FUNDECOCA
Approved to post Kiva loans from: Costa Rica
Status Update - May 15, 2015
Kiva and FUNDECOCA have agreed to end their partnership after more than two years of $7,500 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 FUNDECOCA for the years of collaboration and wish them success in their future endeavors.
Status Update - March 13, 2014
Having been a partner on Kiva for 12 months, FUNDECOCA has decided to stop posting loans while they determine if Kiva is a good fit for their lending model. They have fully repaid all of their borrower's loans and their fundraising status has been changed to "inactive." As long as they remain an inactive partner, they will not be posting new loans to Kiva. Should FUNDECOCA be in a position to restart their Kiva program in the future, Kiva would consider a status change back to active.
Partner Description:
FUNDECOCA is a nonprofit organization offering micro-lending services to unbanked farmers in remote regions of Costa Rica. Founded in 1990, it works to form and fund community credit committees (CCCs) that are located in rural areas. The organization trains these CCCs to approve and administer loans for members of their own communities.
Today, covering 14 communities, FUNDECOCA offers a diverse range of products in different sectors, including agriculture, commerce, livestock and more. It is one of very few micro-lending organizations that provides loans in northern Costa Rica. For many residents of this region, the only other option is to borrow money from an informal lender.
Kiva’s flexible, risk-tolerant capital plays a critical role in helping FUNDECOCA grow its loan portfolio and support borrowers that are generally not reached by any other financial institution. In addition, the funds are used to help the organization offer green loans, including financing for organic agriculture, alternative energy and products promoting biodiversity.
A unique lending approach:
The institution works to form and fund CCCs comprised of 5 to 7 local residents. Each committee meets twice a month to accept loan applications, make credit decisions, collect repayments and disburse new loans.
A FUNDECOCA client in the field.
Image courtesy of FUNDECOCA.
Kiva and FUNDECOCA have agreed to end their partnership after more than two years of $7,500 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 FUNDECOCA for the years of collaboration and wish them success in their future endeavors.
Status Update - March 13, 2014
Having been a partner on Kiva for 12 months, FUNDECOCA has decided to stop posting loans while they determine if Kiva is a good fit for their lending model. They have fully repaid all of their borrower's loans and their fundraising status has been changed to "inactive." As long as they remain an inactive partner, they will not be posting new loans to Kiva. Should FUNDECOCA be in a position to restart their Kiva program in the future, Kiva would consider a status change back to active.
Partner Description:
FUNDECOCA is a nonprofit organization offering micro-lending services to unbanked farmers in remote regions of Costa Rica. Founded in 1990, it works to form and fund community credit committees (CCCs) that are located in rural areas. The organization trains these CCCs to approve and administer loans for members of their own communities.
Today, covering 14 communities, FUNDECOCA offers a diverse range of products in different sectors, including agriculture, commerce, livestock and more. It is one of very few micro-lending organizations that provides loans in northern Costa Rica. For many residents of this region, the only other option is to borrow money from an informal lender.
Kiva’s flexible, risk-tolerant capital plays a critical role in helping FUNDECOCA grow its loan portfolio and support borrowers that are generally not reached by any other financial institution. In addition, the funds are used to help the organization offer green loans, including financing for organic agriculture, alternative energy and products promoting biodiversity.
A unique lending approach:
The institution works to form and fund CCCs comprised of 5 to 7 local residents. Each committee meets twice a month to accept loan applications, make credit decisions, collect repayments and disburse new loans.
A FUNDECOCA client in the field.
Image courtesy of FUNDECOCA.
Repayment Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Start Date On Kiva | Feb 25, 2013 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $7,500 | $2,061,903,305 | |
| Amount of raised Inactive loans | $0 | $352,250 | |
| Number of raised Inactive loans | 0 | 281 | |
| Amount of Paying Back Loans | $0 | $151,797,905 | |
| Number of Paying Back Loans | 0 | 180,904 | |
| Amount of Ended Loans | $7,500 | $1,864,459,045 | |
| Number of Ended Loans | 5 | 2,517,152 | |
| Delinquency Rate | 0.00% | 11.55% | |
| Amount in Arrears | $0 | $10,581,884 | |
| Outstanding Portfolio | $0 | $91,634,086 | |
| Number of Loans Delinquent | 0 | 34,376 | |
| Default Rate | 0.00% | 1.83% | |
| Amount of Ended Loans Defaulted | $0 | $34,072,925 | |
| Number of Ended Loans Defaulted | 0 | 91,307 | |
| Currency Exchange Loss Rate | 0.00% | 0.47% | |
| Amount of Currency Exchange Loss | $0 | $12,915,654 | |
| Refund Rate | 0.00% | 0.55% | |
| Amount of Refunded Loans | $0 | $11,263,070 | |
| Number of Refunded Loans | 0 | 9,868 |
Loan Characteristics On Kiva
| This Lending Partner | All Kiva Partners | ||
| Loans to Women Borrowers | 83.33% | 78.52% | |
|---|---|---|---|
| Average Loan Size | $1,500 | $393 | |
| Average Individual Loan Size | $1,500 | $585 | |
| Average Group Loan Size | $0 | $1,914 | |
| Average number of borrowers per group | 0 | 8.3 | |
| Average GDP per capita (PPP) in local country | $12,900 | $5,593 | |
| Average Loan Size / GDP per capita (PPP) | 11.63% | 7.03% | |
| Average Time to Fund a Loan | 10.89 days | 9.14 days | |
| Average Dollars Raised Per Day Per Loan | $137.76 | $43.02 | |
| Average Loan Term | 35.5 months | 11.5 months |
Journaling Performance on Kiva
| This Lending Partner | All Kiva Partners | ||
| Total Journals | 5 | 1,229,646 | |
|---|---|---|---|
| Journaling Rate | 100.00% | 41.94% | |
| Average Number of Comments Per Journal | 0.00 | 0.02 | |
| Average Number of Recommendations Per Journal | 0.00 | 0.55 |
Borrowing Cost Comparison (based on 2012 data)
| This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
| Average Cost to Borrower | 23% PY | 23.00% PY | 27.12% PY | |
|---|---|---|---|---|
| Profitability (return on assets) | 2.5% | 0.5% | -1.71% | |
| Average Loan Size (% of per capita income) | N/A | 28.00% | 0.00% |
Country Fast Facts
- Country:
- Costa Rica
- Capital:
- San Jose
- Official Language:
- Spanish
- Population:
- 4,755,234
- Avg Annual Income:
- $12,900
- Labor Force:
- agriculture: 14%, industry: 22%, services: 64%
- Population Below Poverty Line:
- 24.80%
- Literacy Rate:
- 96.30%
- Infant Mortality Rate (per 1000):
- 8.7 deaths
- Life Expectancy:
- 78.23 years