Milamdec Foundation
Lending Partner since 2015 • Philippines
Fundraising Status:closed
Risk Rating:
What to know about this Lending Partner
Impact Category:
General Financial Inclusion
Default Rate:
0%
Currency Exchange Loss Rate:
0%
Total Loans Raised:
$1,500
Loans at Risk Rate:
0%
Kiva Borrowers:
6
Delinquency Rate:
0%
Interests and Fees:
43% APR
Status update — February 16, 2017
Kiva and Milamdec have agreed to end their partnership after nearly 4 years and more than $1,500.00 in loans raised. Milamdec has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank them for the years of collaboration and wish them success in their future endeavors.
Partner Description:
The Milamdec Foundation is a microfinance institution operating in 13 provinces across the Philippines. Its operations are largely focused in rural areas of north eastern Mindanao, an island located in the southern part of the Philippines.
Milamdec offers agricultural and small business loans that empower farmers to become self-sustaining entrepreneurs. Milamdec also offers a mortgage redemption loan for farmers. Many farmers in Milamdec previously sold their land to generate needed income. The income gain, however, was short term because the loss of land led to decreased productivity. Milamdec’s mortgage redemption loans help these farmers buy back their land.
Milamdec is expanding its financial service offerings and has developed a higher education loan. The education loan helps meet the demand students have for funds to cover tuition and educational related expenses. Milamdec has limited funding and depends on Kiva to help fund these new student loans.
A unique lending approach:
Milamdec’s higher education loans are targeted to students who have financial difficulties enrolling in academic courses. The students who receive the higher education loans are high school graduates from the most marginalized communities in Mindanao.
The loan is used to cover education expenses for semester-long technical degree courses. The tuition component of the loan is disbursed to the school, while the component that covers living and transportation expenses is given directly to the student.