Teresa

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

Teresa Huaman Sanchez sells snacks from a cart she strategically places on a corner outside a secondary school near her house in Comas, a northern suburb of Lima, Peru. She has been a client of EDAPROSPO for 6 years and her granddaughter is now the treasurer of her lending group. Her granddaughter, Vanessa, also happens to be a Kiva borrower but her story is saved for her own page located here. Her husband recently passed away unexpectedly in the first half of November. Thankfully, her sister (pictured on the right) as well as her daughter and granddaughter are all here to help her in these difficult times. While the three generations live in the same house down the block from Teresa’s corner stall, her sister often accompanies her to work just to pass the time and to guard against shoplifters when a crowd of schoolboys inevitably comes every afternoon.

Your loan helped Mrs. Huaman Sanchez build her capital of snacks sold from her stall. After many years selling from the same busy corner, she has a reputation in the neighborhood and no longer has to worry about others trying to take her ‘spot’. The location is ideal not only because of the proximity to her house (she must push the cart back-and-forth every day) but more because of the proximity to the local school. She sells around 40 to 50 soles of goodies a day and from that, makes about 15 soles in daily profit. The small items such as sweets and caramels make the most profit, she says, because even though the item’s value is not much, one cannot charge less than the smallest value of currency. In other words, though a caramel may be worth only 4 centavos, no one uses less than 10-centavo pieces and thus she would charge 10 centavos. Her hours naturally follow those of the school, so she works from 6am to 3pm Monday thru Friday, with peak hours being when kids are going from or to school. On weekends and holidays, she ventures down to the nearby market street (literally just a street that has been ‘invaded’ by numerous cart stalls) where lots of sales are likely. Whenever her merchandise is low, she will refill it between her working hours. Thank you for becoming a part of Mrs. Teresa Huaman Sanchez’s business and please keep her family in your thoughts in these difficult personal times.

If you would like to support other clients of EDAPROSPO currently fundraising on Kiva, please click here.

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.