Francisca Elena Hernandez

Francisca Elena is 39 years old and has 3 dependent children. She is a fighter who has managed to succeed through tremendous effort. Francisca has been in business for more than 18 years. She makes and sells baked goods, skills that she learned from her mother. At first, she encountered difficulties because she did not have sufficient capital to set up her business. She works out of her home and most of her neighbors enjoy her products.

Francisca is requesting a loan to use as operating capital to purchase corn, firewood, lime, preserves, sugar, and milk. She dreams of acquiring a plot of land to build a house.

Translated from Spanish by Ronan Reodica, Kiva Volunteer

Francisca Elena tiene 39 años de edad, ella tiene 3 hijos a su cargo. Hace más de 18 años que se dedica a este negocio, Francisca es una mujer muy luchadora que ha salido adelante por medio de un gran esfuerzo. Su actividad económica a la que se dedica es la venta y elaboración de cosa de horno, sus inicios se dan por su Mama que le enseño a elaborar estos productos, al principio le fue muy difícil porque no tenía el capital suficiente para establecer su negocio. La ubicación de su negocio es en su vivienda, por lo que la mayoría de sus vecinos disfrutan de sus productos. El financiamiento que solicita es para capital de trabajo que será destinado para la compra de maíz, leña, cal, dulce, azúcar y leche. El sueño de Francisca es tener un terreno para construir su casa.


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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