I just read about this organization, Kiva.org, in this month's issue of Entrepreneur Magazine, and it sounded so cool that I wanted to pass along the info. Kiva is an organization founded in Palo Alto, CA, by Matt Flannery and his wife, Jessica, after she worked in microenterprise development in East Africa in 2004.
Kiva lets you loan as little as $25 to a qualified low-income entrepreneur in the developing world 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 monthly email updates that let you know about the progress being made by the small business you've sponsored. These updates include reports on loan repayment progress, photos of new capital equipment, narratives on business growth and standard of living improvements, and more. As loans are repaid, you will get your original loan money back.
By partnering with existing microfinance organizations and institutions, Kiva finds outstanding entrepreneurs who need loan funding. Their expert in-country staff works with these partner organizations to conduct due diligence on each business, and once approved, post each business' profile on their website. You can choose loan money online, using your credit card or Paypal, in increments as low as $25 toward the loan needs of a business. With your participation, Kiva gives entrepreneurs access to the capital they need to lift themselves out of poverty.
Want to help? You can get started at www.kiva.org.
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