Unemployment in Georgia is very high due to an underdeveloped industrial sector. The majority of people work independently as farmers or small shop owners.
Many Georgian farmers are unable to borrow the capital they need to expand their production in a sustainable way. EthicCapital is a non-profit credit union that offers low-interest financial services to rural farmers. The non-profit also provides additional services that include consulting, networking, marketing and training.  EthicCapital’s borrowers show strong initiative to improve their living conditions by growing their operations and improving their production capabilities.
A unique lending approach:
EthicCapital targets rural farmers who cannot access mainstream financial institutions. The loans focus on up-and-coming categories such as organic agriculture, ecological production, sustainable development and renewable energy. 
Georgia is an agricultural nation with a high potential for organic production.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Oct 16, 2014 Oct 12, 2005
Total Loans $92,000 $937,508,950
Amount of raised Inactive loans $3,000 $490,500
Number of raised Inactive loans 1 418
Amount of Paying Back Loans $68,100 $142,918,975
Number of Paying Back Loans 32 174,940
Amount of Ended Loans $20,900 $794,099,475
Number of Ended Loans 11 994,820
Delinquency Rate 17.86% 7.96%
Amount in Arrears $7,588 $7,436,109
Outstanding Portfolio $42,496 $93,400,003
Number of Loans Delinquent 11 19,319
Default Rate 0.00% 1.40%
Amount of Ended Loans Defaulted $0 $11,137,050
Number of Ended Loans Defaulted 0 31,506
Currency Exchange Loss Rate 0.31% 0.46%
Amount of Currency Exchange Loss $288 $4,278,396
Refund Rate 0.00% 0.63%
Amount of Refunded Loans $0 $5,887,300
Number of Refunded Loans 0 5,924

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 33.33% 75.18%
Average Loan Size $2,091 $401
Average Individual Loan Size $2,091 $634
Average Group Loan Size $0 $1,773
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $6,100 $5,898
Average Loan Size / GDP per capita (PPP) 34.28% 6.80%
Average Time to Fund a Loan 12.84 days 6.93 days
Average Dollars Raised Per Day Per Loan $162.90 $57.85
  Average Loan Term 25.73 months 11.1 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 5 486,438
  Journaling Rate 33.33% 41.50%
  Average Number of Comments Per Journal 0.00 0.05
  Average Number of Recommendations Per Journal 0.00 1.20

Borrowing Cost Comparison (based on 2015 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 12% APR 37.00% PY 26.04% PY
  Profitability (return on assets) -9% 5.1% -0.31%
  Average Loan Size (% of per capita income) N/A 64.00% 17.73%

Country Fast Facts

Field Partner Staff

Phillip Ludwig
Levan Nanskani
David Niguriani
Tea Osepashvili
Paul Zellmann