Maria, an older adult with three adult children, has a long track record in the market for third-party sewing. In the past approximately 30 years, she has acquired great experience, and she is responsible for a number of employees. Maria dreams of having a new overlock machine and being able to do work of better quality. With the loan, she will buy the machine, as well as supplies for the workshop (zippers, elastics, buttons, etc.). Thanks to her well-known work, Maria can enjoy a great demand for her work and generate better economic income for her family and those of her workers, which is the great dream of every person.
María, adulta mayor, con tres hijos mayores de edad, tiene una larga trayectoria en el mercado de las confecciones a terceros, desde aproximadamente 30 años atrás ha adquirido una gran experiencia, tiene a su cargo varias empleadas. María sueña con tener una máquina fileteadora nueva y poder realizar un trabajo de mayor calidad. Con el préstamo comprará la máquina y también insumos para el taller (cierres, elásticos, botones, etc). Debido a su reconocido trabajo, María puede gozar de una gran demanda de su actividad y generar mayores ingresos económicos para su familia y las de sus trabajadoras, que es el gran sueño de toda persona.
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.