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.
 

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Feb 25, 2013 Oct 12, 2005
Total Loans $7,500 $605,692,300
Amount of raised Inactive loans $0 $556,050
Number of raised Inactive loans 0 462
Amount of Paying Back Loans $0 $120,357,850
Number of Paying Back Loans 0 129,783
Amount of Ended Loans $7,500 $484,778,400
Number of Ended Loans 5 612,884
Delinquency Rate 0.00% 4.05%
Amount in Arrears $0 $3,183,813
Outstanding Portfolio $0 $78,590,312
Number of loanDelinquent 0 13,778
Default Rate 0.00% 1.11%
Amount of Ended Loans Defaulted $0 $5,357,098
Amount of Ended Loans $7,500 $484,778,400
Number of Ended Loans Defaulted 0 16,819
Currency Exchange Loss Rate 0.00% 0.09%
Amount of Currency Exchange Loss $0 $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 83.33% 74.22%
Average Loan Size $1,500 $419
Average Individual Loan Size $1,500 $656
Average Group Loan Size $0 $1,830
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $11,100 $3,424
Average Loan Size / GDP per capita (PPP) 13.51% 12.23%
Average Time to Fund a Loan 10.89 days 5.7 days
Average Dollars Raised Per Day Per Loan $137.76 $73.42
  Average Loan Term 35.5 months 10.4 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 5 302,242
  Journaling Rate 0.00% 42.38%
  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 23% PY 23.00% PY 33.28% PY
  Profitability (return on assets) 2.5% 0.5% -1.42%
  Average Loan Size (% of per capita income) 20.50% 28.00% 38.08%

Country Fast Facts

Field Partner Staff

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