Mercy Foundation Provides Loan
Catalina Del Socorro's storyCatalina is a woman who has been able to move forward with the support of her partner. The desire to move ahead can be seen on her face. For the past eight years, she has made a living making and selling mats. She started in this business by helping a man sell the mats that he made. However, three years ago, she became independent and managed to establish her own business. She is requesting a loan to buy sponge and fabric so that she can increase her sales. Among her future plans, she wants to buy a vehicle in order to travel to sell her mats. Her next goal is to buy some machines that she is missing and to look for helpers who can line the mats. This way, she hopes to increase production. In Nicaragua, where Catalina Del Soccoro lives, the average annual income is only $4,800. This means that a microloan of $300 can be a significant help for Catalina Del Soccoro’s business. Eventually Catalina Del Soccoro wants to have her business be completely financially self-sustaining. However, she is not quite there yet. However, this microloan will take her one step closer.
Microloan PartnerThe field partner for this microloan is MiCredito. Kiva chose to partner with MiCredito because of its interest in funding student loans. MiCredito piloted a loan program for students at an agricultural school to help them buy their first plots of land and purchase crops and animals. The organization recognizes the importance of teaching students to manage credit from a young age, a skill that is crucial in Nicaragua given the recent "No Pago" backlash against microfinance institutions, which hurt the country's culture of repayment. Following the pilot program's success, MiCredito is pursuing more university partnerships, and plans to use Kiva's interest free, risk-tolerant funding to expand this lending program to more people who have had no access to credit. With the help of MiCredito, the Mercy Foundation successfully funded this microloan to Catalina Del Socorro! This is excellent news for Catalina and her family. If you would like to fund a microloan to an entrepreneur in need like Catalina Del Soccorro, please feel free to visit Kiva.org today. There are countless entrepreneurs in underserved nations around the world who could really use help. Notes
- This article is based on https://www.kiva.org/lend/838528.