Leonor Villagómez Cordova

Thank you for your loan. It has been disbursed to Leonor Villagómez Cordova by EDAPROSPO in Peru. We are excited to watch this business grow. Over the next 5 months, EDAPROSPO will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

Mrs Leonor Villagómez Cordova is a cheerful butcher in the small town of Matucana, Peru located about ninety minutes from Chosica and another ninety minutes to Lima. She used your loan to help her butchery business grow. Mrs. Cordova buys live cows, bulls, pigs, and chickens. Her husband helps on the purchasing side of the business. Capital is essential in this step, as you can imagine, because one cannot buy only half a live cow. Leonor and her husband have also recently built a carrel to raise their own pigs. Once the cows and bulls have been slaughtered outside of town, Mrs Cordova transports about 100-150 kilos to her house in town. She has a machine that helps cut the meat (including bones) into manageable slices, a scale to create kilo-specific bags of meat, and a large refrigerator to store the meat. Since her house is only two blocks from the central market, she can bring smaller quantities from there to her butcher stall throughout the day.

Since receiving the loan, Mrs. Cordova’s situation has improved. The extra capital has allowed her to buy more animals and thus increase the amount of meat she can sell in the market. She charges 8 soles a kilo for all types of meat. With that price, she can make 200-300 soles in profits per cow; she sells about one cow a day. Since receiving the loan, she says that her profits have increased due to the increased sales. Her next goal is to buy a car for her business. Currently she has to use taxis to transport the meat in its various stages.

I have included a short video I took of Mrs. Leonor Cordova when I visited her on October 28th. To view it, please follow this link - http://www.youtube.com/watch?v=cj9j-yKqieA

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.