In spirit of the new Oprah reality television show that I posted about earlier today, I decided to add a post about an organization that was brought to my attention because of Oprah in November 2007. The organization, called Kiva, was started in October of 2005 by Matt and Jessica Flannery, and is based in
How it works (according to the http://www.kiva.org website):
"Kiva lets you connect with and loan money to unique entrepreneurs in the developing world. By choosing a loan on Kiva, you can "sponsor a business" 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 email journal updates from the entrepreneur you've sponsored. As loans are repaid, you get your loan money back.
Kiva partners with existing microfinance institutions. In doing so, we gain access to outstanding entrepreneurs from impoverished communities world-wide. Our partners are experts in choosing qualified entrepreneurs. That said, they are usually short on funds. Through Kiva, our partners upload their entrepreneur profiles directly to the site so you can lend to them."
Below is a diagram from the website that illustrates the flow of operations within the system:
For a recent idea of how well Kiva.org is thriving with participation I found a statistic to show that people are listening and getting involved. According to Wikipedia, “As of February 3, 2008, Kiva has $21,432,835 in loans from 242,166 lenders. A total of 32,457 loans have been funded. The average loan size is $564.19.”
For more information on this organization, visit their website: http://www.kiva.org
Also check out one of the co-founder's blogs: http://socialedge.org/blogs/kiva-chronicles
If you have the ability to buy 6 drinks from Starbucks, you have the ability to give someone economic independence. Think about it.
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