Meet Pendo Luisi. Pendo borrowed $175 from Kiva on November 22, 2007 in hopes to open a café in Dar es Salaam, Tanzania. Less than one year later, she paid her loan back in full and her café continues to thrive to this day.
Over the years, there have been millions of intense debates, common round table discussions and serious research being done in hopes to find resolutions for individuals around the globe who are financially lacking and unable to enhance their lives. Two passionate and extremely creative individuals, Matt Flannery and Jessica Jackley, frequently discussed the topic of entrepreneurship along with serious talk of trying to alleviate poverty. In 2004, the determined couple created and began working on a valuable project called Kiva.
“Kiva’s mission is to connect people, through lending, for the sake of alleviating poverty.”
Kiva thrives to empower individuals to lend to an entrepreneur across the world. By combining microfinance with the internet, Kiva is creating a global community of people connected through lending. Kiva’s founders believe: “people are by nature generous, and will help others if given the opportunity to do so in a transparent, accountable way; the poor are highly motivated and can be very successful when given the opportunity; by connecting people we can create relationships beyond financial transactions, and build a global community expressing support and encouragement of one another.”
Microfinance is a general term to describe financial services to low-income individuals of to those who do not have access to typical banking services. The idea to microfinance is to help encourage individuals by giving them the change to overcome poverty through their own personal efforts.
To date, Kiva has loaned approximately $168,203,825 to enthusiastic individuals who hope to begin their own businesses. Another remarkable percentage is the refunded amount of money back to the lenders from the loaners of over 98%. John S. Johnson, writer for The Huffington Post, commented, “Kiva.org allows people the very American satisfaction of both helping someone and getting their money back.”
Former President Bill Clinton informed and motivated other Americans to look into the powerful effects of Kiva by stating, “If you look at Kiva.org, people with a very modest amount of money can make a huge positive impact all around the world. There are so many people who want to give but don't really know how to do it. Through Kiva.org, people around the world can become micro-bankers to developing world entrepreneurs, who have their own ideas, so we can give them a chance to raise their kids with dignity, send their kids to school, and in troubled places like Afghanistan we can marginally increase the chance that peace can prevail, because people will see there is a positive alternative to conflict.”
By visiting Kiva.org, you can find more information on the installation of Kiva and how they have not only helped alleviate poor individuals but also aided in alleviating poverty across the world. On their website, you are able to search through a list of people requesting money for certain entrepreneur projects and are able to select whoever catches your eye. Also on the website is more information on becoming a Kiva supporter or partner. Help support the journey to minimize poverty. It is simple! LEND!
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