Fortunata Condori

Thank you for your loan. It has been disbursed to Fortunata Condori 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.

Fortunata Condori runs a small bodega in the urban neighborhood of El Agustino in Lima, Peru. When she started her business, she only had a carton of beer. Gradually she added more beer, soda, and the assorted small consumer products typical in bodegas in Peru. She used your loan to buy more merchandise, as more sales equal more opportunities for profit. Fortunata works every day from 8am to 11pm. Her two grown sons live with her but they are independent.

One interesting aspect of Mrs. Condori’s business is the rather unique relationship she has with Cristal, a large Peruvian beer company (Cristal, Brahma, and Cusqueña are the big ones here). While most small bodega owners must pay their distributors in cash up front, Mrs. Condori has the ability to receive Cristal beer on credit. At the end of the month, she only pays for the beer that she has sold. The fortunate thing for Fortunata with this special relationship is that Cristal beer also happens to be the most profitable item in her store. In the upcoming months, Mrs. Condori expects to buy a large quantity of punatón (fruitcake) and milk for the Christmas season. Thank you for being a part of Mrs Fortunata Condori’s business.

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.

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.