Kiva Loans Lend Directly to a Developing World Entrepreneur
Jeremy Gutsche — June 5, 2007 — Social Good
References: kiva.org
Why donate when you can empower? Kiva.org lets you loan money directly to an entrepreneur in the developing world. Specifically, the online site connects you to a network of entrepreneurs through local microfinance organizations. So far, Kiva has hooked up over $6 million in loans to more than 60,000 entrepreneurs.
For example, Agnes Lawer (shown) is an entrepreneur in Ghana seeking a $900 loan to develop her bead manufacturing business. She plans to repay her loan in 9-12 months. You could loan her the $900 directly, or a portion.
The Kiva site describes, “Kiva lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can “sponsor a business” and help the world’s working poor make great strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you’ve sponsored. As loans are repaid, you get your loan money back.
We partner with organizations all over the world.”
Kiva ROCKS.
For example, Agnes Lawer (shown) is an entrepreneur in Ghana seeking a $900 loan to develop her bead manufacturing business. She plans to repay her loan in 9-12 months. You could loan her the $900 directly, or a portion.
The Kiva site describes, “Kiva lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can “sponsor a business” and help the world’s working poor make great strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you’ve sponsored. As loans are repaid, you get your loan money back.
We partner with organizations all over the world.”
Kiva ROCKS.
Trend Themes
1. Direct Loan Platforms - Developing direct loan platforms that facilitate lending relationships between individuals and entrepreneurs in developing nations has the potential to disrupt traditional models of charitable donations and microfinance.
2. Individualized Investment - Promoting individualized, micro investments in developing world entrepreneurship has the potential to empower global communities, increase social impact, and foster innovative economic growth.
3. Online Microfinance Networks - Establishing robust online microfinance networks like Kiva to stimulate entrepreneurial endeavors in local communities has the potential to revolutionize economic opportunities for individuals and their surrounding areas.
Industry Implications
1. Fintech - The financial technology industry could leverage Kiva's platform to create similar direct lending relationships in other developing nations, potentially transforming how individuals invest in global economic development.
2. Charitable Giving - The charitable giving industry could shift towards empowering developing world entrepreneurship through micro-investments, potentially changing how individuals perceive and participate in global giving initiatives.
3. International Development - The international development industry could partner with online microfinance platforms like Kiva to support entrepreneurial ventures in developing nations, potentially creating innovative solutions to poverty and unemployment.
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