As some of you know, I’ve been a member of Kiva.org for quite a while, but I haven’t been very active. I’m only on my second loan, but I’d like to share a little bit about him here, and post information on this wonderful website/service. My first borrower paid off his loan early.
Here’s a little about the micro-borrower Efrain Montuffar Olguin from Kiva.org: “EfraÃƒÂn has been running his business for a year and a half. My business is a money-exchange shop near the border. People need to convert their money into U.S. dollars to go shopping in Texas, and that is how I provide a service to my community. I would like to invest more money into my business to increase my earnings, but I have not been able to. I’m asking for $1,200 to invest in my business.”
Naturally, the financial nature of this loan really piqued my interest in being a part of the syndicate to finance his loan. I think he has an understanding of currency exchange and the local market needs. So I think this money will be well used. I support this lending mechanism for a number of reasons, but principally because it was a micro-loan that got me started in my career, albeit an informal one.
This is Kiva.org’s introduction here:
You can go to Kiva’s website and lend to someone in the developing world who needs a loan for their business – like raising goats, selling vegetables at market or making bricks. Each loan has a picture of the entrepreneur, a description of their business and how they plan to use the loan so you know exactly how your money is being spent – and you get updates letting you know how the business is going. The best part is, when the entrepreneur pays back their loan you get your money back – and Kiva’s loans are managed by microfinance institutions on the ground who have a lot of experience doing this, so you can trust that your money is being handled responsibly.
I just made a loan to an entrepreneur named Efrain Montuffar Olguin in Mexico. They still need another $625.00 to complete their loan request of $1,200.00 (you can loan as little as $25.00!). Help me get this business off the ground by clicking on the link below to make a loan to Efrain Montuffar Olguin too.
It’s finally easy to actually do something about poverty – using Kiva I know exactly who my money is loaned to and what they’re using it for. And most of all, I know that I’m helping them build a sustainable business that will provide income to feed, clothe, house and educate their family long after my loan is paid back.
Join me in changing the world – one loan at a time.
What others are saying about www.Kiva.org:
‘Revolutionising how donors and lenders in the US are connecting with small entrepreneurs in developing countries.’
‘If you’ve got 25 bucks, a PC and a PayPal account, you’ve now got the wherewithal to be an international financier.’
— CNN Money
‘Smaller investors can make loans of as little as $25 to specific individual entrepreneurs through a service launched last fall by Kiva.org.’
— The Wall Street Journal
‘An inexpensive feel-good investment opportunity…All loaned funds go directly to the applicants, and most loans are repaid in full.’
— Entrepreneur Magazine