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 Field 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 Field Partner All Kiva Partners
  Start Date On Kiva May 17, 2018 Oct 12, 2005
Total Loans $35,000 $1,556,826,370
Amount of raised Inactive loans $0 $627,650
Number of raised Inactive loans 0 221
Amount of Paying Back Loans $0 $162,978,645
Number of Paying Back Loans 0 199,529
Amount of Ended Loans $35,000 $1,393,220,075
Number of Ended Loans 1 1,836,474
Delinquency Rate N/A 17.39%
Amount in Arrears N/A $17,522,572
Outstanding Portfolio N/A $100,779,899
Number of Loans Delinquent N/A 57,204
Default Rate N/A 1.70%
Amount of Ended Loans Defaulted N/A $23,627,805
Number of Ended Loans Defaulted N/A 58,933
Currency Exchange Loss Rate N/A 0.40%
Amount of Currency Exchange Loss N/A $6,657,163
Refund Rate 0.00% 0.61%
Amount of Refunded Loans $0 $9,426,050
Number of Refunded Loans 0 8,777

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 0.00% 77.26%
Average Loan Size $35,000 $392
Average Individual Loan Size $35,000 $603
Average Group Loan Size $0 $1,784
Average number of borrowers per group 0 7.9
Average GDP per capita (PPP) in local country $4,000 $5,692
Average Loan Size / GDP per capita (PPP) 875.00% 6.88%
Average Time to Fund a Loan 11.76 days 7.97 days
Average Dollars Raised Per Day Per Loan $2,976.33 $49.12
  Average Loan Term 13 months 11.35 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 16 955,256
  Journaling Rate 100.00% 42.73%
  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 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower N/A N/A 25.72% PY
  Profitability (return on assets) 9.3% N/A -1.21%
  Average Loan Size (% of per capita income) N/A N/A 11.51%

Country Fast Facts

Field Partner Staff