Thursday, August 16, 2007
IE Tip 42: KIVA: Loans That Change Lives
Entrepreneurs know how hard it is to start, much less sustain a business. Help a fellow entrepreneur through KIVA, which directly connects you to an entrepreneur in a developing country. First, a lender picks a business and makes a loan using their credit card. KIVA transfers the funds to local partners, which distributes the loans to each business. Over time, the partner collects repayments and updates KIVA on the status of the business. Funds are then returned to the lender, who can withdraw the money or relend to another business.