Kiva.org is a cool non profit centered around microfinancing. If you’re not familiar with the concept of microfinance, it is essentially about providing loans and other financial services to low income clients (especially those in developing conutries) who traditionally don’t have access to these services.
In many cases, these loans end up helping to improve living conditions significantly. Farmers are able to buy new equipment to increase their yeild, quickly repay the loan, and improve their farm even more.
As of June 11, 2009, Kiva has distributed $76,212,885 in loans from 506,756 lenders. A total of 109,484 loans have been funded. The average loan size is $415.92. Its current repayment rate is 98.35%.
A current example of a loan on Kiva.org:
Tajikistan woman seeks to expand business:
- Currently sells fodder for animals
- Uses the income to raise and sell cattle
- Has applied for a loan of 3,000 Somoni ($700 USD)
- Hopes to use money to set up a private farm for breeding cattle
Saiyohat Mahkamova, a 44 year old market vendor
For more loans like this or to loan money, please visit Kiva.org. Remember, it’s a loan that can change lives.
