Wednesday, June 10, 2009

Kiva Launches Online Microfinance in the United States

[Microfinance] -- United States

The website That Pioneered Online Microloans to Entrepreneurs in Developing Countries Now Brings Same Opportunity to U.S. Entrepreneurs in Partnership With Maria Shriver, First Lady of California

Kiva.org -- the world's first person-to-person micro-lending website -- has launched a pilot expansion in the United States, allowing individuals anywhere to make small loans to U.S. entrepreneurs through the Kiva.org website.

Kiva.org brings its global, online micro-lending platform to the United States at a financial tipping-point for many small businesses. Small businesses represent more than 87 percent of all businesses in the United States, and, on average, these microenterprises are responsible for 900,000 new jobs created per year.(1) Despite these statistics, more than 10 million business owners faced difficulty obtaining business capital -- even before the credit crisis and economic slowdown.

Beginning today on Kiva.org, through partnerships with local microfinance institutions ACCION USA and Opportunity Fund, individuals will be able to browse and lend to small businesses across the United States. Through Kiva's website (www.kiva.org), a loan of $25 can be made to support an entrepreneur, and the specific progress of the loan can be tracked, from initial funding to repayment. Upon receiving repayment, lenders can withdraw their funds or relend to another entrepreneur, thereby continuing the lending cycle.

"Most people think of microfinance as something that helps people in the developing world alone, but the impact of microfinance can be felt in any community that supports creative, industrious entrepreneurs," said Premal Shah, President of Kiva.org. "Kiva's micro-loan model is extremely relevant to low-to-moderate income, U.S. based entrepreneurs, especially given the current economic conditions which makes access to credit a very real problem. The Internet could become a significant source of community driven, low-cost capital for the everyday small business owner in the U.S., and Kiva.org is excited to expand its platform to the U.S. at a time when the need for such capital is greatest."

[Source] -- Marketwire


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Las Flores Group -- Kiva.org
Ayachucho, Peru

Loan request -- $188 loan / per entrepreneur


Donate here @ Kiva.org


The members of Las Flores Community Bank are from the Paltamarca community, in the Pachamarca Distrint, of the Churcampa Province. The Paltamarca community is located at 2800 M.S.N.M. For the most part, the population is engaged in farming activities. They produce corn and raise livestock.

Paulina is married and has seven children. Paulina has a store in her house where she sells general groceries. Paulina needs a loan for 400 PEN to buy groceries and plastic products. Paulina’s dream is for her children to become professionals.

Rufina is married and has five children. Rufina buys small animals and sells them in the different fairs. She also sells food and drinks. Rufina plans to use the loan to buy more products to expand her business. Rufina’s dreams are to expand her business and devote her time to fattening her animals.

Rosa is married and has seven children. Rosa buys and sells small animals and cheese. Rosa needs a loan for 200 PEN to buy a pig. Rosa’s dreams are to educate her children and to devote her time to fattening her animals.

Group Name: Las Flores Group
Group Members: Olga
Donitila
Julia
Julia
Paulina
Ignacia
Rosa
Rufina
Donatilda
Martha
Location: Ayacucho, Peru
Primary Activity: Retail
Loan Amount: $1,875.00
Loan Use: Buy rice, sugar, drinks, small animals and grain
Repayment Term: 9 months - View details below
Lenders Repaid:Monthly
Date Listed: Jun 8, 2009
Date Disbursed:May 30, 2009




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6 comments:

Shallie Bey said...

As a former venture capitalist, when I first heard of micro lending, I thought it was the silliest thing I could imagine. How could so little money make a difference?

Over the years, Micro Lending has proven itself as a tool for entrepreneurs all around the world. I have seen it work in Dallas Texas as well as it has worked in the farthest reaches of the globe. It is wonderful that more people will now have the opportunity to become entrepreneurs. And equally important, more people will get to know the joy that comes with being a venture capitalist, the chance to celebrate with people as you help them make their dreams come true.

Shallie Bey
Smarter Small Business Blog

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