Maria Lucrecia Narvaez

Mrs. Maria Lucrecia Narvaez is a married woman and has 6 sons, all who are adults. Mrs Maria has a business of buying and selling jewelry and new clothes, which mainly she distributes through orders. More than 15 years after starting this business, which she started because her husband is a mason and did not earn enough to support the household, she had to seek alternative sources to improve household income and it has gone well since then. The loan will be invested in the purchase of jewelry and new clothes. Since the sales season is approaching, she would like to make good purchases at this time when prices are low. Her dream is to have a store in which to sell her jewelry and various new clothes, so that it can be passed onto her children so that they improve their standard of living.

Translated from Spanish by Zal Bilimoria, Kiva Volunteer

La señora Maria Lucrecia Narváez es una mujer casada y tiene 6 hijos todos son mayores de edad. La señora Maria tiene un negocio de compra-venta de joyas y ropa nueva los cuales distribuye por encargos principalmente. Hace más de 15 años de haber iniciado este negocio, el cual empezó debido a que su esposo es albañil y no ganaba lo suficiente para la manutención del hogar, por lo que ella tuvo que buscar fuentes alternativas para mejorar los ingresos del hogar y le ha ido bien desde entonces. El crédito será invertido en la compra de joyas y de ropa nueva, ya que se acercan las fechas de ventas buenas y ella desea aprovechar comprar en este momento en que los precios están bajos. Su sueño es llegar a tener una tienda en la cual pueda vender sus joyas y ropa nueva variada, de tal forma que se la pueda heredar a sus hijos para que ellos mejoren su nivel de vida.




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

Subscribe