Teacher and coach

I loaned $25 to 5 women in the Dominican Republic

If you haven’t yet heard about Kiva, it’s an organization that facilitates micro-loans, loans of relatively small amounts of money for entrepreneurs and business owners in developing countries to start or improve their businesses.  Kiva acts as a sort of middleman in the loan process by 1) providing a website for investors/donors to contribute online, 2) coordinating with over a hundred “field partners” around the world, and 3) vetting the potential loan recipients through the Kiva Fellows Program.  The field partners are microfinance institutions, essentially local banks that lend money to the working poor, and Kiva Fellows are people who volunteer to work with these institutions to verify information on potential loan recipients, “facilitate connections between Kiva’s borrowers and lenders,” and blog about their experiences.

Here’s a neat video that walks you through the Kiva loan process from beginning to end.

A Fistful Of Dollars: The Story of a Kiva.org Loan from Kieran Ball on Vimeo.

Back in December I signed up for a Kiva account and loaned $25 to five women in the Dominican Republic who run a beauty parlor out of their home.  They needed $600 to purchase supplies, and will pay it back over six months (the first payment is due on February 15, 2009.)  There’s no interest charged, and after my loan is repaid I can either withdraw the money or re-loan it to someone else.  I can also keep up with how they’re doing in the My Portfolio section of my account on kiva.org, which tracks all of the people or groups I’ve loaned money to (currently just one).

It’s a pretty neat setup, and Kiva has gotten rave reviews from a ton of publications, including Time magazine, Forbes, and CNN.  Not bad for 25 bucks.

3 Responses to “I loaned $25 to 5 women in the Dominican Republic”

  1. NLP says:

    Kiva does great work indeed. Thank you!

  2. Lenny says:

    I’ve heard that micro-loans have worked out well so far. Women in poor countries have benefited greatly and thanks to this system many families now have an income. Kiva.org is a good place if you like to help someone with a loan.

  3. Edward says:

    this arcticle helps me a lot , i need review my life.thanks for the kind words, and yes, feel free to post this on your blog. It’s always nice to get conversation and links from others interested in the same things.Very special!
    .-= Edward´s last blog ..My Network Places application skills =-.


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