Fundraising Status:closed
Risk Rating:
What to know about this Lending Partner
Impact Category:
General Financial Inclusion
Default Rate:
13.74%
Currency Exchange Loss Rate:
2.36%
Total Loans Raised:
$141,175
Loans at Risk Rate:
100%
Kiva Borrowers:
73
Delinquency Rate:
100%
Interests and Fees:
20% APR
Kiva and El Buen Socio have agreed to end their partnership after 6 years and more than $140,000 in loans raised. This partner has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank El Buen Socio for the years of collaboration and wish them success in their future endeavors.
Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.
El Buen Socio is an ethical microfinance institution in Mexico that promotes sustainable development by strengthening people’s capabilities and supporting entrepreneurs with sustainable businesses.
The organization issues loans to fund productive projects that have a positive social and environmental impact including farming, forestry, or fishing activities that are done in an eco-friendly way.
A unique lending approach:
El Buen Socio issues loans to fund productive and sustainable projects. An entrepreneur who is unable to obtain a loan through other banking institutions leads each project. El Buen Socio supports entrepreneurs who farm, forest, or fish in an eco-friendly way with sustainable use of natural resources. All loan proposals must have a positive social or environmental impact, and must be profitable.
In addition to loans, El Buen Socio provides financial education training, opportunities to connect with new markets and help with business model planning. With Kiva’s support, El Buen Socio will serve a population not considered by traditional banking due to their socio-economic status.