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Since 2007, Kiva lenders have lent $75M USD to over 318,000 Fundación Paraguaya borrowers. Fundación Paraguaya provides Kiva supported borrowers with high-impact programming, such as entrepreneurship training for emerging businesses, economic education for youth, and an innovative agricultural school.
The government of Paraguay has implemented strict measures to slow the transmission of COVID-19. These include closing the borders, limiting public transport, and restricting movement. To keep its staff and borrowers safe, Fundación Paraguaya is minimizing staff interactions with clients, including suspension of community bank meetings and the programming mentioned above.
To support Kiva borrowers, Fundación Paraguaya has granted 3-month repayment moratoriums to all borrowers affected economically by the pandemic. Additionally, as the economy reopens, they are providing these same borrowers a recovery loan that provides the cash needed to restart businesses.
The funds from this Crisis Support Loan will be on-lent to 100 or so all-women community banks. The 1,700 women that make up these community banks are among the borrowers most negatively affected by the economic shutdown.
This loan is part of Kiva’s Crisis Support Loan program to assist our Field Partner organizations directly so they can continue to support our borrowers. Because it is part of a pilot program, this loan may have higher risk. Read more in the "More about this loan" section below.
Translated from Spanish. View original language description.
