Sara Petrona Castillo

Mrs. Sara Petrona Castillo is 34 years old, married with three young children still in school. Mrs. Castillo has a small convenience store situated in her home. She started up this business 3 years ago by selling firewood, food and beans to her neighbors. However, with time, she succeeded in establishing the convenience store. Generally her purchases are made from her house, as that is where the majority of venders come to sell her the type of items she offers. Fruit and vegetables are the only things she has to go and get at the market. Her loan will be used to buy a bigger quantity and variety of merchandise. Her dream is to own a large convenience store, the kind which sells all kinds of goods and that could offer greater revenue for her family.

Translated from Spanish by Emma Felten, Kiva Volunteer

La señora Sara Petrona Castillo ella tiene 34 años de edad, es casada y tiene tres hijos menores de edad, son estudiantes. La señora Castillo tiene una pulpería ubicada en su casa de habitación. Ella dio inicio a este negocio hace 3 años, ella empezó vendiendo leña, comida y frijoles a sus vecinos. Sin embargo con el tiempo logro establecer la pulpería. Sus compras generalmente las realiza desde su casa, ya que allí le llegan a vender la mayoría de artículos que ofrece. Solamente las verduras y frutas son las únicas cosas que ella va a comprar al mercado. Su crédito será invertido en la compra de mayor cantidad de mercancías, en artículos varios para la misma. Su sueño es llegar a tener una pulpería grande, en la cual venda todo tipo de artículos, que puedan brindar mayores ingresos a 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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