Olivia Del Carmen Gago Hernandez

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Olivia is 43 years old and lives in the Memorial Sandino neighborhood in the capital city, Managua. She has two children ages 12 and 14 who study in the neighborhood secondary school. A single mother, she was able to open a small grocery store 10 years ago, beginning with selling refreshments and fruit. Because of a lack of financing her convenience store hasn’t grown as she started with just her own savings. Now she is opting for loans from Afodenic to invest in buying products for her store such as chicken, basic grains and fruit to offer her customers in hopes of growing her business and in the long term to create new markets and in this way help her children with their studies.

Translated from Spanish by Cindy Kendall, Kiva Volunteer

Doña Olivia tiene 43 años de edad, habita en el barrio Memorial Sandino, en la capital de Managua, con dos hijos de 12 y14 años de edad, los dos están estudiando la secundaria en el colegio del barrio madre soltera, ha puro esfuerzo logro poner una pequeña pulpería que la tiene desde hace diez años, solo comenzó vendiendo refrescos, y frutas, y por falta de financiamiento es que su pulpería no ha tenido el crecimiento en capital, pues comenzó con capital propio, ahora esta optando por prestamos en Afodenic para invertir en la compra de productos para su pulpería como pollo, granos básicos y frutas para ofertar a sus clientela espera beneficiarse para crecer y a largo plazo poder crear nuevos nichos de mercados, a si como ayudar a sus hijos con los estudios.





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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