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 - June 9, 2019

Viogaz's final loans with Kiva have ended or defaulted, and this partnership is now closed. For the last 12 months, Kiva has been working with Viogaz to try to recover the remaining outstanding amounts due to Kiva lenders following the organization's shut down in Costa Rica. Kiva’s present assessment is that Viogaz has exhausted all efforts to recover any remaining outstanding payments; what was recovered was settled back to lenders and the rest defaulted. 

Status update — May 11, 2018

Since 2009, Viogaz worked hard making biodigesters accessible to small and medium scale livestock farmers. They managed to manufacture a great product and install hundreds of biodigesters regionally. Unfortunately, as a start up and social business, Viogaz faced several financial and operational challenges to make the business model sustainable. In December 2017, after 8 years in business, Viogaz took the hard decision to shut down its operations. With Kiva's support, Viogaz was able to fund the implementation of 21 biodigestors in Costa Rica & Nicaragua which have had a durable impact in the lives of smallholder farmers. Despite their closure, Viogaz will continue its efforts to recover outstanding payments and default loans that are unlikely to be repaid. We'll provide additional information to lenders as it becomes available.

Partner description:

Viogaz is a social enterprise that produces and distributes biodigesters designed to fit the needs of small to medium scale farmers in Costa Rica. Viogaz provides both the product and technical assistance to farmers.

Viogaz was set up to be self-sustaining and since it was founded in 2009 has operated without donations, growing in an organic way and seeing incremental profits.

Viogaz has established itself in the sector having installed more than 200 biodigesters in the country for clients who would normally not be able to access to this technology. About 90% of the projects installed by the company are still operating. Through  investing and innovating the technology, Viogaz has made the product more affordable, which has led to higher sales.

 

A unique lending approach:

Viogaz has developed a new loan exclusively with Kiva. Previously, farmers were offered partial funding for the product but to increase the opportunity for their clients, Viogaz has worked with Kiva to fully fund the product, as a loan. The loans will provide farmers with the funds to buy the biodigesters, installation, and any technical assistance needed.


Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jun 9, 2016 Oct 12, 2005
Total Loans $34,175 $1,447,828,750
Amount of raised Inactive loans $0 $1,238,025
Number of raised Inactive loans 0 217
Amount of Paying Back Loans $1,050 $146,106,625
Number of Paying Back Loans 1 164,787
Amount of Ended Loans $33,125 $1,300,484,100
Number of Ended Loans 20 1,705,255
Delinquency Rate 100.00% 23.03%
Amount in Arrears $58 $21,472,151
Outstanding Portfolio $0 $93,235,443
Number of Loans Delinquent 1 74,577
Default Rate 51.59% 1.73%
Amount of Ended Loans Defaulted $17,089 $22,473,535
Number of Ended Loans Defaulted 13 54,468
Currency Exchange Loss Rate 0.01% 0.40%
Amount of Currency Exchange Loss $3 $5,836,511
Refund Rate 0.00% 0.63%
Amount of Refunded Loans $0 $9,148,850
Number of Refunded Loans 0 8,475

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 42.86% 76.67%
Average Loan Size $1,627 $395
Average Individual Loan Size $1,627 $611
Average Group Loan Size $0 $1,773
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $12,900 $5,731
Average Loan Size / GDP per capita (PPP) 12.62% 6.89%
Average Time to Fund a Loan 1.47 days 7.42 days
Average Dollars Raised Per Day Per Loan $1,106.94 $53.24
  Average Loan Term 18.14 months 11.37 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 16 909,873
  Journaling Rate 47.62% 43.86%
  Average Number of Comments Per Journal 0.00 0.03
  Average Number of Recommendations Per Journal 0.00 0.70

Borrowing Cost Comparison (based on 2016 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 15% APR 23.00% PY 25.38% PY
  Profitability (return on assets) 10.7% 0.5% -1.35%
  Average Loan Size (% of per capita income) N/A 28.00% 12.34%

Country Fast Facts

Field Partner Staff