Status Update - March 13, 2014

Having been a partner on Kiva for 12 months, FUNDECOCA has decided to stop posting loans while they determine if Kiva is a good fit for their lending model. They have fully repaid all of their borrower's loans and their fundraising status has been changed to "inactive." As long as they remain an inactive partner, they will not be posting new loans to Kiva. Should FUNDECOCA be in a position to restart their Kiva program in the future, Kiva would consider a status change back to active.

Partner Description:

FUNDECOCA is a nonprofit organization offering micro-lending services to unbanked farmers in remote regions of Costa Rica. Founded in 1990, it works to form and fund community credit committees (CCCs) that are located in rural areas. The organization trains these CCCs to approve and administer loans for members of their own communities.

Today, covering 14 communities, FUNDECOCA offers a diverse range of products in different sectors, including agriculture, commerce, livestock and more. It is one of very few micro-lending organizations that provides loans in northern Costa Rica. For many residents of this region, the only other option is to borrow money from an informal lender.

Kiva’s flexible, risk-tolerant capital plays a critical role in helping FUNDECOCA grow its loan portfolio and support borrowers that are generally not reached by any other financial institution. In addition, the funds are used to help the organization offer green loans, including financing for organic agriculture, alternative energy and products promoting biodiversity.

A unique lending approach

The institution works to form and fund CCCs comprised of 5 to 7 local residents. Each committee meets twice a month to accept loan applications, make credit decisions, collect repayments and disburse new loans.



A FUNDECOCA client in the field.

Image courtesy of FUNDECOCA.
 

Kiva HelpRepayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Feb 25, 2013 Oct 12, 2005
Total Loans $7,500 $535,272,925
Amount of Raised Inactive Loans $0 $231,500
Number Of Raised Inactive Loans 0 230
Amount of Paying Back Loans $0 $115,952,475
Number Of Paying Back Loans 0 121,581
Amount of Ended Loans $7,500 $419,088,950
Number Of Ended Loans 5 538,794
Delinquency Rate 0.00% 3.69%
Amount In Arrears $0 $2,866,312
Outstanding Portfolio $0 $77,652,360
Number of Loans Delinquent 0 16,008
Default Rate 0.00% 1.04%
Amount of Ended Loans Defaulted $0 $4,349,827
Amount of Ended Loans $7,500 $419,088,950
Number Of Ended Loans Defaulted 0 14,108
Currency Exchange Loss Rate 0.00% 0.05%
Amount of Currency Exchange Loss $0 $293,076
Refund Rate 0.00% 0.82%
Amount of Refunded Loans $0 $4,415,650
Number Of Refunded Loans 0 4,862

Kiva HelpLoan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans To Women Entrepreneurs 83.33% 74.09%
Average Loan Size $1,500 $417
Average Individual Loan Size $1,500 $655
Average Group Loan Size $0 $1,810
Average Number Of Entrepreneurs Per Group 0 8
Average GDP Per Capita (PPP) in Local Country $11,100 $3,464
Average Loan Size / GDP Per Capita (PPP) 13.51% 12.04%
Average Time To Fund A Loan 10.89 days 5.27 days
Average Dollars Raised Per Day Per Loan $137.76 $79.18
  Average Loan Term 35.5 months 10.04 months

Kiva HelpJournaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 5 268,315
  Journaling Rate 0.00% 42.16%
  Average Number Of Comments Per Journal 0.00 0.09
  Average Number Of Recommendations Per Journal 0.00 2.07

Kiva HelpBorrowing Cost Comparison (based on 2011 data)

    This Field Partner Median for MFI Peers in Country All Kiva Partners
  Portfolio Yield 20.60% 20.50% 34.93%
  Profitability (Return on Assets) 2.4% 2.4% -1.11%
  Average Loan Size (% of Per Capita Income) 20.50% 28.60% 42.70%

Kiva HelpCountry Fast Facts

Field Partner Staff

Lidieth Chaves Alfaro
Andrea Guerrero Araya
Mariela Murillo
Carlos Rojas
Wendy Rojas Cerdas
Erick Umaña Arce