Empowering People with a $25 Loan
It’s a mind boggling fact that over 1.3 billion people live under extreme poverty conditions around the world. Kiva, an online lending portal, is on a mission to connect people through lending to alleviate poverty. They aim to do so by leveraging the internet and a worldwide network of micro-finance institutions. Individuals can lend as little as $25 to help create opportunity around the world.
Here’s how it works:
1. Choose a borrower
Lenders can read through hundreds of borrower stories of people looking for loans to grow businesses, go to school, switch to clean energy and more and find someone who connects with them.
2. Make a loan
The lender then simply clicks on the ‘Lend’ button to make a loan to the borrower of their choice. Rest assured, all Kiva loans are disbursed by Field Partners who vet and work closely with each borrower.
3. Get repaid
Lenders constantly get updates as the borrowers they support succeed and repay their loans. They see these dollars return to your Kiva account.
When borrowers repay, the lenders can use that money to empower another person by supporting a new loan! They can also choose to donate the money to Kiva or withdraw it.
100% of every dollar goes directly towards funding loans AND no interest is charged to their Field Partners, who administer the loans. They are funded through the support of lenders making optional donations, grants, corporate sponsors, and foundations. Are there other ways we can emulate this model to expedite the process of poverty allievation?
Contact: 828.479.5482 (US)
Spotted by: Bikram Palikhey