July 2020 - COVID-19 Update:

Kiva has been in contact with Smart Credit (OCN Prima Finantare) to understand how we can best support their business and borrowers during the ever-evolving COVID-19 pandemic. We continue to prioritize the safety and well-being of all staff, borrowers, and their families as this global pandemic continues. While country-specific responses to the crisis vary, most governments have imposed curfews, travel restrictions, and nationwide shutdowns. This has caused many economies and businesses to grind to a halt. As a result, Smart Credit (OCN Prima Finantare) has allowed some of its borrowers to temporarily postpone loan repayments due to the aforementioned restrictions or fallout effects of the virus. Because of this, it is possible that lenders will see a delay in repayments over the coming months. As an impact-first funder, Kiva is committed to serving our Lending Partners as in past crises. We are sympathetic towards temporary increases in repayment delays and delinquency in order to help Lending Partners and borrower communities recover. 

Kiva is working closely with Smart Credit (OCN Prima Finantare) to support them and their borrowers through the COVID-19 crisis. Smart Credit (OCN Prima Finantare) is sending regular updates to Kiva, and we'll update Partner Pages as we learn more. 

On behalf of Kiva and Smart Credit (OCN Prima Finantare), we’re grateful for your continued support and understanding through this difficult time. 

Partner description:

Smart Credit changed its name to Prima Finantare. This was done for two main reasons. Firstly, the company has become an international company and now is present in two countries: Moldova and Romania. In addition, the name change is part of a marketing plan to differentiate the company from other local MFIs with 'Credit' in their title. Prima Finantare is a microfinance organisation with headquarters in Ungheni, Moldova. The company has a presence in 11 regions of the country, from north to south, serving Moldova's rural and entrepreneurial population. The company has also an online presence, through its lending 'primafinantare.md'. where clients can complete online applications for loans. Prima Finanatre aims to provide affordable loans to this population and also acts as an insurance agent for health, car, and accident insurance.

Nearly 17% of Moldova's population lives below the national poverty line. Due to the devaluation of the Moldovan Leu, local financing became more expensive, so Kiva funding becomes essential in maintaining affordable loans, especially for the rural population.

A unique lending approach:

Prima Finantare offers loans that cover a wide range of industries and purposes, including new businesses, consumer goods, agricultural inputs, and home improvements. These loans enable both, the growth of income-generating activities and the creation and improvement of healthy living conditions.