Paying it Forward - Micro Credit with KIVA

[Alison]

I've just read about a wonderful organization called KIVA. I’d first heard about the concept of micro-credit after reading about the founder of the Grameen bank (Dr. Muhammad Yunus) who later was awarded the Nobel Peace Prize for his efforts to eradicate poverty. Then today I saw an article about KIVA. This organization prescreens entrepreneurs in 3rd world countries, and then posts their requests on the KIVA website for people to offer these mini- or micro credit loans. This is a way for all of us to help, from the comfort of our homes. They do not offer a return on your investment, and they do not guarantee there is no risk. However that's why being able to loan small amounts make it much more attractive from a North American point of view where $25 might be the equivalent of a week's worth of coffee. To the third world, $25 could mean the difference between losing a business or growing a business.

With as little as $25 (or as much as you like) to someone in a 3rd world country you can make a difference to someone who is trying to develop a new business or expand their existing one. The loan is typically paid back within 3 months. And this particular charitable organization KIVA has a pay-back rate of over 98% which is amazing. The neat thing is that you get to choose who you want the money to go to.

Kiva, the name of the organization, means "agreement" or "unity" in Swahili. Their website is http://www.kiva.org/. From our point of view as an organization, this is certainly something we wish to support, and as individuals, it lets everyone be part of a solution without ever having to leave home. Well done KIVA. (KIVA has previously been featured on the PBS show Frontline, October 2006).

Isn't this a great idea? :)