Maria Del Socorro Urbina Montoya

Mrs. Maria del Socorro Urbina Montoya is 41, originally from the city of Bluefields. She is married to Francisco González and they have 2 children. Mrs. Urbina is the proprietor of a section of used clothing and has 3 years´ business experience. Her clients are men and women of all ages, with limited resources, who prefer to buy used clothing for their children from her because of the variety she offers. Mrs. Urbina would like to buy a parcel of used children´s clothing this month because of higher demand. The parcel costs US$300 and has 350 pieces. With this investment, she will be able to meet the demand.

Translated from Spanish by Molly Puglisi, Kiva Volunteer

La Sra. Maria del Socorro Urbina Montoya tiene 41 años de edad, es originaria de la ciudad de Bluefields esta casada con el Sr. Francisco González ambos tienen 2 hijos. La Sra. Urbina es propietaria de un tramo de ropa usada, tiene 3 años de experiencia, sus clientes son mujeres y hombres de todas las edades, de escasos recursos que les compran ropa a sus hijos, que la prefieren por ofrecer variedad de ropa usada. La Sra. Urbina necesita comprar un paquete de ropa usada para niño porque en este mes hay mayor demanda, el paquete cuesta US$ 300.00 dólares y tiene 350 piezas, con esta inversión podrá satisfacer la demanda.


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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