Waldestrudis Cardenas Lopez

Waldetrudis Cárdenas Lopez is 51 years old. He lives with his wife and two adult children in their own home. His store is located at a bus stop where numerous people circulate through every day. He started this business 10 years ago because his family was experiencing financial difficulties and he needed a way to cover their expenses. He subsequently was able to start earning money and could then buy more merchandise.

Waldetrudis is requesting a loan to use as working capital to buy bread, soft drinks, juices, and basic grains. He hopes that all of the efforts that he has put in for the sake of his children have been worthwhile.

Translated from Spanish by Ronan Reodica, Kiva Volunteer

Waldetrudis Cárdenas Lopez tiene 51 años. Es un hombre casado vive en su propia casa con sus 2 hijos que no dependen de él. La ubicación de su negocio es en las parada del autobús en donde circulan un sin número de clientes. Su negocio dio inicio hace 10 años, cuando empezó a vender fue porque su familia se encontraba en una difícil situación económica y tenía que hacerse cargo de los gastos de su familia. Posteriormente logro obtener algo de dinero y así comprar más mercadería. El financiamiento que solicito es para capital de trabajo para la compra de pan, refrescos, jugos, granos básicos. Sus sueños es que todos los esfuerzos que ha hecho por sus hijos valga la pena.


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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