Web 2.0 now enables YOU to become an arm chair microlender! You can provide small loans (as little as 5!) to entrepreneurs around the world to help them set up viable businesses. Kiva works through local partners to ensure projects are legitimate.
The process is simple - YOU pay online with your credit card, Kiva channel money to the entrepreneur through the local partner, local partners collect payments and transfer it to Kiva, YOU get your money back and can choose to withdraw of reinvest. Typical loan cycles are 6-12 months. Kiva is very user-friendly and allows you to set up a profile and portfolio. You also get updates about the businesses you invest in.
Kiva has been operational for just a year but the numbers are impressive - 20,000 entrepreneurs, USD 13 million in loans and 130,000 lenders! Now the likes of Clinton and Oprah are talking about it.
The only downside is Kiva's limited geographic reach. For instance, Azerbaijan is the only Asian country that has entrepreneurs listed in it. I am hoping to see Bangladesh in there soon!
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