Ricardo is a 45 year old father of two girls ages 6 and 12. He dreams about being able to offer a better quality of life for his children as well as to provide all the love that his girls were not able to receive from their mother. Ricardo learned the trade of dressmaking thanks to his mother that used to be a dressmaker. He has been manufacturing women's underwear in his workshop, which is located at home, in order to reduce overhead costs. His biggest dream is to consolidate his business creating jobs. Ricardo is currently seeking a credit for the purchase of raw materials and supplies such as fabric, thread and needles, because he expects the demand for his products to increase during the year-end season
Ricardo tiene 45 años de edad y es padre cabeza de familia de dos niñas de 6 y 12 años a las cuales sueña poderles brindar una mejor calidad de vida y ofrecerles el amor que no recibieron por parte de su madre. Ricardo aprendió el oficio de confección gracias a su mamá, ya que ella siempre fue modista. Se ha dedicado a la fabricación de ropa interior femenina en su taller que tiene ubicado en su casa con el fin reducir costos. Su mayor sueño es poder consolidar su empresa generando empleos. En la actualidad se encuentra en búsqueda de un crédito para la compra de materia prima e insumos como tela, hilos, agujas ya que espera que la demanda de su producto aumente en la temporada de fin de año.
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.