Amparo, 63 years old, has spent 20 years in the business of garment manufacture for third parties. Together with her husband, they have struggled to ensure a better quality of life for their family. She dreams of having economic stability and enjoying her old age without preoccupations.
She seeks to fulfill her dreams by growing her business, consolidating it as a garment manufacturing workshop where she can employ more vulnerable people in her area.
The reason why she is requesting a loan is to buy a sewing machine, which will permit her to increase her production capacity, improving her income and the quality of life of her family.
Amparo tiene 63 años de edad, de los cuales lleva más de 20 años dedicada al oficio de la confección a terceros. En conjunto con su esposo, han luchado para garantizarle a su familia una mejor calidad de vida.
Sueña con tener una estabilidad económica y gozar de una vejez sin preocupaciones, deseos que busca lograr a través del crecimiento de su negocio, consolidándolo como un taller de confección en el cual pueda ofrecerle empleo a las personas más vulnerables de su localidad. Razón que la ha motivado a solicitar un crédito para la compra de una máquina plana, lo que le permitirá amentar su capacidad de producción, mejorando sus ingresos y la calidad de vida de su núcleo familiar.
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.