| Kiva third world micro-loans | 2005-11-01 21:42 14 comments |
 by Flemming FunchKiva is an organization that facilitates that individuals can provide micro-loans to people in third world countries. A reader on BoingBoing says: "Kiva.org is the world’s first peer-to-peer, distributed microloan website. A great idea where PayPal meets Gates Foundation. The site allows you to lend a small amount of money, say $25, to needy microenterprises in developing countries. You receive repayment at the end of the loan period (normally 6-12 months) without interest. If they default on the loan, your loan becomes a donation – though none of the businesses have defaulted yet. A great low-risk, high-reward idea." And on the Kiva front page is an example from Uganda of how it might look: This bussiness is now using the loan money that they received from Kiva. They received loan money worth $500. They have bought 3 Bulls and 2 cows for their first sells in the cattle market in Tororo Town. I will keep you posted immediately after the firt sells is done. Thanks alot for supporting this bussiness with the loan monwy. These are the poorest of the poor people living in desparete stuation in the village. Yours Moses Onyango. It is a good thing. Great idea to make it possible for individuals to contribute to the venture. High-reward, indeed. You get no interest, but you get the satisfaction of helping small business people off the ground, for very little money. |