Last week I had the opportunity to help MiCrédito welcome a MEDA Field Experience team to Nicaragua. As a MEDA intern, this was a chance to meet MEDA supporters from Canada and the United States, most of whom had never been to Nicaragua before. As I helped to interpret the management team’s presentation to our visitors, I felt proud to be involved in an institution that has had such an important impact on the lives of Nicaraguan micro-entrepreneurs. For me, MiCrédito’s work encapsulates the idea of MEDA’s “Business to the Power of 2” strategy. When the institution sees a need in the community, it uses enlightened business practices and entrepreneurial thinking to help people achieve their personal goals, thus building bridges out of poverty.
One of the projects that I am currently working on here in Nicaragua is a case study of MiCrédito’s social products. In the world of microfinance, these include products that are designed to meet the needs of clients belonging to specific social groups. MiCrédito targets women, youth, and rural communities through three innovative products: Women Entrepreneurship Loans, MiCrédiEstudios (Student Loans), and Sanitation Loans. Women Entrepreneurship loans support women who have a business idea, but not the capital, to build their first business. The MiCrédiEstudios product offers financing for the final two years of university education as well as funding options for youth entrepreneurship, equipment purchase, language courses, and further education through Masters and PhD programs. Finally, through its Sanitation product, MiCrédito provides low-interest loans designed to allow families to replace latrines with high-efficiency toilets, improving family health and hygiene. You can learn more about MiCrédito’s social products here.
I am exactly one month into my internship with MEDA partner MiCrédito in Nicaragua and I have fallen in love with this country and its people! My first four weeks have been a whirlwind, but I am grateful for the diverse experiences, both personal and professional, that I have gained already. My days have been filled with everything from touring churches in colonial cities to visiting MiCrédito clients at their farms and businesses.