Selene De Los Angeles Sotelo Cruz

Selene Sotelo Cruz is a single mother with a two year old child.

Selene has been selling wicker furniture for four years. She usually buys from a man who makes the furniture. She later sells it to people she knows. She also receives additional income for child maintenance and from a job she has in the hospital.

Her sister used to be in this business, and she introduced Selene to the business.

Her loan will be used to buy two sets of chairs to sell.

Her dream is to give her son the necessary education by selling her merchandise. Also, she wishes to reinvest more every day in the business. She wants to do this so it will grow and so that she will be self sufficient in order to support herself and her son.

Translated from Spanish by Ginny Kalish, Kiva Volunteer

La señora Selene Sotelo Cruz es madre soltera y tiene 1 hijo de dos años de edad. La señora Selene tiene actualmente 4 años de dedicarse a la comercialización de muebles de mimbre y de madera, estos generalmente los compra a un señor que los elabora, para luego comercializarlo a las personas conocidas. Cabe señalarse, que la señora también obtiene ingresos adicionales para la manutención de su hijo y de ella de un trabajo que posee en el Hospital. Ella se introdujo en este negocio por su hermana, ya que anteriormente la misma se dedicaba a esta actividad. Su crédito será invertido en la compra de 2 juegos de sillas para comercializarlas. Su sueño es brindar la educación necesaria a su hijo a través del comercio de sus mercancías. Además desea reinvertir cada día más en el negocio para que este crezca y que pueda ser autosuficiente para mantenerla a ella y a su hijo.




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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