SPIRE Education

SPIRE Education

Lending Partner since 2015 • Kenya
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Fundraising Status:closed
Risk Rating:

What to know about this Lending Partner

Impact Category:
Education
Default Rate:
54.08%
Currency Exchange Loss Rate:
0.15%
Total Loans Raised:
$17,050
Loans at Risk Rate:
0%
Kiva Borrowers:
91
Delinquency Rate:
0%
Interests and Fees:
N/A
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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 — August 16, 2017
Kiva and SPIRE have agreed to end their partnership after more than 2 years and more than $17k in loans raised. This Lending Partner has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank SPIRE for the years of collaboration and wish them success in their future endeavors.

Status update – August 11, 2015
Kiva has moved this Lending Partner to inactive status. This means that SPIRE is no longer fundraising loans on Kiva, though Kiva fully expects the partner to continue to send repayments owed to Kiva lenders for as long as the partner has an outstanding balance. This partner is currently inactive because they are focusing on a new strategy and taking time to develop a new type of loan. If and when this partner requests to fundraise again on Kiva, Kiva will first conduct any additional monitoring and due diligence tasks we believe necessary.

Partner description:

In Kenya, unemployment among new university graduates is about 40%. Spire was founded as a social enterprise to address this issue and help graduates obtain jobs.  One of the ways the organization does this is an education-to-employment course called the Career Accelerator program.
 

The curriculum, designed through consultation with employers, enables graduates to complement their academic training with professional skills such as business communication, leadership and sales. Spire also facilitates access to employer networks to help them find a job that matches both their interests and qualifications. By bridging the gap between conventional education and the professional world, Spire's Career Accelerator programme contributes to fighting graduate unemployment. About 95% of the graduates from the 6-week programme have received a job offer within 3 months.
 

A unique lending approach:

Education loans will help eligible students to finance and participate in the career accelerator program. Applicants are selected using a combination of aptitude testing, in-person interviews and academic grades.  Loans cover tuition fees as well as administrative/operational costs.