Julio Denis Padilla

Thank you for your loan. It has been disbursed to Julio Denis Padilla by Prisma Microfinance in Nicaragua. We are excited to watch this business grow. Over the next 12 - 18 months, Prisma Microfinance will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

This loan has been refunded for the following reason:

As you may be aware, each business on Kiva.org's website is posted by one of Kiva.org's 70+ Field Partners in the developing world. A Field Partner is an independent microfinance institution that has a history of lending to the poor for a social purpose. They screen each entrepreneur, post his/her profile on the Kiva.org website, and administer your loan.

Our Field Partner in Nicaragua, Prisma Microfinance, recently discovered that certain Kiva loans in its Nicaraguan branch office did not reach the entrepreneurs listed on the Kiva website. Prisma notified Kiva immediately of this issue. Kiva’s staff visited the Nicaraguan branch to take full account of all businesses posted on Kiva.

We have completed the review and we wish to inform you that the entrepreneur listed on the Kiva site did not receive the loan you made in full. Prisma is working diligently to investigate how their systems could be improved to prevent such a situation from re-occurring. Until these operational issues are resolved, Prisma has paused listing any new businesses on Kiva and is fully refunding your loan.

We realize this isn’t the outcome you had in mind when you decided to lend money to a developing world entrepreneur on Kiva. The vast majority of Kiva loans are dutifully administered without issue. Kiva.org will continue to audit Field Partner operations to ensure your loan is being dutifully administered – and to be transparent about the results – even if its bad news.

Thank you very much for your support, and we hope you will choose to re-lend these funds to another developing world entrepreneur.

Thank you,

The Kiva team