Happy New Year 2009 to all my friends in the micro-credit, micro-finance community!
Yes, I did go under the knife on December 8, 2008. The surgeon removed 4 bulging disks from my neck which were lodged against the spinal cord causing pain and motoring problems. Four bone fusions and a steel plate with 10 screws later, I'm in zero pain and getting stronger each day. I'm no longer walking around like a drunken sailor - I can walk a straight line again. Thanks Jill and Ramon for your kind words.
What's been going on the last 2 months. Our Honduras division is doing well. We have a Kiva fellow (Sierra Visher) in residence and our loan portfolio continues to grow with the help of dedicated investors from www.kiva.org In December 2008, Prisma Honduras was the winner of the Outstanding Micro-Entrepreneur Company in Honduras. The award was given by the leading Honduran microfinance magazine, Micro Empresas & Finanzas. Last year, we were also honored because one of our borrowers was named micro-entrepreneur of the year 2007.
In Nicaragua, we are still slogging along. Doing business there is very difficult right now as the government is supporting the idea that micro-credit organizations are no better than modern day usurers. Some cheaper subsidized funds have entered the country via Chavez-Venezuela. There is a new Anti-Repayment Movement forming which has the backing of the government. We are re-evaluating our business model and will make some major changes and decisions in the coming months. We expect delinquencies to start climbing.
www.prosper.com has been a great experiment for me. As I'm about to complete my third year, all of the original investing mistakes I made because I did not take the time to truly understand the Dutch auction system used, have worked themselves out of my loan portfolio. I'm ready to charge ahead in 2009 once Prosper finishes the certification process it is now going through.
Meanwhile, one of its competitors, the www.LendingClub.com which has already gone through the certification process, has attracted my investment capital. I enjoy searching for borrowers looking for money to continue their education, start new businesses, and increase working capital. I don't do credit card consolidation loans which are so prevalent right now given the precarious economic situation. During my 20+ years in the business, I've never had success trying to help that segment of borrowers.
I'm also an active supporter of www.MicroPlace.com. With domestic savings interest rates so low these day, the product offerings on MicroPlace are quite attractive. Their investment products cover some of the most far flung countries in the world. Having worked in Central Asia and Africa, I love investing in those areas.
Hi Kendall,
are you still updating your blog? I see the last entry is from January.
Here, it's been very busy with 2 small kids and we spent most of the month of February in Peru...
Anyways, hope to see some more postings about the progress of Prisma. Also, I am glad to see Prisma Honduras loans regularly on Kiva; I invest on them as much as possible.
Thanks Ramon
Posted by: Ramon Kolb | March 24, 2009 at 02:15 PM
Good for people to know.
Posted by: Benita | April 26, 2009 at 05:30 PM