Benito Cardenas Rojas

The small businessman Benito Cárdenas Rojas is 73 years old and is a widower. He is the father of 4 adult children. For the past 20 years he has had a cabinetmaking shop which has allowed him to earn the income needed to take care of his children and send them to school. His children were able to graduate.

Mr. Cárdenas has many customers who he makes doors for, and furniture pieces like chairs, dinning room sets and beds among many products. He works with one of his children in the workshop.

One of the problems that Benito is confronting is the constant rising cost of the materials that he needs to make his furniture. Because of this he needs to buy the materials in large quantities so that he can avoid the rising costs. He is requesting this loan so that he will be able to buy the following materials; 300 feet of Cedar wood at .90 US a foot, 250 feet of olive wood at .56 US a foot and 300 feet of mahogany at 1.30 US a foot.

Translated from Spanish by San Roque School, Kiva Volunteer

El microempresario Benito Cárdenas Rojas tiene 73 años de edad es viudo es padre de 4 hijos los cuales son adultos y desde hace mas de 20 años tiene un taller de ebanistería con el cual ha podido sacar a sus hijos adelante y poder verlos graduar.

El señor Cárdenas tiene muchos clientes a quienes les fabrica puertas, muebles tales como sillas abuelitas, comedores, camas entre otros productos. El trabaja con uno de sus hijos en el taller quien le ayuda a la fabricación de sus productos.

Uno de los problemas que enfrentan es que la materia prima (madera) al igual que otros insumos (pintura, barniz) sube constantemente de precio por lo que tienen que comprarlos en cantidades para evitar estos incrementos, por tal razón esta solicitando se le financie para comprar lo siguiente:

300 pies de Madera Cedro Macho a US 0.90 cada pie, 250 pies de Acetuno a US 0.56 cada pie y 300 pies de Caoba a US 1.30 cada pie.



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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