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

Status Update - March 10, 2015

VEDC initially used Kiva capital for mission driven loans with a range of businesses, including start up ventures. However, VEDC has found that the inherit risk of start ups is too high for the organization, even with the increased borrower accountability created by the Kiva crowdfunding model.  VEDC is now focusing Kiva’s capital on its regular portfolio of businesses, while still being true to its mission of lending to low and moderate-income areas.

About this Field Partner: 

Valley Economic Development Center (VEDC) is a non-profit community development financial institution in the City of Los Angeles. Today, the organization says it is the largest non-profit business development group in the Greater Los Angeles area, offering micro-loans up to $50,000, small business loans up to $700,000, consulting services, and training to small and medium-sized businesses throughout California.

Originally launched in 1976 to revitalize commercial districts in Van Nuys, California, VEDC has always held to the same objective: assisting small businesses and creating jobs. In addition to its strong focus on lending, it provides extensive training services in accounting, business survival, finance and more, as well as events and workshops.

Today, VEDC has an annual budget of $4 million, 40 employees and seven offices throughout the state. The organization reports that it disburses more than $35 million in small business loans every year. It also operates and facilitates several other impactful programs and projects, including: the SBA Women’s Business Center, the San Fernando Valley Financial Development Corporation, the Pacoima Development Federal Credit Union, and two Los Angeles Business Source Centers.

For its socially-minded efforts, VEDC has received a number of awards and honors, including the Economic Development Agency’s Economic Development Award, the U.S. Small Business Administration’s Minority Champion Award, and the U.S. Department of Housing and Urban Development’s Best Practices Award.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jun 25, 2012 Oct 12, 2005
Total Loans $623,875 $677,594,900
Amount of raised Inactive loans $0 $441,650
Number of raised Inactive loans 0 278
Amount of Paying Back Loans $339,475 $129,294,850
Number of Paying Back Loans 48 143,177
Amount of Ended Loans $284,400 $547,858,400
Number of Ended Loans 42 684,067
Delinquency Rate 2.79% 6.96%
Amount in Arrears $5,984 $5,860,223
Outstanding Portfolio $214,100 $84,153,104
Number of Loans Delinquent 12 22,128
Default Rate 42.36% 1.11%
Amount of Ended Loans Defaulted $120,458 $6,104,406
Amount of Ended Loans $284,400 $547,858,400
Number of Ended Loans Defaulted 22 18,783
Currency Exchange Loss Rate 0.00% 0.19%
Amount of Currency Exchange Loss $0 $1,320,899
Refund Rate 0.00% 0.70%
Amount of Refunded Loans $0 $4,723,750
Number of Refunded Loans 0 5,242

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 57.66% 74.24%
Average Loan Size $6,499 $417
Average Individual Loan Size $6,832 $656
Average Group Loan Size $8,329 $1,839
Average number of borrowers per group 2 8
Average GDP per capita (PPP) in local country $47,000 $3,381
Average Loan Size / GDP per capita (PPP) 13.83% 12.32%
Average Time to Fund a Loan 7.84 days 6.09 days
Average Dollars Raised Per Day Per Loan $828.46 $68.46
  Average Loan Term 42.41 months 10.65 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 53 334,543
  Journaling Rate 100.00% 41.63%
  Average Number of Comments Per Journal 0.00 0.07
  Average Number of Recommendations Per Journal 0.00 1.66

Borrowing Cost Comparison (based on 2013 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 16% PY N/A 32.07% PY
  Profitability (return on assets) N/A N/A -1.94%
  Average Loan Size (% of per capita income) 73.40% N/A 19.61%

Country Fast Facts

Field Partner Staff

Joanne Dao
Salem Dawit
Andrea DeLuna
Jo Di Nova-Daly
Rebecca Ehrenberg
Brandon Napoli
Selene Rincon
Angela Stanislawski