Luis Hernández García

Luis Hernández García is 72 years of age and has three children he is responsible for and who are under the care of his wife. Luis's business is general merchandise and he's been engaged in this activity for more than six years. He does his selling door-to-door and on the streets, so that's why he gets up very early every day to offer his products and put food on the table every day for his family. He is very concerned and responsible with his children. So every day he travels all over the place so that his children will have the opportunity to study. The reason he is seeking this loan is for working capital for the purchase of pants, shirts, skirts, purses and footwear. His goal is to get himself a store and fix it up nicely.

Translated from Spanish by Daniel Kvaka, Kiva Volunteer

Luis Hernández García tiene 72 años. Tiene 3 hijos a su cargo. Que están al cuido de su esposa. Luis tiene la actividad económica de mercadería en general. Hace más de 6 años que se dedica a esta actividad. La ubicación de su negocio es de manera ambulante, es por eso que todos los días se levanta muy temprano para ofrecer sus productos y llevar el pan de cada día a su familia. El un hombre muy preocupado y responsable con sus hijos. Pues todos los días recorre muchos lugares, para que sus hijos tengan la oportunidad de estudiar. El motivo del financiamiento es para capital de trabajo para la compra de pantalones, camisas, faldas, bolsos y calzado. Su deseo es obtener su establecimiento y acondicionarlo de la mejor manera.


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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