N/A, direct to Visible Clothing
Lending Partner since 2018 • India
Fundraising Status:closed
Risk Rating:
What to know about this Lending Partner
Impact Category:
Artisan
Default Rate:
97.14%
Currency Exchange Loss Rate:
0%
Total Loans Raised:
$35,000
Loans at Risk Rate:
0%
Kiva Borrowers:
2
Delinquency Rate:
0%
Interests and Fees:
N/A
Since the start of 2019, Visible Clothing has been facing financial and operational problems mainly linked to increasing competition, a complex in-country bureaucracy system and the difficulty to source qualified talent. The Covid-19 pandemic added another level of difficulty with travel bans in place and the inability to ship some of the merchandise. The clothing sector has been hit hard by the pandemic. The company was trying to raise additional capital from donors to keep their staff on payroll but unfortunately decided to liquidate the business in June 2020. Because prospects for loan recovery are minimal, we are defaulting this loan. Please know that even in cases of non-repayment, your loans are still helping make a difference in the lives of borrowers around the globe, and with your support you're giving people an opportunity to pursue better lives.
There is no Lending Partner for this loan. It is part of the Direct to Social Enterprise program. For more details on DSE, please click here. For more details on the borrower, please refer to their loan profile.