
Ever heard of Kiva before?
Ever heard of Micro Financing?
It's somewhat like charity, but where you get your money back.
Mohammad Yunus started the whole thing with Grameen bank and won the Nobel Prize for it.
The IDEA is simple:
You give a small loan to a poor person with a small idea (usual example: indian lady wanting to buy a sewing machine). That lady then repays the loan (without interest) using the income of the sewing machine, and can then support herself better. The lender keeps a database of the loan and repayment schedule, and if the lady doesn't pay back in time, she's not taken to the police, she's simply blacklisted to not receive any more money in the future.
The repayment rate is usually between 98-100%!!!!
These people take their loans seriously.
So what's Kiva? It's a website that takes this model to the next level, the INTERNET.
It lists thousands of loan seekers, and you can lend any of them using paypal! You get your money back over a certain time period.
Here's a video that tells the whole story:
A Fistful Of Dollars: The Story of a Kiva.org Loan from Kieran Ball on Vimeo.
Ever heard of Micro Financing?
It's somewhat like charity, but where you get your money back.
Mohammad Yunus started the whole thing with Grameen bank and won the Nobel Prize for it.
The IDEA is simple:
You give a small loan to a poor person with a small idea (usual example: indian lady wanting to buy a sewing machine). That lady then repays the loan (without interest) using the income of the sewing machine, and can then support herself better. The lender keeps a database of the loan and repayment schedule, and if the lady doesn't pay back in time, she's not taken to the police, she's simply blacklisted to not receive any more money in the future.
The repayment rate is usually between 98-100%!!!!
These people take their loans seriously.
So what's Kiva? It's a website that takes this model to the next level, the INTERNET.
It lists thousands of loan seekers, and you can lend any of them using paypal! You get your money back over a certain time period.
Here's a video that tells the whole story:
A Fistful Of Dollars: The Story of a Kiva.org Loan from Kieran Ball on Vimeo.



