Sunday, March 22, 2009

Kiva Loaning Money To Overseas Entrepeneurs

Often when we hear the term "entrepreneur" we think of a young/youngish get up and go men or women, we imagine them on their computers with their mobile phones making deals and starting businesses from scratch. Well that's a reality for entrepreneurs in the western world but there are others with just as much drive but not as much good fortune such as those in countries starting small farms or sewing shops to help feed their family or send their children to school.
A fabulous organisation that I heard about on Oprah is called "Kiva". What they do is they have a website that invites people from around the world to act like mini banks by loaning money. What you can do is provide small loans to 1 of the 100's of people on the site and they pay you back. They have detailed descriptions of the person you would lend your money to, what it is for and how they pay it back. Loans can be as little as $25. Its an incredible organisation and amazing to see different people and what they want the money for. Obviously these people would never be able to loan from a traditional bank as they are very poor but nonetheless hardworking and just need some help. The loan is normally repaid in monthly preagreed payments and over 85% are paid back in full. Check it out its a heart warming experience.

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