Noel Agustin Hernandez

Noel Agustín Hernández is 33 years old and his economic activity is artisan fishing. He has engaged in this profession for more than 17 years, having started the business with help from his brother, who loaned him the money needed to start his own business. This is how Noel came to own his own business; he had to struggle since he has two children to care for. Noel has faced many challenges such as not having enough capital and not having people to support his progress; for this reason, financing has been of great help to his business. Now he is seeking this loan as working capital for the purchase of fuel, nets, and fishing equipment. His wish is to improve his sales and provide his family with what they need.

Translated from Spanish by Amanda McDermott, Kiva Volunteer

Noel Agustín Hernández tiene 33 años, su actividad económica es la pesca artesanal. Hace más de 17 años que se dedica a este negocio, inicio este negocio por medio de su hermano, ya que le había prestado el dinero necesario para iniciara su propio negocio, fue así que Noel logro realizar su propio negocio, el tenia que luchar ya que tiene 2 hijos a su cargo. Noel ha enfrentado muchos desafíos como fue el no tener le capital suficiente, y no tenia personas que le brindaran el apoyo para salir adelante, por lo que los financiamientos han sido de gran ayuda para su negocio. Ahora solicita este financiamiento para capital de trabajo para la compra de combustible, trasmayo y equipos de pesca. Su deseo es mejorar sus ventas y proporcionarle a su familia lo que necesitan.


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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