Asociación ONG Avansar

Status update - December 13th 2021

Avansar's final loans with Kiva have defaulted, and this partnership is now closed. For the last 18 months, Kiva has been working with Avansar to try to recover the remaining outstanding amounts due to Kiva lenders. Kiva’s present assessment is that this Lending Partner is unable to make further payments, and thus the remaining $2,900.64 in outstanding amounts due to Kiva lenders has been defaulted. If Kiva is able to recover any additional funds from Avansar, they will be applied to lenders' accounts on a pro-rata basis.

Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.

Partner description:

Asociación ONG Avansar is a small non-profit microfinance institution focused on addressing the lack of financial services in rural eastern Colombia. In addition to providing loans to those in need of credit, Avansar offers technical assistance that includes financial education and business training to maximize productivity and competitiveness. Avansar is also involved in the administration of large scale projects such as road construction and infrastructure maintenance contracted by both public and private institutions.

A unique Lending approach:

Avansar’s unique lending approach focuses on borrowers with no credit history. Loans fundraised on Kiva carry a reduced interest rate, flexible repayment options, and are accompanied by financial education. In addition to meeting poverty level qualifications, only clients that have never had a loan before will be offered the Kiva loan product.