Jayro Hobel Sarria

Jayro Hobel Sarria is 34 years old. He and his wife have a one-year-old child. His wife is an elementary school teacher. Jayro began his business when he opened a small store in his home. After a few years, with the store doing well, Jayro incorporated a taxi business. It was possible for Jayro to buy a vehicle because of the success of his store but also because of a loan. He has been able to manage two loans and his credit history is very good. This loan will go towards the purchase of items for the store; grains, oil, soap, fruits and vegetables, bicycle parts, etc. He dreams that he will continue to be able to increase the amount of products he has to offer his customers.



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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