Leidy Cristina is 27 years old and has been making clothing since her youth. Her three children are her reason for living and the engine for her work. Currently she works with her aunt, but would like to set up her own workshop because her three children demand a lot of time; time that she can’t give them because of her work. It’s the only source of income in her home. She is asking for a loan that she will use to buy a sewing machine and supplies to start her business. Her greatest desire is to be able to consolidate her customers and be able to generate income with which to support her children and pay for their education.
Leidy Cristina, tiene 27 años de edad y se dedica al oficio de la confección desde su juventud. Sus tres hijos son su razón de vivir y el motor de su trabajo. Actualmente labora con una tía, pero desea montar su propio taller debido a que sus hijos le demandan mucho tiempo, tiempo que no puede dedicarles ya que su trabajo es la única fuente de ingresos para su hogar. Anda en búsqueda de un crédito que destinará a la compra de una máquina y materia prima para comenzar con su negocio. Su mayor anhelo es poder consolidar clientes y poder generar ingresos para el sostenimiento y la educación de sus hijos.
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.