Mark Agwonah Fund -- discussion

[Guest]

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[Mona]

If the repayments are enough for another loan, here is a nice one. 

http://www.kiva.org/lend/202526


Joyce Wanjiku Ndiba is thirty eight years old. Her husband works with Chartis Insurance and they have 2 children. Her business is located at the third floor of a building in Nairobi, the capital city of Kenya. She sells beaded baskets to walk-in and repeat customers. She also sells the baskets to tourists. She has been in this business for the past three years and she says the business is profitable. She says the major challenge she has is lack of enough space to do her business and also small market share. She wishes to get to the international market where she can sell the baskets, as they are really loved by many white people. She is using her loan of KES 50,000 to buy more materials for making the baskets. She hopes to provide employment to many people and increase her clientele base. She describes herself as hardworking and kindhearted.

11 months loan from SMEP, Kenya (3*), currency risk possible

[cjp1973]

If the repayments are enough for another loan, here is a nice one. 

http://www.kiva.org/lend/202526


Joyce Wanjiku Ndiba is thirty eight years old. Her husband works with Chartis Insurance and they have 2 children. Her business is located at the third floor of a building in Nairobi, the capital city of Kenya. She sells beaded baskets to walk-in and repeat customers. She also sells the baskets to tourists. She has been in this business for the past three years and she says the business is profitable. She says the major challenge she has is lack of enough space to do her business and also small market share. She wishes to get to the international market where she can sell the baskets, as they are really loved by many white people. She is using her loan of KES 50,000 to buy more materials for making the baskets. She hopes to provide employment to many people and increase her clientele base. She describes herself as hardworking and kindhearted.

11 months loan from SMEP, Kenya (3*), currency risk possible

Lovely loan, but no not enough credits now until next month.

[alan]

I've just lent to Mark Omondi who wants to be able to switch from lanterns to solar energy, using a device called "My Sunshine Box." Cool! 



Also, I'd like to report that the latest repayments have brought the number of successfully-repaid loans to 49, which now equals the number of defaults. Congratulations to the 49 entrepreneurs who have achieved this success!

[alan]

Here's a long-overdue update on statistics for the Fund:

Total lent:	$4250.00
Total repaid:	$2664.02
Amount lost:	$830.11
Refunded and Expired:	$200.00
Outstanding Portfolio:	$555.87
Total Loans:	170
In repayment:	41
Successfully Repaid:	72
Defaulted:	49
Refunded:	8
Currently in arrears:	10
Amount in arrears:	$48.13

Over the past year or so, we have had no new defaults, and the numbers both of outstanding loans and loans successfully repaid have steadily increased.

We currently have four loans with K-Met, all in arrears as that MFI was paused. We'll see what happens with those loans. Repayments have been trickling in recently.

The default rate keeps on declining as new borrowers successfully repay their loans. The fund continues to make a difference in Kenya.

All things being equal, we hope to see the double milestone of 200 loans made and 100 loans successfully repaid by about the end of the year.

[Diane R]

Alan, thank you so much for your update on the Mark Agwonah Fund, it's great to know that it's still making a difference.

thanks,
--Diane.

[alan]

Three more successful completions of loans today. That's three more people who have been able to achieve their goals in part because of the Fund.

[alan]

Here's some stats on active loans:

Field Partner	Active Loans	Delinquent Loans
KADET	8	0
SMEP	5	0
Faulu Kenya	7	1
Juhudi Kilimo (JK)	3	0
Yehu Microfinance Trust	12	0
K-Met *	4	4

* K-Met is paused. Repayments are trickling in.

[alan]

The Mark Agwonah Fund continues to help clients in Kenya.

Today it made its 200th loan.

Current stats:

200 loans
44 active
94 successully repaid
54 ended with loss
8 refunded

[Diane R]

Thank you for the update, Alan.

200 loans made, what a wonderful legacy in Mark's name.

--Diane.