Paid back in full - Kiva Update
March 17, 2007 – 4:41 pmIf you're new here, I suggest you subscribe to my RSS feed. or bookmark this blog. You'll be able to easily keep up to date with new posts. Thanks for visiting!
Remember Kiva.org? Basically Kiva allows you to sponsor small business around the world (typically in third world countries) with microloans. It’s sort of the same premise as Prosper.com but you don’t charge interest on the loans. It’s basically charitable loaning in that you’re enabling people to accomplish their goals.
Back in November I decided to loan Alma Nelly Ruiz LLanas of Nuevo Leon, Mexico some money to purchase merchandise for her small business. The loan amount was $750, I only funded $25 because that was the max Kiva allowed at the time because of their explosive popularity.
Every month or so Alma would make a small payment and as of today, she has paid back all her lenders in full. I wouldn’t be too disappointed if she failed to repay me, after all it is charitable loaning.
However the best part in her paying me back isn’t having the money back. It’s that the money can be loaned out to another person to help them with whatever their business needs are. In my eyes the “money” is already donated so what I’m doing is putting it to work. Kiva hasn’t cleared the funds yet so until then I’ll have to wait to choose another small business prospect to give to. My lender page is here.
