Gema Daly Vargas Fletes

The young Gema Daly Vargas Flete is 24 years old and a married woman. Her economic activity is selling used clothes. Despite her young age, Gema is the only one that provides economic help for her household. She has been dedicated to this business for three years now, but it is important to emphasize that the business was born with the idea of improving her family's lifestyle, which is why her business is located in her home, because if she established her business in the market she would have to pay rent and she didn't have sufficient capital. This is why every day she loads and carries her bag that contains clothing for sale. The loan that she is requesting is for working capital for purchasing used clothing like pants, shirts, dresses, and shoes. Gema's desire is to obtain better earnings for her family.

Translated from Spanish by Jay Osborne, Kiva Volunteer

La Joven Gema Daly Vargas Flete tiene la edad de 24 años, es una mujer casada. La actividad económica es la venta de ropa usada. A pesar de su corta edad Gema es la única que aporta ayuda para su hogar. Hace más de 3 años que se dedica a este negocio pero es importante resaltar que su negocio nació con la idea de sacar adelante a su familia, por lo que su negocio esta ubicado en su vivienda ya que si establecía su negocio en el mercado tendría que pagar la renta y no tenia el capital suficiente, es por eso que todos los días carga su bolsa en donde contiene la ropa a ofrecer. El financiamiento que solicita es para capital de trabajo para la compra de ropa usada como pantalones, camisas, faldas y calzado. El deseo de Gema es obtener mayores ingresos para su familia.


Important Information About This Loan
In mid 2008, a movement began in Nicaragua called “Movimiento No Pago” (a movement for non-payment of loans). This movement, supported mostly by farmers of the north of Nicaragua with ties to the left-wing party in Nicaragua, has been organizing protests and making it difficult for some branches of microfinance institutions to operate normally. This movement has been fed by the global the economic crisis, which has made it more difficult for Nicaraguans to pay back their loans. This group has submitted a law to the government to create a moratorium on debt repayment. If passed, the law could have a severe effect on the microfinance industry and banking sector in Nicaragua. Recent information indicates that the situation may be improving as the President of Nicaragua has spoken out against this law and would not support its passage in its current form. The network of microfinance institutions in Nicaragua (ASOMIF) has been negotiating with the government in support of an alternative proposal. Kiva, along with 25 other funders from 9 countries, has signed onto a letter to the Nicaraguan government urging a resolution to this situation without enacting a moratorium on debt repayment. The potential passage of the debt moratorium increases the risk of lending in Nicaragua. For more information, please see the following articles: http://impreso.elnuevodiario.com.ni/2009/09/24/nacionales/110236; http://www.laprensa.com.ni/archivo/2009/octubre/16/noticias/economia/355010.shtml

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