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 - January 27, 2015
 
Kiva and StoveTeam International have agreed to end their partnership after 14 months and $2,650 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 StoveTeam International for their collaboration and wish them success in their future endeavors.
 


Partner Description:

StoveTeam International (STI) is a non-profit organization that aims to bring safe, affordable, and fuel-efficient stoves to developing countries by helping to establish locally owned and operated stove factories. Its primary product, the Ecocina cook stove, uses 50% less wood than an open cooking fire, and reduces harmful emissions by 70%.

By enabling local entrepreneurs to establish new production factories, STI seeks to create local employment opportunities while also reducing deforestation and greenhouse gas emissions. The Ecocina stove is also designed to decrease the risk of both respiratory illnesses and burns as the exterior of the stove remains cool to the touch while in use.

Originally founded in 2008, Nancy Hughes began StoveTeam International after a medical volunteer trip to Guatemala where she observed burns and upper respiratory diseases in children and women caused by cooking over open fires. Within their first year of operations, STI developed and built the Ecocina stove and opened the first locally-owned factory in El Salvador. Today STI counts six locally-owned factories in five countries (Honduras, Nicaragua, El Salvador, Guatemala, and Mexico) and has sold over
37, 000 stoves, improving the lives of more than 280,000 people in Mexico and Central America. On average, these factories also provide new employment to 9 individuals.

To date, StoveTeam International has been featured by Peace Corps Magazine, Rotarian Magazine, The Chronicle of Philanthropy, AARP Magazine and the Oregon Quarterly. Nancy Hughes has been the recipient of numerous awards, such as the International Purpose Prize (from Encore.org, financed by the John Templeton Foundation and The Atlantic Philanthropies) and has been named a White House Champion of Change and a CNN Hero. 

A unique lending approach:

Together, Kiva and StoveTeam International will focus on expanding the reach of local stove factories by providing loans for owners to establish Ecocina distribution centers in surrounding areas. Kiva funding will enable these factory owners to provide stoves to distribution centers on credit, allowing them to increase accessibility to these safer and more efficient stoves.

Additionally, STI is currently working with Microsol, a French social enterprise that provides efficient and fair access to carbon markets around the world, with the aim of securing carbon credit funding to lower the price of the cookstoves. Along with the Kiva loans, the organization is hoping to make their stoves more affordable and further accessible to those who need them most.

User-added image

Stoveteam International joined Kiva through our Experimental Partnership Programand has therefore received a lighter level of due diligence. Accordingly, loans associated with this partner carry a higher level of risk than typical Kiva loans. 

 

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Nov 26, 2013 Oct 12, 2005
Total Loans $2,650 $863,833,075
Amount of raised Inactive loans $0 $389,950
Number of raised Inactive loans 0 242
Amount of Paying Back Loans $0 $136,676,100
Number of Paying Back Loans 0 165,975
Amount of Ended Loans $2,650 $726,767,025
Number of Ended Loans 1 902,827
Delinquency Rate 0.00% 8.24%
Amount in Arrears $0 $7,300,766
Outstanding Portfolio $0 $88,598,068
Number of Loans Delinquent 0 22,298
Default Rate 0.00% 1.32%
Amount of Ended Loans Defaulted $0 $9,621,719
Amount of Ended Loans $2,650 $726,767,025
Number of Ended Loans Defaulted 0 26,679
Currency Exchange Loss Rate 0.00% 0.43%
Amount of Currency Exchange Loss $0 $3,748,457
Refund Rate 0.00% 0.64%
Amount of Refunded Loans $0 $5,544,100
Number of Refunded Loans 0 5,818

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 0.00% 74.85%
Average Loan Size $2,650 $408
Average Individual Loan Size $2,650 $641
Average Group Loan Size $0 $1,805
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $4,800 $5,937
Average Loan Size / GDP per capita (PPP) 55.21% 6.86%
Average Time to Fund a Loan 6.16 days 6.9 days
Average Dollars Raised Per Day Per Loan $430.45 $59.06
  Average Loan Term 12 months 11.04 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 1 438,820
  Journaling Rate 100.00% 41.47%
  Average Number of Comments Per Journal 0.00 0.05
  Average Number of Recommendations Per Journal 0.00 1.29

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 N/A 27.39% PY
  Profitability (return on assets) N/A N/A -0.64%
  Average Loan Size (% of per capita income) N/A N/A 19.18%

Country Fast Facts

Field Partner Staff

Nancy Hughes
Katie Laughlin