Kiva.org: Micro loans offer hope of prosperity
November 24, 2007
During a recent make a difference and help change the world theme show on Oprah, Kiva.org founders Matt and Jessica Flannery were featured guests. From the time of launching Kiva.org, Kiva.org’s founders stated that $10 million dollars in loans have been made through the organization, with 99.7 percent of the money loaned repaid.
A simple idea to help the working poor obtain a small loan to start a business that can change the economic life of the small business owner and the lives of family members who depend on them.
Using the internet, anyone can make a small business loan (as little as $25 dollars) to someone living on the other side of the world. There are no boundaries to lending a helping hand to someone who just needs a chance. Where a larger lending institution might not be interested in making the kind of small loans available through Kiva.org, Kiva is designed to fill the needed void of making these micro-loans available. In the process, every day people are helping each other reach the potential of greater economic security.
As the Kiva.org website states: Kiva lets you loan to the working poor; Kiva partners with organizations all over the world; and Kiva shows you where your money goes.
In detail, this is Kiva’s step-by-step explanation of how it works:
Step 1: Choose a business
Microfinance partners with Kiva help you find a new business by listing people interested in loans on the home page or on the Businesses In Need page.
Step 2: Make a loan
Kiva.org uses PayPal. You can choose a small business to make a loan to and make the loan using your credit card through PayPal.
Step 3: Receive journals and payments
Kiva.org has set up the loan process so that you can learn about the business you are making a loan to and how the small businessperson’s business is proceeding. The Partner representatives post to the Kiva.org website to keep you up-to-date on the business you are helping. They will even send email to you if you wish.
Step 4: Withdraw or re-loan
After your Kiva loan is repaid, you can opt to withdraw your funds or re-loan to a new business. To learn more, visit Kiva.org It’s personal. It’s profound. We can all make a difference.