Status Update - May 15, 2015

Kiva and FUNDECOCA have agreed to end their partnership after more than two years of $7,500 in loans raised. This Field Partner has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank FUNDECOCA for the years of collaboration and wish them success in their future endeavors. 

Status Update - March 13, 2014

Having been a partner on Kiva for 12 months, FUNDECOCA has decided to stop posting loans while they determine if Kiva is a good fit for their lending model. They have fully repaid all of their borrower's loans and their fundraising status has been changed to "inactive." As long as they remain an inactive partner, they will not be posting new loans to Kiva. Should FUNDECOCA be in a position to restart their Kiva program in the future, Kiva would consider a status change back to active.

Partner Description:

FUNDECOCA is a nonprofit organization offering micro-lending services to unbanked farmers in remote regions of Costa Rica. Founded in 1990, it works to form and fund community credit committees (CCCs) that are located in rural areas. The organization trains these CCCs to approve and administer loans for members of their own communities.

Today, covering 14 communities, FUNDECOCA offers a diverse range of products in different sectors, including agriculture, commerce, livestock and more. It is one of very few micro-lending organizations that provides loans in northern Costa Rica. For many residents of this region, the only other option is to borrow money from an informal lender.

Kiva’s flexible, risk-tolerant capital plays a critical role in helping FUNDECOCA grow its loan portfolio and support borrowers that are generally not reached by any other financial institution. In addition, the funds are used to help the organization offer green loans, including financing for organic agriculture, alternative energy and products promoting biodiversity.

A unique lending approach:

The institution works to form and fund CCCs comprised of 5 to 7 local residents. Each committee meets twice a month to accept loan applications, make credit decisions, collect repayments and disburse new loans.

A FUNDECOCA client in the field.

Image courtesy of FUNDECOCA.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Feb 25, 2013 Oct 12, 2005
Total Loans $7,500 $1,592,116,445
Amount of raised Inactive loans $0 $540,550
Number of raised Inactive loans 0 202
Amount of Paying Back Loans $0 $163,114,575
Number of Paying Back Loans 0 198,351
Amount of Ended Loans $7,500 $1,428,461,320
Number of Ended Loans 5 1,888,324
Delinquency Rate 0.00% 17.07%
Amount in Arrears $0 $17,337,242
Outstanding Portfolio $0 $101,591,417
Number of Loans Delinquent 0 52,936
Default Rate 0.00% 1.69%
Amount of Ended Loans Defaulted $0 $24,149,199
Number of Ended Loans Defaulted 0 60,162
Currency Exchange Loss Rate 0.00% 0.40%
Amount of Currency Exchange Loss $0 $6,915,950
Refund Rate 0.00% 0.59%
Amount of Refunded Loans $0 $9,457,725
Number of Refunded Loans 0 8,817

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 83.33% 77.41%
Average Loan Size $1,500 $392
Average Individual Loan Size $1,500 $601
Average Group Loan Size $0 $1,800
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $12,900 $5,685
Average Loan Size / GDP per capita (PPP) 11.63% 6.90%
Average Time to Fund a Loan 10.89 days 8.06 days
Average Dollars Raised Per Day Per Loan $137.76 $48.64
  Average Loan Term 35.5 months 11.35 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 5 969,614
  Journaling Rate 100.00% 42.44%
  Average Number of Comments Per Journal 0.00 0.03
  Average Number of Recommendations Per Journal 0.00 0.68

Borrowing Cost Comparison (based on 2012 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 23% PY 23.00% PY 26.61% PY
  Profitability (return on assets) 2.5% 0.5% -0.35%
  Average Loan Size (% of per capita income) 20.50% 28.00% 11.35%

Country Fast Facts

Field Partner Staff

Lidieth Chaves Alfaro
Andrea Guerrero Araya
Mariela Murillo
Carlos Rojas
Wendy Rojas Cerdas
Erick Umaña Arce