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Partner Description:

COMIXMUL is a savings and loan cooperative in Honduras that focuses exclusively on women borrowers. Founded in 1986 by 12 women who had only $160 among them, its vision was initially to help women -- single mothers in particular -- gain access to a credit and savings program.

Since then, its loan portfolio has grown to over $26 million. Members contribute $12 per year to the cooperative to access credit and savings services, as well as financial literacy and career development courses. The MFI currently has over 26,000 members.

In addition to financial products, COMIXMUL offers extensive educational programs and medical services. Past training courses have included business and loan management, financial education, salon services, jewelry making, handicrafts, sewing and food preparation. And for many members, the COMIXMUL clinic is their only option for quality health care. Services include annual exams, ultrasounds and subsidies for medications. In 2011, over 3,000 clients obtained health care services through the cooperative.

While COMIXMUL offers a variety of savings and loan products, Kiva lenders’ funds are used to expand three specific loan programs offered by the organization: agriculture loans, youth entrepreneurship loans and solar panel loans. There is high demand for these loans in the region, but due to capital constraints, the cooperative is currently unable to offer enough credit to meet women’s needs.

A unique lending approach:

COMIXMUL is open to all women who can pay the membership fee. Once borrowers become members, they’re eligible to use the cooperative’s services, including access to savings and loan products, business training and medical services. All COMIXMUL clients have access to savings accounts, and 70% of the women have made deposits.

COMIXMUL offers agriculture loans for female farmers producing a variety of crops like coffee, corn, beans, potatoes, peppers and more. Borrowers are asked to make bullet payments timed at the harvest so that they don’t have to worry about affording repayments without harvest income. These loans are considered risky in Honduras due to unpredictable weather and worldwide crop prices, preventing more formal financial institutions from offering these types of loans despite the high demand.

Youth entrepreneurship loans are designed for young women who have a project or business they would like to launch. The cooperative offers training in business plan development so that they can make their businesses more successful.

Solar panel loans are offered to women who live in communities that do not currently have electricity and where the government is not planning to install power lines for at least five years.

User-added image

A COMIXMUL member and borrower.

Image courtesy of COMIXMUL.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jan 7, 2013 Oct 12, 2005
Total Loans $1,612,325 $606,062,375
Amount of raised Inactive loans $0 $550,525
Number of raised Inactive loans 0 446
Amount of Paying Back Loans $1,091,550 $120,732,000
Number of Paying Back Loans 1,030 130,204
Amount of Ended Loans $520,775 $484,779,850
Number of Ended Loans 552 612,886
Delinquency Rate 1.43% 4.03%
Amount in Arrears $14,435 $3,183,786
Outstanding Portfolio $1,006,717 $78,958,718
Number of loanDelinquent 42 13,773
Default Rate 0.65% 1.11%
Amount of Ended Loans Defaulted $3,388 $5,357,098
Amount of Ended Loans $520,775 $484,779,850
Number of Ended Loans Defaulted 3 16,819
Currency Exchange Loss Rate 0.01% 0.09%
Amount of Currency Exchange Loss $173 $572,888
Refund Rate 0.00% 0.75%
Amount of Refunded Loans $0 $4,553,925
Number of Refunded Loans 0 5,085

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 100.00% 74.22%
Average Loan Size $1,019 $419
Average Individual Loan Size $1,019 $656
Average Group Loan Size $0 $1,831
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $4,200 $3,423
Average Loan Size / GDP per capita (PPP) 24.27% 12.23%
Average Time to Fund a Loan 9.02 days 5.71 days
Average Dollars Raised Per Day Per Loan $113.02 $73.40
  Average Loan Term 14.91 months 10.41 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 322 302,284
  Journaling Rate 52.19% 42.37%
  Average Number of Comments Per Journal 0.00 0.08
  Average Number of Recommendations Per Journal 0.00 1.83

Borrowing Cost Comparison (based on 2012 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 32% PY 36.00% PY 33.29% PY
  Profitability (return on assets) 1.4% 2.2% -1.37%
  Average Loan Size (% of per capita income) 107.60% 41.00% 38.28%

Country Fast Facts

Field Partner Staff

Carlos Mauricio Claros Murilllo
Francisco Rafael Moreno Chavez
Alba Yaneth Perdomo Mejia
Wesley Schrock