Kiva conducts regular, ongoing monitoring of all Field Partners, but only posts status updates here in response to relevant, major changes at the partner.

Partner Profile


The Fundación Mujer (which translates as The Women's Foundation) is a leading organization specialising in the development of women entrepreneurs in Costa Rica. A non-governmental organization, Fundación Mujer was created in 1988 to serve the needs, both financial and personal, of women. They have established a solid reputation by providing quality financial and non-financial services to women entrepreneurs for the last 22 years.

Today a dedicated staff of 16 (as of 9/30/2011) works from two offices to fulfil Fundación Mujer's mission: To contribute to the comprehensive development of its clients through financial and non-financial services in order to improve their quality of life and the quality of life of their families.

Fundación Mujer offers several different loan products:
  • Banco Mujer (Women's Banks)- A Banco Mujer is a group of women from the same community that unite to obtain and administer a loan. Solidarity between the group members serves as a guarantee instead of members offering other forms of collateral.
  • Individual loans- Women who have been working in a particular field for over a year and who have a family member or friend willing to guarantee a loan can get an individual loan. The maximum amount of individual loans has grown over the years as Fundación Mujer's clients have grown their businesses.

To realize their mission, Fundación Mujer offers capacity building courses to complement the distribution of loans. Courses are provided in the following areas:

  • Small business management courses offer skills such as marketing, accounting, and computer skills
  • Human development courses focus on self-esteem, health, relationships, and other concepts promoting women's empowerment
  • Methods of production courses provide clients with concrete skills such as jewellery making, glass painting, or ceramics

Fundación Mujer's programs are all aimed at supporting the following objectives:

  1. To offer in, a systematic manner, a capacity building process that allows women entrepreneurs to become better prepared to face the current demands of the market for their products and services.
  2. To stimulate the personal development of women entrepreneurs and to facilitate the decision making process by inspiring confidence in their personal abilities.
  3. To foster and encourage the organization of women clients in an effort to create a supportive network of women entrepreneurs brought together by their relationship with Fundación Mujer.

Long considered a leader in the Costa Rica's relatively underdeveloped microfinance industry, Fundación Mujer has won numerous awards for transparency from Mix Market, has been recognized numerous times for the positive social impact of its programs, and has helped lead regional microfinance networks such as REDCOM (Network of Costa Rican Microfinance Organizations). It proudly serves a 99% female clientele.
 

Update from Kiva Staff on August 10, 2011

Fundacion Mujer has $17,446 in loans on Kiva currently in arrears out of a total outstanding portfolio of $90,500. As a result, its delinquency rate as expressed on the Kiva website is currently 19.28%.
 
As indicated by this delinquency rate, a number of Fundacion Mujer borrowers have struggled to make full payment on their original repayment schedules.  Fundacion Mujer shared that a significant number of these struggling borrowers have been chili farmers affected by a downturn in chili prices.  Another cause of delinquency, described in a series of Kiva journals posted earlier this year, was a bird plague that affected the crops of some farmers.
 
In order to better support these borrowers and also to increase the odds of successful repayment, Fundacion Mujer has been working with some of these borrowers in order to restructure their repayment schedules.  To date, 22% of Fundacion Mujer's Kiva loans have been restructured.  From data provided by Fundacion Mujer, the main reasons for restructuring appear to be: 1) production/sales problems (including agricultural production issues like chili prices and bird plague), 2) general economic difficulties, and 3) client health issues.
 
Almost half of Fundacion Mujer's restructured loans are actually repaying on time according to their new repayment schedules.  Due to technical limitations, however, virtually all of the restructured loans appear delinquent on Kiva.  This is because delinquency on Kiva is measured relative to the original repayment schedule as posted on the website at the time of the original loan.  As such, the previously reported delinquency rate does not adequately capture the true repayment behavior of Fundacion Mujer clients on their new, restructured repayment schedules.

Kiva will continue to work with Fundacion Mujer to monitor client repayments on their Kiva loans, both restructured and otherwise. We will keep this page updated with further updates as information becomes available.

Want to learn more about Fundación Mujer? Here's how:

  1. Join the "Friends of Fundación Mujer" lending team to get updates from Kiva Fellows and MFI Staff in Costa Rica here
  2. Make a loan to a Fundación Mujer client on Kiva today here

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Nov 23, 2009 Oct 12, 2005
Total Loans $1,197,725 $624,426,725
Amount of raised Inactive loans $2,250 $392,175
Number of raised Inactive loans 2 321
Amount of Paying Back Loans $514,300 $121,055,225
Number of Paying Back Loans 245 132,311
Amount of Ended Loans $681,175 $502,979,325
Number of Ended Loans 473 633,869
Delinquency Rate 3.90% 4.81%
Amount in Arrears $12,486 $3,755,876
Outstanding Portfolio $320,099 $78,127,772
Number of loanDelinquent 77 17,820
Default Rate 2.03% 1.11%
Amount of Ended Loans Defaulted $13,821 $5,607,531
Amount of Ended Loans $681,175 $502,979,325
Number of Ended Loans Defaulted 18 17,326
Currency Exchange Loss Rate 0.03% 0.11%
Amount of Currency Exchange Loss $331 $679,982
Refund Rate 1.45% 0.73%
Amount of Refunded Loans $17,350 $4,587,900
Number of Refunded Loans 9 5,125

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 95.21% 74.18%
Average Loan Size $639 $418
Average Individual Loan Size $1,035 $654
Average Group Loan Size $2,922 $1,837
Average number of borrowers per group 5.8 8
Average GDP per capita (PPP) in local country $11,100 $3,409
Average Loan Size / GDP per capita (PPP) 5.75% 12.27%
Average Time to Fund a Loan 6.82 days 5.79 days
Average Dollars Raised Per Day Per Loan $93.63 $72.26
  Average Loan Term 15.31 months 10.52 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 414 313,136
  Journaling Rate 52.76% 42.15%
  Average Number of Comments Per Journal 0.06 0.07
  Average Number of Recommendations Per Journal 0.15 1.77

Borrowing Cost Comparison (based on 2012 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 21% PY 23.00% PY 33.35% PY
  Profitability (return on assets) 0.1% 0.5% -1.49%
  Average Loan Size (% of per capita income) 9.50% 28.00% 38.01%

Country Fast Facts

Field Partner Staff

Gabriela Cascante
Laura Castellon Venegas
José Castro Guevara
Teresita Cruz
Eledith Diaz Jimenéz
Eledith Diaz Jimenez
Bernardo Gutierrez Umaña
Arelis Leiton Aburto
Zobeida Moya Lacayo
Ivan Quesada
Juan José Salazar
Ivannia Sibaja Picado