Kiva - Make History One-to-One
by Warren McLaren, Sydney on 10.29.05
Meet Geoffrey Obanja Jasu. He is a businessman from Tororo, Uganda, a produce wholesaler, in fact. His small business received a substantial boost, when he became the recipient of a micro-loan of $500 USD, from Kiva, back in April 2005. As of this month, Geoffrey has repaid $400, and Kiva has taken the trainer wheels off their web-based vehicle for the reduction of poverty in Africa. Established by Jessica and Matthew Flannery, Kiva is an innovative financing model, almost akin to you putting the money into the hands of those who really need it. On the Kiva website you’ll find profiles of entrepreneurs, just like Geoffrey. Simply use your credit card, or Paypal account, to loan them funds and your money goes to work for their business. “In-country" staff vet the applicants and monitor their progress, posting regular updates against that businesses profile. (for example, we know that Geoffrey, during July, was able to buy ...
... 10,000 kg of maize, millet, sorgum, rice and peas, and even the price he paid for each grain.) Loan terms last 6 to 12 months, with 95% of developing world micro-finance loans having a record for being fully repaid. When half of the world’s population live on less than $2 a day, this is a much more practical way to Make Poverty History than wearing some rubbery bracelet. There are already 30 million existing micro-finance borrowers out there, but they represent less than 10% of those looking for loan assistance. You may not be Bob Geldof or Bono, but starting with just $25 USD you could certainly help loosen those shackles of poverty, in a very personal way. This is not an anonymous charity donation, it's one human supporting another. Thanks to tipster Dane B, for reminding us to add our ‘Three Cheers’ to the blogsphere congratulations, being heaped upon Jessica and Matthew Flannery, for their inspirational work. ::Kiva
