Status update - September 17, 2021


EthicCapital has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank EthicCapital for the years of collaboration and wish them success in their future endeavors.



Status update - July 18, 2018


Kiva has moved this Field Partner to inactive status, which means EthicCapital is no longer fundraising loans on Kiva but will be collecting repayments from borrowers and returning funds to lenders as normal. This is because EthicCapital has decided to shut down operations due to a regulatory change in Georgia that largely restricts their ability to operate. We thank EthicCapital for the years of collaboration.


Partner Description:


Unemployment in Georgia is very high due to an underdeveloped industrial sector. The majority of people work independently as farmers or small shop owners.


Many Georgian farmers are unable to borrow the capital they need to expand their production in a sustainable way. EthicCapital is a non-profit credit union that offers low-interest financial services to rural farmers. The non-profit also provides additional services that include consulting, networking, marketing and training. EthicCapital’s borrowers show strong initiative to improve their living conditions by growing their operations and improving their production capabilities.



A unique lending approach:


EthicCapital targets rural farmers who cannot access mainstream financial institutions. The loans focus on up-and-coming categories such as organic agriculture, ecological production, sustainable development and renewable energy. 


Georgia is an agricultural nation with a high potential for organic production.


Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Oct 16, 2014 Oct 12, 2005
Total Loans $127,950 $1,587,499,170
Amount of raised Inactive loans $0 $426,700
Number of raised Inactive loans 0 155
Amount of Paying Back Loans $0 $167,699,020
Number of Paying Back Loans 0 205,385
Amount of Ended Loans $127,950 $1,419,373,450
Number of Ended Loans 60 1,873,776
Delinquency Rate 0.00% 17.33%
Amount in Arrears $0 $18,633,133
Outstanding Portfolio $0 $107,519,133
Number of Loans Delinquent 0 84,888
Default Rate 36.48% 1.70%
Amount of Ended Loans Defaulted $46,677 $24,144,827
Number of Ended Loans Defaulted 26 60,140
Currency Exchange Loss Rate 0.78% 0.40%
Amount of Currency Exchange Loss $1,002 $6,908,865
Refund Rate 0.00% 0.60%
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 39.39% 77.40%
Average Loan Size $2,133 $392
Average Individual Loan Size $2,133 $602
Average Group Loan Size $0 $1,797
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $6,100 $5,685
Average Loan Size / GDP per capita (PPP) 34.96% 6.90%
Average Time to Fund a Loan 12.58 days 8.05 days
Average Dollars Raised Per Day Per Loan $169.48 $48.69
  Average Loan Term 27.06 months 11.35 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 20 967,953
  Journaling Rate 30.00% 42.42%
  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 2017 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 18% APR 37.00% PY 26.61% PY
  Profitability (return on assets) -9% 5.1% -0.38%
  Average Loan Size (% of per capita income) N/A 64.00% 11.35%

Country Fast Facts

Field Partner Staff