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

June 9, 2020 - COVID-19 Update:

Kiva has been in contact with EDESA to understand how we can best support their business and borrowers during the ever-evolving COVID-19 pandemic. We continue to prioritize the safety and well-being of all staff, borrowers and their families as this global pandemic continues.

While country-specific responses to the crisis vary, most governments have imposed curfews, travel restrictions, and nation-wide shutdowns. Costa Rica has imposed temporary moratoriums on loan payments, affecting not only microfinance, but the economy as a whole. 

As a result, borrowers and EDESA may experience difficulty making and collecting loan repayments due to the aforementioned restrictions or fallout effects of the virus. Over the coming months, it’s possible that lenders will see a delay in repayments and new loans posted by EDESA. As an impact-first funder, Kiva is committed to serving our Lending Partners, as in past crises. We are sympathetic to temporary increases in repayment delays and delinquency in order to help Lending Partners and borrower communities recover. 

Kiva is working closely with EDESA to support them and their borrowers through the COVID-19 crisis. EDESA is sending regular updates to Kiva, and we'll update Partner Pages as we learn more. 

On behalf of Kiva and EDESA, we’re grateful for your continued support through this difficult time. 

Partner Description

EDESA provides the poorest rural communities in Costa Rica with financial services for the development of productive activities that allow individuals to move out of poverty.

EDESA’s focus is on rural communities without access to financial services, lending to microentrepreneurs living in poverty. EDESA believes that individual and communal empowerment is an effective way to combat poverty. As such, they work to equip rural entrepreneurs with the tools and opportunities within their own community to access financial services at the right time and with the right conditions. EDESA funds activities ranging from agriculture and cattle farming to tourism and retail to small restaurants and tailoring shops. Geographically, EDESA works in more than 100 rural communities in all regions of Costa Rica.

Established in 2005, EDESA provides credit services to a network of “Empresas de Crédito Comunal” or Community Credit Enterprises (CCEs), established by FINCA Costa Rica. The CCEs are small, grassroots community-owned financial organizations formed by rural community members. This unique methodology works to ensure that each family helped actively participates in the CCE in their community. By being participants and owners of these organizations, the beneficiaries also educate themselves on financial and business issues, as well as improving their self confidence by participating and being able to make decisions in a community organization. Youth also participate in the CCEs, thanks to an educational program where they learn how to invest, about issues of finance and business, and prepare to become the future entrepreneurs in their communities. Please click here to read more about the CCEs in general and here for an example of a particularly successful CCE, including video footage of the community and some microentrepreneurs.

EDESA firmly believes in economic development through the family nucleus. In each community EDESA works together with men, women, and children. As of March 2011, the rate of on-time repayment for EDESA's entire portfolio is 99%.

To see a video of EDESA and their work in Costa Rica, please click here.

Repayment Performance on Kiva

    This Lending Partner All Kiva Partners
  Start Date On Kiva Feb 9, 2009 Oct 12, 2005
Total Loans $4,416,105 $1,958,454,115
Amount of raised Inactive loans $0 $196,930
Number of raised Inactive loans 0 171
Amount of Paying Back Loans $951,405 $161,031,645
Number of Paying Back Loans 725 188,514
Amount of Ended Loans $3,464,700 $1,768,236,180
Number of Ended Loans 2,491 2,370,020
Delinquency Rate 0.00% 12.22%
Amount in Arrears $0 $12,205,675
Outstanding Portfolio $495,559 $99,884,553
Number of Loans Delinquent 0 72,810
Default Rate 1.95% 1.83%
Amount of Ended Loans Defaulted $67,408 $32,298,216
Number of Ended Loans Defaulted 67 84,743
Currency Exchange Loss Rate 0.00% 0.50%
Amount of Currency Exchange Loss $36,910 $11,931,838
Refund Rate 0.82% 0.54%
Amount of Refunded Loans $36,325 $10,526,300
Number of Refunded Loans 33 9,596

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 51.67% 78.22%
Average Loan Size $1,370 $392
Average Individual Loan Size $1,370 $589
Average Group Loan Size $0 $1,891
Average number of borrowers per group 0 8.3
Average GDP per capita (PPP) in local country $12,900 $5,599
Average Loan Size / GDP per capita (PPP) 10.62% 7.00%
Average Time to Fund a Loan 10.59 days 8.93 days
Average Dollars Raised Per Day Per Loan $129.42 $43.87
  Average Loan Term 29.32 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 824 1,178,576
  Journaling Rate 26.31% 42.26%
  Average Number of Comments Per Journal 0.07 0.02
  Average Number of Recommendations Per Journal 1.15 0.57

Borrowing Cost Comparison (based on 2017 data)

    This Lending Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 16% PY 23.00% PY 27.02% PY
  Profitability (return on assets) 1.57% 0.5% -3.10%
  Average Loan Size (% of per capita income) N/A 28.00% 0.00%

Country Fast Facts

Lending Partner Staff

Barbara Brenes
Ileana Brenes
Eduardo Castillo Cabalceta
Rafael Castro
Diego Chavarría Vásquez
Luis Jiménez
Luis Jiménez (old)
Luis Jiménez (temporary)
Allan Marín Corrales
Michael Miranda Solís
Robert Ramirez
Ricardo Rojas González
José Abel Salas Guillén
Marvin Salgado Dávila
Keysi Solano
EC Tempate
Mauricio Valverde
Ronald Valverde Montero
Gerson Villalobos