10/19/2021

Indosole

Since the end of 2019, Indosole has been struggling to make repayments to Kiva due to a deteriorating operating environment, which led to decreased sales and revenue. In this context, Indosole accumulated a large balance of debt, and with insufficient liquidity at hand was incapable of meeting creditors' obligations. As such, they hired a third-party collector to consolidate debt holdings and negotiate with each party partial repayment plans that would allow lenders to get a portion of their investment back. . Ultimately, despite Indosole’s financial troubles Kiva was able to negotiate a partial payment of their obligations, which has been fully collected and settled out to lenders. We are now defaulting the remaining balance of this loan and closing this partnership, as we do not envision any path for Indosole to repay their remaining balance to Kiva lenders. 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.