Gloria

Thank you for your loan. It has been disbursed to Gloria 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.

Ms. Gloria Mendoza Garcia works as an obstetrician in a subsidized clinic in a poor neighborhood in the exurbs of Lima, Peru, and runs her own pharmacy out of her house down the road. Ms. Mendoza Garcia studied obstetrics at the noted University of San Marcos (famed Peruvian author and 1990 presidential candidate Mario Vargas Llosa is a fellow alumna). While she has been working at the clinic for fourteen years, her idea for opening her own consultancy has been realized only in the past six. With your loan, Gloria has been able to add a small but growing pharmacy to her private practice. The credit you have given her has been matched by several other lines of credit and she now has a substantial and positive credit history. Pharmacies have taken note and she now receives credit from them for the pills and medicines she buys from them for her own pharmacy rather than having to pay for everything up front as she did previously. Her work at the state clinic lasts from 8am to 2pm everyday while her private practice is from 5pm to 11pm. Many of the women who visit her in her first job come to her home in the evenings. In addition, she is well known in the area because of her work with the clinic and so people are always looking for her in the evenings. Her short-term goal is open up a bigger pharmacy but for this she will need to accumulate or borrow more capital. When asked her long-term dream, she laughingly says, “To move away.” Thank you for your loan; it has helped Ms. Gloria Mendoza Garcia in adding a pharmacy to her private practice and taken her one step closer to her dream.

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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.