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 $890,367,650
Amount of raised Inactive loans $0 $690,025
Number of raised Inactive loans 0 318
Amount of Paying Back Loans $0 $141,094,550
Number of Paying Back Loans 0 173,579
Amount of Ended Loans $337,600 $748,583,075
Number of Ended Loans 258 931,198
Delinquency Rate 0.00% 9.36%
Amount in Arrears $0 $8,622,501
Outstanding Portfolio $0 $92,111,067
Number of Loans Delinquent 0 31,917
Default Rate 0.00% 1.35%
Amount of Ended Loans Defaulted $0 $10,082,697
Number of Ended Loans Defaulted 0 28,346
Currency Exchange Loss Rate 0.00% 0.45%
Amount of Currency Exchange Loss $0 $3,973,667
Refund Rate 0.00% 0.64%
Amount of Refunded Loans $0 $5,731,525
Number of Refunded Loans 0 5,858

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 39.53% 74.98%
Average Loan Size $1,309 $406
Average Individual Loan Size $1,309 $638
Average Group Loan Size $0 $1,803
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $14,400 $5,930
Average Loan Size / GDP per capita (PPP) 9.09% 6.85%
Average Time to Fund a Loan 7.43 days 6.94 days
Average Dollars Raised Per Day Per Loan $176.20 $58.56
  Average Loan Term 13.31 months 11.07 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 0 458,296
  Journaling Rate 0.00% 41.63%
  Average Number of Comments Per Journal 0.00 0.05
  Average Number of Recommendations Per Journal 0.00 1.25

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 26.53% PY
  Profitability (return on assets) N/A 2.4% 0.08%
  Average Loan Size (% of per capita income) N/A 71.00% 18.53%

Country Fast Facts

Field Partner Staff

Georgi Breskovski
Albena Marinova