Kiva Loans in the US? and Other Kiva News
January 11, 2009 2 CommentsKiva has been busy over the last few months with innovations, experiments, and announcements. In September the two big changes on the site allowed lenders (1) to access funds before the loan was repaid in full and (2) to create “lending teams” amongst affinity groups. (You can see ours here).
Recently Kiva announced a collaboration with Intel on something called the Small Things Challenge, which I posted in our microfinance news section. They are also experimenting with a Community Conference Call–akin to the conference calls that publicly traded companies offer for their shareholders.
Finally, and perhaps most exciting, Matt Flannery, Kiva’s CEO, mentioned in an interview with Nextbillion.net that they intend to begin facilitating loans to people in the US by March of this year. The model will remain the same as they will continue to work through local MFIs to administer the loans.
SeaMo is working on an event with Kiva in the near future, so stay tuned for details. I’ll leave you with Kiva’s short video that follows the money trail in microlending:
A Fistful Of Dollars: The Story of a Kiva.org Loan from Kieran Ball on Vimeo.
News and Commentary, Video
Ryan, This is so cool! I just sent a note to Kiva last month asking about US MFloans. Thanks for commenting on my blog. I’ll be sure to attend your event with Kiva next month.
Rachel Lyn
Ryan,
What an incredible video! It’s hard to imagine that just a couple of months ago the prospect of Kiva lending in the United States was just speculation! The video does an excellent job of showcasing just how powerful an online platform such as Kiva can be–it’s really inspiring.
Using that very same technology, ACCION USA has been able to partner with Kiva and offer reasonably priced loans to underfunded US small business owners who lack adequate access to financial resources. Many Kiva devotees have griped that by lending in the US Kiva betrayed it’s initial mission: to alleviate poverty. Yet as Kiva wisely acknolwedges, poverty is relative, and income deprivation is only one component.
Moreover, as the Cambodian borrower in the video expresses, once someone has joined the Kiva’s lending network they have entered into a special community. Lenders alike have risen to the challenge and ensured that even as domestic loans were funded, loans abroad were not neglected; June was a record month for foreign lending at Kiva.
AUSA believes passionately in the value of small business and accessible credit, having offered domestic microloans now for over a decade. With the ability to enrich communities, empower individuals, and increase economic opportunities, small businesses constitute a vital sector of our economy.
If you’re curious about the specifics of Kiva’s domestic lending program, please visit their blog. To learn more about ACCION USA’s operations, check out our online resources documenting the impact of our loans. Also please feel free to follow our blog and our twitter account (@ACCION_USA)!