Santos Del Carmen Garcia Sanchez

Santos del Carmen is 47 years old, married, and the mother of three adult children who are already married and forming independent families of their own. Santos has a small grocery store which she operates from her own home. She began this activity about 19 years ago with very little working capital as an attempt to have additional family income. She had positive results and since that time she has been investing more and more into her business. This funding will be used to buy basic grains to add to her current inventory. Her goal is to have a supermarket which will yield better economic results for her and her children, even if they already have children of their own and no longer live at home with her.

Translated from Spanish by Michael Bujazan, Kiva Volunteer

La señora Santos del Carmen tiene 47 años de edad, es casada con tres hijos mayores de edad, que ya están casados y con familias independientes. La señora Santos tiene una pulpería ubicada en su casa de habitación. Este negocio empezó hace 19 años con muy poco capital de trabajo, como una búsqueda de fuente de ingresos alternativos, éste dio resultado y desde ese tiempo fue invirtiéndole más y más a su negocio. El crédito será invertido en la compra de granos básicos para incrementar sus inventarios actuales. Su meta es llegar a tener un supermercado que brinde mejores facilidades económicas a ella y a sus hijos, aunque estos ya tengan hijos y vivan separados.




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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