Eddy Castellón Díaz

Eddy Castellon drives a bus in the city of Leon in Nicaragua. From the age of 24, he has worked in this business with his father. However, with his father now getting older, he has given the business to Eddy, who continues offering service along a well known route in Leon.

Today his biggest need is to invest in the repair and maintenance of the bus, which is already in poor condition. For this reason, he is requesting a loan from Ceprodel to improve his business and offer a better service to his passengers.

Translated by Kiva volunteer, Emily Charnes

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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