewing workshop, she has the opportunity to make a financial contribution to the household so that her family can enjoy a better quality of life and gradually overcome the financial difficulties they face. Thanks to the good quality of her work, her orders have been increasing. This is why she is seeking a loan to buy a tabletop sewing machine, so that she can increase her production capacity to respond to her customers' orders.
Her main dream is to be able to help her daughter get ahead by providing her with a good quality of life and access to a good quality education. Also, she aspires to be able to provide her with access to a university education in the future.
Su mayor sueño es poder sacar su hija adelante brindándole una buena calidad de vida y el acceso a una educación de buena calidad. Además, aspira a poderle brindar el acceso a una educación universitaria en un futuro.
Previous Loan DetailsGloria started her dressmaking business twenty-five years ago. She started out doing alterations for her customers but later on decided to start manufacturing items for third parties to improve her income and contribute to household expenses. She currently needs a loan to buy thread and fabri... More from Gloria Estela'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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