Total loan: $50,000
Medellín, Antioquia, Colombia / Housing
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A loan helped low-income families in Colombia gain title over their property. Land rights increase income, savings, and health.
This loan may have higher risk but higher impact. Learn more here. 60% of Latin American families lack formal rights to their homes. Suyo helps families cheaply & reliably navigate the formalization process. Cost is still a barrier for low-income Colombians and this loan helps them get financing. Check out Suyo’s video. Problem: More than 60% of families living in Latin America have one thing in common – their biggest asset, the property they occupy, is not formally registered. As a result, they miss out on numerous social and economic benefits, such as access to credit, security and the ability to transfer rights. Globally, over 4.5 billion land parcels in the developing world are untitled as the existing formalization process is unaffordable and unreliable. Solution: Research has shown that (1) women with strong property rights earned up to 3.8 times more income and (2) secure property rights can cut teen pregnancy rates by over 50%, among many other benefits. More than 60% of Suyo’s clients are women. Suyo offers property formalization services in Colombia. With innovations in technology, Suyo creates an end-to-end formalization service with a money-back guarantee and a price that is approximately 40% more affordable than services offered by other providers. Suyo’s agents use their mobile app to collect property data and determine the type and cost of the property service required. The customer can then request a loan to pay for the full property formalization service. Aided with automation technology, Suyo’s lawyers and other specialists prepare and process the cases. To date, Suyo has provided over 1,500 property assessment and formalization services, benefiting approximately 6,400 people directly. Suyo creates an affordable land rights formalization service. Loan Use: The Kiva loan will enable Suyo to provide innovative financing options to low-income families who could not otherwise afford to use their service, expanding their reach and impact. Research has shown that secure property rights, while not a productive asset by themselves, do generate economic benefits to the poor, including 3.8 times more income for women property owners, a 35% increase in individual savings, 12% increase in loan approval rates, and doubled investments in property improvements.