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MiCrédito, located in Managua, Nicaragua, has worked with Kiva since 2010, disbursing over $7,000,000 in lender funds to nearly 10,000 borrowers in Nicaragua and Costa Rica. Kiva lenders have helped MiCrédito to launch a number of innovative loan products, such as education loans, water and sanitation loans, and loans to Nicaraguan refugees in Costa Rica.
When the pandemic struck, the Nicaraguan economy was still recovering from the 2018 political crisis. Although the Nicaraguan government has not adopted stay-at-home measures, Kiva borrowers are impacted by COVID-19 due to less international trade and the corresponding drop in commodity prices, voluntary private sector closures, and decreased remittances from the US and Europe.
To keep its staff and borrowers safe, MiCrédito is maintaining social distancing in their agencies and holding special hours for high-risk populations. They're doing daily deep cleans of agencies and outfitting staff with personal protective equipment.
This working capital loan will help MiCrédito to provide loans for 450 smallholder farmers so they can continue planting and harvesting their crops, providing food security for themselves, their families, and the nation.
This loan is part of Kiva’s Crisis Support Loan program to assist our Field Partner organizations directly so they can continue to support our borrowers. Because it is part of a pilot program, this loan may have higher risk. Read more in the "More about this loan" section below.
Translated from Spanish. View original language description.
