Sixto Arquímedes Gutiérrez Fúnez

Sixto Arquímedes Gutiérrez works arduously for the municipality of Somotillo, where he is originally from. He has been working as a building contractor and his goal for this year is to finish rebuilding his own home which has been hit by natural phenomena over many years and the walls are no longer in good condition.

To start the reconstruction he used building materials which were expensive and, because of his low income, he decided to ask for a loan from Ceprodel so that he could afford to buy the materials and continue the project so that he can give a better standard of living to his three young children, his wife and himself.

Translated from Spanish by Molly Puglisi, Kiva Volunteer

El señor Sixto Arquimides Gutiérrez labora arduamente en el municipio de Somotillo de donde es originario.Se ha desempeñado como contratista de construcción y su meta para este año es terminar con la reconstrucción de su vivienda por la razón de que desde hace muchos años había sido golpeada por los fenómenos naturales y las paredes no estaban en buenas condiciones

Al haber empezado en la reconstrucción de la vivienda ha hecho uso de materiales de construcción con precios altos y por su bajo ingreso financiero, decidió solicitar un crédito en Ceprodel para dar lugar a la compra de los materiales de construcción y así continuar la obra de mejoramiento de su vivienda para dar mejores condiciones de vida a sus tres pequeños hijos, a su esposa y a él mismo.




Important Information About This Loan
Kiva recently posted a message regarding the “No Pago” movement in Nicaragua (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 had submitted a law to the government to create a moratorium on debt repayment. Initially it was unclear whether this law would pass, which would have had severe effects on the banking and microfinance industry in Nicaragua. However in the last month the executive branch rejected the law in its current form. The No Pago movement still exists but seems to have lost some steam. There is still a possibility that a law encouraging more restructuring of loans could pass next year, and microfinance institutions are voluntarily restructuring loans to delinquent borrowers, still increasing risk of lending in Nicaragua. However indications are that the situation is less dramatic than before.

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