Status update - March 29, 2010:

Mikrofond EAD has made the decision to terminate its partnership with Kiva. Mikrofond has many sources of lending capital and no longer needs to work with Kiva. Mikrofond's decision to terminate its partnership with Kiva should be seen as positive in every way.

Mikrofond's mission is to support entrepreneurs in Bulgaria by providing alternative sources of financing for start-ups and small and medium businesses which do not have access to the bank system sources of capital.

Their aim is to create the first sustainable microfinancing non-banking institution in Bulgaria, because they believe that small business entrepreneurs are the engine of the economic development and have the greatest growth potential.

Their clients are all economically active people who cannot access funding for their business projects from the existing banks and other financing institutions.


Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Oct 26, 2006 Oct 12, 2005
Total Loans $337,600 $910,841,675
Amount of raised Inactive loans $0 $1,414,725
Number of raised Inactive loans 0 1,374
Amount of Paying Back Loans $0 $137,653,725
Number of Paying Back Loans 0 166,702
Amount of Ended Loans $337,600 $771,773,225
Number of Ended Loans 258 965,010
Delinquency Rate 0.00% 8.67%
Amount in Arrears $0 $7,711,499
Outstanding Portfolio $0 $88,945,335
Number of Loans Delinquent 0 21,563
Default Rate 0.00% 1.35%
Amount of Ended Loans Defaulted $0 $10,384,180
Number of Ended Loans Defaulted 0 29,512
Currency Exchange Loss Rate 0.00% 0.46%
Amount of Currency Exchange Loss $0 $4,150,252
Refund Rate 0.00% 0.64%
Amount of Refunded Loans $0 $5,827,650
Number of Refunded Loans 0 5,888

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 39.53% 75.02%
Average Loan Size $1,309 $404
Average Individual Loan Size $1,309 $636
Average Group Loan Size $0 $1,790
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $14,400 $5,917
Average Loan Size / GDP per capita (PPP) 9.09% 6.83%
Average Time to Fund a Loan 7.43 days 6.97 days
Average Dollars Raised Per Day Per Loan $176.20 $57.97
  Average Loan Term 13.31 months 11.09 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 0 472,118
  Journaling Rate 0.00% 41.75%
  Average Number of Comments Per Journal 0.00 0.05
  Average Number of Recommendations Per Journal 0.00 1.22

Borrowing Cost Comparison (based on 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower N/A 20.00% PY 26.49% PY
  Profitability (return on assets) N/A 2.4% 0.07%
  Average Loan Size (% of per capita income) N/A 71.00% 18.04%

Country Fast Facts

Field Partner Staff

Georgi Breskovski
Albena Marinova