I recently wrote about loan delinquency rates on Kiva.org… just a very few days ago to be exact.
Today my two underperforming loans were refunded to me so I can withdraw or reallocate them.
Here’s the email with names deleted since they won’t participate at Kiva any more. I’m sorry for the entrepreneur these local crooks stiffed:
Dear Chuck,
Thank you for supporting small businesses in the developing world through Kiva.org. Your $25.00 loan to XXXXXXXX, administered by Kiva’s Field Partner, XXXXXXX, in Uganda has been refunded. $25.00 is now available to you as Kiva Credit. The next time you log into Kiva.org, you’ll be able to re-lend this credit to another entrepreneur, withdraw it or donate it to help support Kiva’s operations.
Reason for the refund:
As you may be aware, each business on Kiva’s website is posted by one of Kiva’s 60+ Field Partners in 39 developing countries. A Field Partner is an independent microfinance institution that has a history of lending to the poor for a social purpose. They screen each entrepreneur, post his/her profile on the Kiva website, and administer your loan.
Kiva routinely audits each Field Partner to ensure your loan is being dutifully administered to the entrepreneur you’ve selected. In the course of auditing our Field Partner, Women’s Initiative to Eradicate Poverty (WITEP) in Uganda, Kiva discovered that some entrepreneurs were
not receiving the full amount of their loans.This violates Kiva’s policies and we have terminated our relationship with XXXXXX. All of the loans made to entrepreneurs served by this Field Partner have been refunded. We hope you realize that our audit uncovered a true exception to the norm; the vast majority of our Field Partners administer your loans with the highest integrity. Kiva will continue to audit Field Partners to ensure your loan is being dutifully administered and to make our website a model for transparency in international development.
To help inform your choice of Field Partner as well as entrepreneur, we have launched a new feature on the site which helps you evaluate the Field Partner’s performance in your lending decision. See www.kiva.org/about/partners/ for details.
We hope that you give lending to the working poor another chance by re-lending your Kiva Credit to a new entrepreneur on our site.
Sincerely,
The Kiva.org Team
I’ve reallocated the funds to these folks:
Roman Kirilenko of the Ukraine
and…
Sin Sitha of Cambodia
Note: Your purchases made at Ultimate Internet Marketing Tools help me keep funding Kiva.org loans. If you’re in the market anyway, your help is appreciated!
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