N/A, direct to Visible Clothing
Approved to post Kiva loans from: India
Status update - November 24, 2020
Since the start of 2019, Visible Clothing has been facing financial and operational problems mainly linked to increasing competition, a complex in-country bureaucracy system and the difficulty to source qualified talent. The Covid-19 pandemic added another level of difficulty with travel bans in place and the inability to ship some of the merchandise. The clothing sector has been hit hard by the pandemic. The company was trying to raise additional capital from donors to keep their staff on payroll but unfortunately decided to liquidate the business in June 2020. Because prospects for loan recovery are minimal, we are defaulting this loan. Please know that even in cases of non-repayment, your loans are still helping make a difference in the lives of borrowers around the globe, and with your support you're giving people an opportunity to pursue better lives.
There is no Lending Partner for this loan. It is part of the Direct to Social Enterprise program. For more details on DSE, please click here. For more details on the borrower, please refer to their loan profile.
Since the start of 2019, Visible Clothing has been facing financial and operational problems mainly linked to increasing competition, a complex in-country bureaucracy system and the difficulty to source qualified talent. The Covid-19 pandemic added another level of difficulty with travel bans in place and the inability to ship some of the merchandise. The clothing sector has been hit hard by the pandemic. The company was trying to raise additional capital from donors to keep their staff on payroll but unfortunately decided to liquidate the business in June 2020. Because prospects for loan recovery are minimal, we are defaulting this loan. Please know that even in cases of non-repayment, your loans are still helping make a difference in the lives of borrowers around the globe, and with your support you're giving people an opportunity to pursue better lives.
There is no Lending Partner for this loan. It is part of the Direct to Social Enterprise program. For more details on DSE, please click here. For more details on the borrower, please refer to their loan profile.
Repayment Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Start Date On Kiva | May 17, 2018 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $35,000 | $1,962,045,250 | |
| Amount of raised Inactive loans | $0 | $898,755 | |
| Number of raised Inactive loans | 0 | 437 | |
| Amount of Paying Back Loans | $0 | $154,663,925 | |
| Number of Paying Back Loans | 0 | 180,233 | |
| Amount of Ended Loans | $35,000 | $1,775,886,350 | |
| Number of Ended Loans | 1 | 2,382,964 | |
| Delinquency Rate | N/A | 11.48% | |
| Amount in Arrears | N/A | $10,646,073 | |
| Outstanding Portfolio | N/A | $92,699,447 | |
| Number of Loans Delinquent | N/A | 44,536 | |
| Default Rate | N/A | 1.82% | |
| Amount of Ended Loans Defaulted | N/A | $32,352,443 | |
| Number of Ended Loans Defaulted | N/A | 84,926 | |
| Currency Exchange Loss Rate | N/A | 0.49% | |
| Amount of Currency Exchange Loss | N/A | $12,026,994 | |
| Refund Rate | 0.00% | 0.54% | |
| Amount of Refunded Loans | $0 | $10,526,300 | |
| Number of Refunded Loans | 0 | 9,596 |
Loan Characteristics On Kiva
| This Lending Partner | All Kiva Partners | ||
| Loans to Women Borrowers | 0.00% | 78.24% | |
|---|---|---|---|
| Average Loan Size | $35,000 | $392 | |
| Average Individual Loan Size | $35,000 | $589 | |
| Average Group Loan Size | $0 | $1,892 | |
| Average number of borrowers per group | 0 | 8.3 | |
| Average GDP per capita (PPP) in local country | $4,000 | $5,599 | |
| Average Loan Size / GDP per capita (PPP) | 875.00% | 7.00% | |
| Average Time to Fund a Loan | 11.76 days | 8.94 days | |
| Average Dollars Raised Per Day Per Loan | $2,976.33 | $43.85 | |
| Average Loan Term | 13 months | 11.47 months |
Journaling Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Total Journals | 16 | 1,181,733 | |
|---|---|---|---|
| Journaling Rate | 100.00% | 42.25% | |
| Average Number of Comments Per Journal | 0.00 | 0.02 | |
| Average Number of Recommendations Per Journal | 0.00 | 0.57 |
Borrowing Cost Comparison (based on 2009 data)
| This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
| Average Cost to Borrower | N/A | N/A | 27.02% PY | |
|---|---|---|---|---|
| Profitability (return on assets) | 9.3% | N/A | -3.10% | |
| Average Loan Size (% of per capita income) | N/A | N/A | 0.00% |
Country Fast Facts
- Country:
- India
- Capital:
- New Delhi
- Official Language:
- English (official), Hindi 41%, Bengali 8.1%, Telugu 7.2%, Marathi 7%, Tamil 5.9%, Urdu 5%, Gujarati 4.5%, Kannada 3.7%, Malayalam 3.2%, Oriya 3.2%, Punjabi 2.8%, Assamese 1.3%, Maithili 1.2%, other 5.9%
- Population:
- 1,236,344,631
- Avg Annual Income:
- $4,000
- Labor Force:
- agriculture: 49%, industry: 20%, services: 31%
- Population Below Poverty Line:
- 29.80%
- Literacy Rate:
- 62.80%
- Infant Mortality Rate (per 1000):
- 43.19 deaths
- Life Expectancy:
- 67.8 years