SEED Center

SEED Center

Lending Partner since 2014 • Philippines
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Fundraising Status:closed
Risk Rating:

What to know about this Lending Partner

Impact Category:
General Financial Inclusion
Default Rate:
4.31%
Currency Exchange Loss Rate:
0%
Total Loans Raised:
$885,975
Loans at Risk Rate:
0%
Kiva Borrowers:
2,635
Delinquency Rate:
0%
Interests and Fees:
47% PY
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Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.

Status Update - 6 July 2022:

SEED Center’s final loans with Kiva have ended in default and this partnership is now closed. For the past year, Kiva has been working with SEED Center to try to recover the remaining outstanding amounts due to Kiva lenders. Unfortunately, it has not been possible for SEED Center to overcome the significant financial and operational problems that began to surface in the middle of 2020. Kiva’s present assessment is that this Lending Partner is unable to make further payments, and thus the remaining $37,796.88. in outstanding amounts due to Kiva lenders has been defaulted. If Kiva is able to recover any additional funds from SEED Center in future, they will be applied to lenders’ accounts on a pro-rata basis.


Status Update - 19 March 2021:

Kiva has decided to pause SEED Center's access to fundraising loans on the Kiva platform. Due to on-going financial difficulties, SEED Center has been unable to repay Kiva since October 2020. Kiva is actively monitoring SEED Center's evolving financial situation and will continue to follow up with the partner in an effort to recover payments due. We'll provide additional relevant information to lenders as it becomes available.


Partner Description

SEED, founded in 2004, is a young microfinance organization in the Philippines that operates in the metro Manila area. In addition to loans, SEED provides saving services, business development classes and skills trainings. About 90% of SEED’s active borrowers are underprivileged poor living in depressed, urban areas. 


A unique lending approach:


Fundraising on Kiva will allow SEED expand to new areas and to scale new loan products. In addition to their traditional business loans, SEED will work to scale its 0% interest start-up loans, which include intensive business training for new entrepreneurs, and several other innovative loan products.