Virginia Francisca Salgado

Virginia, 51, lives in the Edgar Murguia neighborhood in Managua. Her husband works with her in their bakery, making deliveries. They have 4 children; the three oldest work in the bakery as well.

Virgina hopes that her children will continue working on business she started and that their quality of life will be better.

Twelve years ago, Virginia was working in a bakery, and thanks to the experience she gained, decided to start to her own bakery six years ago. At the beginning it was hard because she had little capital and only a small oven to bake, but through these years she has been able to make improvements to her small bakery.

These days the demand for Virginia's bread and pastries is growing and she requests a loan to purchase a larger quantity of ingredients, make more bread and pastries, and keep her customers satisfied.

Translated from Spanish by Maria B., Kiva volunteer

Virginia tiene 51 años de edad, habita en el barrio Edgar Munguía de la Ciudad de Managua. Es casada, su esposo trabaja con ella en la panadería, él es quien se encarga de repartir el producto. Tiene 4 hijos, los tres hijos mayores también trabajan con ella en la panadería. Ella espera que todos sus hijos algún día puedan seguir el negocio que ella empezó y así puedan mejorar su nivel de vida. Virginia empezó hace 12 años trabajando en una panadería, debido a la experiencia que pudo adquirir en este negocio, hace 6 años decidió independizarse y poner ella misma su negocio de panadería, al inicio fue duro porque disponía de poco capital y solamente tenía un horno pequeño para hacer el pan, pero a través de los años ha ido mejorando la panadería. Actualmente tiene muchos pedidos de sus clientes es por eso que solicita del préstamo para poder adquirir materia prima para la elaboración del pan y así poder satisfacer las demandas de sus clientes.


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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