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 September 21, 2017

After 5 years of partnership and $75k in loans raised, PACE and Kiva have agreed to end their partnership. Unlike many of our Field Partners in emerging markets, U.S. based microfinance lenders have access to lower cost and more flexibile sources of capital. In addition, the ongoing investment resources to upload loan requests to Kiva and report on repayments end up costing organizations more in developed markets where the cost of labor is substantially higher. Thus the value proposition represented by Kiva's interest-free financing is smaller for these organizations. PACE has submitted its final repayment to Kiva and all their loans have ended. We thank PACE for the years of collaboration and wish them success in their future endeavors.  

Status update  April 30, 2015

Kiva has moved this Field Partner to inactive status. This means PACE 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.

PACE 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 again on Kiva, we will first conduct any additional monitoring and due diligence tasks we believe necessary.

Partner description:

Pacific Asian Consortium in Employment (PACE) is a large nonprofit community development organization based in Central Los Angeles, California. Founded in 1976, PACE offers training to low-income individuals and families seeking employment opportunities, business development skills, improved financial skills and affordable housing.

Over the past 35 years, PACE has broadened its services to meet the growing and changing needs of various ethnic groups, particularly the Hispanic community. In addition to job training and employment services, PACE’s programs encompass early childhood education, financial education, home weatherization and energy conservation.

Kiva lenders’ funds are used to support people who attend trainings but who PACE is unable to help due to capital constraints. The funds are also used to ease the organization’s loan collateral requirements.

PACE’s lending approach and impact:

Over the years, PACE has demonstrated initiative in meeting the needs of its clients and their communities by creating a wide range of tailored products and services. Since its inception, PACE has impacted 724,000 men, women, children and families.

Aiming to provide more assistance to its clients, PACE has created the Business Development Center (BDC) located in El Monte, California. PACE BDC offers programs and services to help entrepreneurs and business owners grow and strengthen their enterprises. BDC’s services -- business licensing, tax preparation, networking events, legal clinics and small business loans -- are helping to rebuild the business community in Central Los Angeles.

BDC has helped to create 80 businesses and over 250 jobs over a three-year period while building a reputation for delivering applicable business fundamentals, training and technical assistance.

Hear from PACE’s clients in this video:

A note on PACE’s default rate:
The organization's current default rate is not an accurate representation of the loan portfolio because the partner has had so few loans end. PACE has loan terms averaging more than 36 months and has been on Kiva for about 20 months. Because Kiva calculates the default rate by dividing the number of defaulted loans by the number of ended loans, the organization's default rate appears superficially high at this time.

Working with CAMEO:

PACE has partnered with Kiva and CAMEO (California Association for Microenterprise Opportunity) to promote microlending in California. In this partnership, CAMEO serves to support California microlenders, such as PACE, throughout its partnership with Kiva.

About CAMEO:

CAMEO’s mission is to grow a healthy, vibrant, thriving environment for all entrepreneurs and start-up businesses by advancing the work of its statewide member network. CAMEO believes a strong local entrepreneurial climate builds wealth and develops strong California communities.

CAMEO’s member organizations, a network of 55 training and 35 lending institutions, provide entrepreneurs with small and micro-business financing, asset-building programs, business technical assistance and business management training. In 2011, CAMEO members served 21,000 very small businesses with training, business and credit assistance and loans. These firms -- largely start-ups with less than five employees -- supported or created 37,000 new jobs in California.

CAMEO considers itself the voice of micro-business in California and nationally to promote the economic impacts of micro-business and self-employment. CAMEO serves to expand resources and build the capacity of its member organizations to increase business assistance and lending to underserved communities.

The CAMEO-Kiva collaboration brings new resources, investors and loan capital into the California micro sector and promotes best practices among microlenders by demanding high standards along with training. The Kiva brand will bring more attention to the economic impact of micro-business. As the largest network of microlenders in California, CAMEO is pleased to partner with Kiva to expand microlending in California.

Media courtesy of Pacific Asian Consortium in Employment.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jan 28, 2013 Oct 12, 2005
Total Loans $74,450 $1,608,086,720
Amount of raised Inactive loans $0 $611,025
Number of raised Inactive loans 0 603
Amount of Paying Back Loans $0 $164,708,225
Number of Paying Back Loans 0 201,877
Amount of Ended Loans $74,450 $1,442,767,470
Number of Ended Loans 10 1,907,409
Delinquency Rate 0.00% 17.40%
Amount in Arrears $0 $17,917,264
Outstanding Portfolio $0 $102,971,741
Number of Loans Delinquent 0 75,708
Default Rate 14.63% 1.71%
Amount of Ended Loans Defaulted $10,896 $24,649,703
Number of Ended Loans Defaulted 7 61,661
Currency Exchange Loss Rate 0.00% 0.40%
Amount of Currency Exchange Loss $0 $7,011,687
Refund Rate 0.00% 0.59%
Amount of Refunded Loans $0 $9,486,100
Number of Refunded Loans 0 8,846

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 50.00% 77.44%
Average Loan Size $7,445 $392
Average Individual Loan Size $7,445 $600
Average Group Loan Size $0 $1,805
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $54,800 $5,673
Average Loan Size / GDP per capita (PPP) 13.59% 6.91%
Average Time to Fund a Loan 16.7 days 8.07 days
Average Dollars Raised Per Day Per Loan $445.91 $48.59
  Average Loan Term 36.5 months 11.36 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 0 979,212
  Journaling Rate 0.00% 42.29%
  Average Number of Comments Per Journal 0.00 0.03
  Average Number of Recommendations Per Journal 0.00 0.67

Borrowing Cost Comparison (based on 2013 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 16% PY N/A 26.52% PY
  Profitability (return on assets) 0.3% N/A -0.52%
  Average Loan Size (% of per capita income) N/A N/A 11.35%

Country Fast Facts

Field Partner Staff

Susan Brown
Andrew Cole
Swann Do
Steve Meng
Dandan Shan
Namoch Sokhom