Every so often comes a idea or an implementation that simply takes my breath away. Think iPhone, Google or Michael Jordan (alright, so he’s not an idea or implementation, but you get it).
And that’s how I see KIVA.
It’s described as a “person-to-person micro-lending website”. It simply means that you choose an entrepreneur or project, lend money, and get repaid within 11 months.
What I like about it is that you loan money to the people or projects that you really sympathise with; instead of getting guilt-tripped by 3 hour-long charity shows ala NKF, President’s Star Charity.
Also if you loan out $25 to say, a woman weaver in Laos, she’ll get all $25. And that’s a lot more than what most charity organisations can claim to do.
On the flip side, KIVA’s field partners –microfinance institutions with social missions (from FAQ) – charge the people or projects interest (up to 21%).
Source: Cool Tools
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