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 $1,482,205,100
Amount of raised Inactive loans $0 $1,119,350
Number of raised Inactive loans 0 1,163
Amount of Paying Back Loans $0 $149,396,950
Number of Paying Back Loans 0 180,185
Amount of Ended Loans $35,000 $1,331,688,800
Number of Ended Loans 1 1,745,067
Delinquency Rate N/A 21.45%
Amount in Arrears N/A $20,321,536
Outstanding Portfolio N/A $94,735,852
Number of Loans Delinquent N/A 71,695
Default Rate N/A 1.72%
Amount of Ended Loans Defaulted N/A $22,910,896
Number of Ended Loans Defaulted N/A 55,716
Currency Exchange Loss Rate N/A 0.40%
Amount of Currency Exchange Loss N/A $6,189,807
Refund Rate 0.00% 0.63%
Amount of Refunded Loans $0 $9,320,325
Number of Refunded Loans 0 8,647

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 0.00% 76.87%
Average Loan Size $35,000 $394
Average Individual Loan Size $35,000 $607
Average Group Loan Size $0 $1,778
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $4,000 $5,723
Average Loan Size / GDP per capita (PPP) 875.00% 6.89%
Average Time to Fund a Loan 11.76 days 7.71 days
Average Dollars Raised Per Day Per Loan $2,976.33 $51.16
  Average Loan Term 13 months 11.37 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 16 926,345
  Journaling Rate 100.00% 43.36%
  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 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower N/A N/A 26.92% PY
  Profitability (return on assets) 9.3% N/A -0.47%
  Average Loan Size (% of per capita income) N/A N/A 12.16%

Country Fast Facts

Field Partner Staff