Maria Licet Castro

Sra. Maria Licet is 44 years old and a single mother of 2 children. She has been selling clothing for 4 years. Previously she offered housekeeping services, but her earnings were not enough to cover her expenses. Her loan will be used to purchase clothing for the holiday season before prices increase. Maria dreams of opening a distribution center where she lives since none exists at the moment.

Translated from Spanish by Ronan Reodica, Kiva Volunteer

La señora Maria Licet tiene 44 años de edad, es madre soltera y posee 2. La señora Maria se dedica a la venta de ropa. Ella dio inicio a este negocio hace 4 años. Anteriormente se dedicaba a ofrecer los servicios de domestica, por lo que sus ingresos eran muy pocos y necesita mucho más para sufragar los gastos. Su crédito será invertido en la compra principalmente de ropa ya que en este momento aprovecha a comprar porque se acerca la temporada navideña y todos estos productos suben de precio. Su sueño es llegar a instalar una distribuidora en el municipio en donde vive, ya que actualmente no hay ninguna.




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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