Update!

Looks like some not-so-great news from Kenya:


Dear FAHS Seniors EconomicsClass,

This is an update on your loan to Zachariah Mathenge Wambugu in Kenya.

Dear Kiva Lenders:

We would like to give you an update on your
loan(s) managed by Kiva's Field Partner PEMCI in Kenya.

As you may
know, the region in which entrepreneurs working with PEMCI live was
severely affected by the riots and civil unrest that took place in
Kenya earlier this year. Many, if not all, of PEMCI's entrepreneurs
were adversely affected by this event, and currently PEMCI has a very
high portfolio delinquency rate. Kiva staff have been in continual
contact with PEMCI's Executive Director, Margaret Karuri, to assess the
possible impact the civil disturbances may have on Kiva lender
loans.

PEMCI is making every effort to work with their clients to
fully understand their unique situations and how it has affected their
businesses and their ability to repay their loans. However, we do
expect that there may be situations where loans managed by PEMCI will
go into default, as clients (i) may be unable to be located, (ii)
clients' businesses may have been destroyed, and (iii) clients may have
otherwise suffered such extreme losses that their debt is causing them
unusual difficulties.

At this time we are providing PEMCI with
what support we can, and PEMCI is encouraged knowing that they have
supporters around the world in Kiva Lenders. Although we realize the
entire Kiva community is eager to help entrepreneurs in Kenya, we ask
that you please refrain from requesting to "forgive" your loan at this
time, because PEMCI will be evaluating each entrepreneur's status
individually and we would like to cooperate with PEMCI in following the
standard procedures to assess the situation. As the situation develops,
PEMCI will provide additional overall updates to lenders as they can;
however, we wish to convey the expectation that individual entrepreneur
updates will likely be difficult to obtain.

Thank you for supporting
Kiva Entrepreneurs through PEMCI.

Most Sincerely,
Kiva Staff

Additional notes from Kiva:

1. This update was posted from Kenya by Kiva's Field Partner, People
Microcredit Investment Bureau (PEMCI). If you appreciate this update,
please consider supporting another entrepreneur listed by this Field
Partner. You can view other fundraising loans of People Microcredit
Investment Bureau (PEMCI) here:

http://www.kiva.org/app.php?page=businesses&partner_id=27&status=fundRaising&sortBy=New%2Bto%2BOld&_te=j

We got an update on the loan you gave! :)



Dear FAHS Seniors EconomicsClass,

This is an update on your loan to Zachariah Mathenge Wambugu.

Thank you for your loan. It has been disbursed to Zachariah MathengeWambugu by People Microcredit Investment Bureau in Kenya. We are excited to watch this business grow.

Over the next 6 months, PeopleMicrocredit Investment Bureau will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

2nd & 3rd hour, Spring 2008

Both hours picked the same entrepreneur to invest in -

Zachariah Mathenge Wambugu from the Malaba - Teso District in Kenya!

http://www.kiva.org/app.php?page=businesses&action=about&id=49921&_tpos=1&_tpg=1

He owns a business where he makes pots and pans out of melting down car parts. He asked for a loan of $1200, and each class loaned $25 each. He did have a loan through Kiva before and paid it back, even when Kenyan politics were creating problems in the country. He wants to buy materials in bulk so he can increase his production.

The loan period is for 6 months.

The site did warn that because of the political issues in Kenya, there might be default. Both classes plowed ahead anyway!

**Update: As of 11:10 AM on Thurs May 29th, he had already received full funding for his loan! I'm so glad we paid for it immediately!**

Kiva Blog

This is a test.

2nd & 3rd hour Econ rock.

Really.