The Rain Group

The Rain Group consists of three local women who work hard for their families. One of them is Sra. Lorena del Socorro Calderón, who is 37 years old and has been selling tortillas since 2000. Her income helps pay the education expenses of her 5 children. Lorena will use her loan to buy firewood and corn.

Flor de María Umaña is 40 years old and sells chocolate-covered bananas, ice cream, and ice. Her greatest hope is to succeed in her business. Martha Lorena Medina is 30 years old and has been operating a cafeteria for three years. She will use her loan to buy products such as coffee, sodas, yogurt, and convenience foods.

Translated from Spanish by Ronan Reodica, Kiva Volunteer

El grupo lluvia esta conformado por tres mujeres seccionales que han trabajado arduamente por su familias. Una de ellas es la señora Lorena del Socorro Calderón de 37 años que desde el año 2000 vende tortillas con las cuales se ayuda para educar a sus 5 hijos todos en edad escolar. Calderón ocupara el préstamo para comprar leña y maíz.

Flor de María Umaña de 40 años vende choco bananos, helados, hielo y lo que más desea es seguir adelante. Martha Lorena Medina de treinta años desde hace tres años que tiene un cafetín y ocupara el préstamo para invertirlo en productos como café, gaseosa, chiverías y comidas rápidas.



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


About Group Loans
In a group loan, each member of the group receives an individual loan but is part of a group of individuals bound by a group guarantee. Under this arrangement, each member of the group supports one another and is responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. Learn more

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