Cesar Hernan Bartolo Doza

Thank you for your loan. It has been disbursed to Cesar Hernan Bartolo Doza by EDAPROSPO in Peru. We are excited to watch this business grow. Over the next 6 months, EDAPROSPO will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

Mr Cesar Bartolo Doza has used the loan to build a bodega on the outskirts of Chosica, Peru. His business stands across from a large factory and so many customers pass by everyday. He rents the store location for around 150 soles a month while he and his family live in their own home in a suburb of Chosica some ways up in the sierra. Every morning at 4am he prepares breakfast to sell in Chosica (traditional Peruvian breakfasts such as yacan, quinoa, leche de soya, and various sandwiches). In the mornings he walks around and sells his breakfasts in the center of Chosica; at 10am he finishes and returns to tend to his new store. He works at the store until 8pm every day.

Mr Bartolo Doza has benefited from your loan greatly. He says that his daily profits have increased about 30% since receiving the loan. While prior he earned 30-35 soles a day in profits, now he makes around 50 soles in daily profits. His family has benefited from the increase in profits and the new bodega. While some of the profits are reinvested in his businesses, the rest he has been using to construct his house. Already his house is much nicer than it was before. Now he wants to build a second story to the house. His process of doing so, typical in the peripheral settlements of Lima, is to buy the materials (ie bricks, sand, concrete, rocks) little by little. When enough materials have been bought for construction, they save a little more to hire workers to construct the home improvement. Mr Bartolo Doza is currently in the midst of buying up a supply of raw materials. In a historical sidenote, many poor Peruvians invest their savings in their houses in such a manner because the threat of hyperinflation (a reality in Peru from ’87-’92) makes bricks a more trusted form of savings than cash. Cash can fluctuate in value but at the end of the day, a pile of bricks is still worth a pile of bricks.

Besides continuing to improve his family’s house, Mr Bartolo Doza wishes that his business will continue and more importantly that his children get a good education. Your loan has allowed him to open up his bodega and pursue his dreams. Thank you for being a part of Cesar’s entrepreneurial enterprises and his journey of improving the welfare of his family.

One quick note, EDAPROSPO is waiting until the end of loans to provide a journal update. In this way, they hope that you can get a better sense of the social impact of your loan. If you would like to lend to other businesses with EDAPROSPO, please click here for their currently fundraising entrepreneurs on Kiva.

(If there is a Kiva sign instead of a picture, click on it and you will see a current picture of Mr Bartolo Doza)

During a routine audit of Field Partner EDAPROSPO, Kiva discovered a number of discrepancies between the information posted to the Kiva website and what actually occurred on the ground. Specifically, many loans uploaded to the website before December 2008 contain inaccurate loan amounts, terms and/or loan uses.

This is in violation of Kiva policy, and as such, as soon as we were alerted to a possible violation we placed EDAPROSPO on "pause." After placing them on pause, Kiva proceeded to execute a complete verification of every loan EDAPROSPO posted to the Kiva website; in total we examined 757 loans.

As a result of our audit, we have discovered that 52% of the loans posted to the Kiva website by field partner EDAPROSPO contain data inaccuracies. 98% of these inaccuracies pertain to loans posted to the Kiva website before December 2008, when EDAPROSPO was under a different management team. After significant management turnover at the end of 2008, almost all loans on the Kiva website contain complete and accurate information and these loans comprise only 2% of the total discovered inaccuracies.

You are receiving this email as we wanted to alert you that, after our verification efforts, Kiva cannot confirm that the specific loan you funded was actually disbursed. We can, however, confirm that the person you lent to is an EDAPROSPO borrower. Because EDAPROSPO has decided to guarantee all loans made on Kiva, you have continued to receive repayments on schedule.

Because the new management team has proven that they are committed to providing accurate and transparent information to the Kiva website, and because they have repaid almost all of the inaccurate loans on-time, Kiva has decided to re-open the Kiva-EDAPROSPO relationship. During this new "pilot" phase on Kiva, we will be working closely with the new EDAPROSPO team, including their internal and external auditors, to continually verify new EDAPROSPO loans posted to Kiva, and if we are alerted to any new inaccuracies we will pause their relationship with Kiva and follow-up accordingly.

If you have any questions, please visit Kiva's Help Center at http://www.kiva.org/about/help.