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 - April 30, 2015

Kiva has moved this Field Partner to inactive status. This means ASI is no longer fundraising loans on Kiva, though Kiva fully expects the partner to continue to send repayments owed to Kiva lenders for as long as the partner has an outstanding balance. 
ASI has not had the need to post loans on Kiva as it has access to other funding sources. If and when this partner requests to fundraise loans on Kiva again, we will first conduct any additional monitoring and due diligence tasks we believe necessary.

Status Update - May 3, 2013

ASI Federal Credit Union has been experiencing an increased rate of defaults. This is possibly related to the experimental nature of the loan products the organization provides. In order to serve asset-poor communities in New Orleans -- including many still recovering from Hurricane Katrina and the BP Oil Spill -- ASI offers loan products designed to help people start and grow businesses even if they don't have extensive collateral, credit histories, or business experience. For these reasons, these loans also carry a higher level of risk than typical loans on Kiva.

In cases of default, ASI is making every effort to recover funds from the borrowers in question. However, in some instances, the organization has been unable to locate or contact clients in default. We will continue to update this page as we learn more. 
The Organization:

ASI Federal Credit Union is a community development lender founded in 1961 to create financial opportunity for citizens of the Greater New Orleans Area. ASI helps promote economic empowerment for all members, with special emphasis on creating opportunity for low-wealth, women and minority borrowers. ASI has provided over one billion dollars in loans since inception and assisted over 100,000 low-wealth and otherwise disadvantaged borrowers with loans for education, transportation, homeownership and microenterprise.  To support innovation and growth, ASI relies on the support of social investors who choose to bank at ASI and members drawn to the double-bottom line mission of the credit union. 

ASI is known nationwide for its advocacy of the underserved and in particular for its innovative products and services, including several low-cost alternatives to predatory payday lending.  ASI’s nonprofit affiliate, A Shared Initiative, Inc. supports the credit union through the provision of financial education and lending support for non-traditional borrowers.  We invite applicants drawn to ethical lending and a culture of financial innovation to read about our microentrepreneurs.  

The Need for MicroLoans in the U.S.

More than 99% of businesses with payrolls in this country are small businesses, according to the Small Business Administration, and those small businesses historically employ more than half of all workers, creating an estimated 80% of new jobs in the U.S. Small business owners play a large role in an improved economy, more wealth creation for the middle class, lower unemployment, and innovation and growth across all industry sectors.  Micro-enterprise is one of the few ways that many U.S. families raise themselves out of poverty to create prosperity for their families.  Insufficient access to affordable lending capital represents one of the largest obstacles to small business success in our nation.  When you support a Kiva New Orleans borrower, you are supporting the sustainability and growth of many families and businesses who will be positively impacted through an economic multiplier effect.  

Loan Products and Services

In addition to Kiva New Orleans micro-loans, ASI offers checking and savings accounts, certificates of deposit, mortgage products, auto loans, SBA and other business loans, personal loans, Visa Cards, tuition loans and many other lending products.  Our nonprofit affiliate offers financial education including credit counseling, first time homebuyer education, and foreclosure prevention assistance.  We encourage you to visit our website to learn more about ASI:

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Aug 28, 2011 Oct 12, 2005
Total Loans $372,500 $1,781,490,640
Amount of raised Inactive loans $0 $814,125
Number of raised Inactive loans 0 851
Amount of Paying Back Loans $0 $156,994,320
Number of Paying Back Loans 0 182,938
Amount of Ended Loans $372,500 $1,618,488,995
Number of Ended Loans 42 2,146,809
Delinquency Rate 0.00% 15.83%
Amount in Arrears $0 $15,422,675
Outstanding Portfolio $0 $97,411,333
Number of Loans Delinquent 0 83,464
Default Rate 31.71% 1.71%
Amount of Ended Loans Defaulted $118,109 $27,722,888
Number of Ended Loans Defaulted 18 72,076
Currency Exchange Loss Rate 0.00% 0.46%
Amount of Currency Exchange Loss $0 $9,555,807
Refund Rate 0.00% 0.56%
Amount of Refunded Loans $0 $10,002,420
Number of Refunded Loans 0 9,208

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 61.90% 77.84%
Average Loan Size $8,869 $389
Average Individual Loan Size $8,869 $594
Average Group Loan Size $0 $1,844
Average number of borrowers per group 0 8.2
Average GDP per capita (PPP) in local country $54,800 $5,624
Average Loan Size / GDP per capita (PPP) 16.18% 6.92%
Average Time to Fund a Loan 4.22 days 8.48 days
Average Dollars Raised Per Day Per Loan $2,100.75 $45.89
  Average Loan Term 37.71 months 11.39 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 8 1,086,263
  Journaling Rate 19.05% 42.54%
  Average Number of Comments Per Journal 1.38 0.03
  Average Number of Recommendations Per Journal 0.13 0.62

Borrowing Cost Comparison (based on 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 9% PY N/A 26.18% PY
  Profitability (return on assets) N/A N/A 0.00%
  Average Loan Size (% of per capita income) N/A N/A 0.00%

Country Fast Facts

Field Partner Staff