*** Welcome to piglix ***

Kiva (organization)

Kiva Microfunds
(also known as Kiva.org)
Kiva.org logo 2016.svg
Founded October 2005 (2005-10)
Focus Economic development
Location
Area served
World-wide
Method Microcredit
Key people
Employees
109
Slogan Loans that change lives
Mission "To connect people through lending to reduce poverty"
Website kiva.org

Kiva Microfunds (commonly known by its domain name, Kiva.org) is a 501(c)(3) non-profit organization that allows people to lend money via the Internet to low-income entrepreneurs and students in over 80 countries. Kiva's mission is “to connect people through lending to alleviate poverty.”

Since 2005, Kiva has crowd-funded more than a million loans, totaling nearly $950 million, with a repayment rate of between 98 and 99 percent. As of November 2013, Kiva was raising about $1 million every three days. The Kiva platform has attracted a community of well over a million lenders from around the world.

Kiva operates two models—Kiva.org and KivaZip.org. The former model relies on a network of field partners to administer the loans on the ground. These field partners can be microfinance institutions, social businesses, schools or non-profit organizations. KivaZip.org facilitates loans at 0% directly to entrepreneurs via mobile payments and PayPal. In both Kiva.org and KivaZip.org, Kiva includes personal stories of each person who needs a loan because they want their lenders to connect with their entrepreneurs on a human level.

Kiva itself does not collect any interest on the loans it facilitates and Kiva lenders do not make interest on loans. Kiva is purely supported by grants, loans, and donations from its users, corporations, and national institutions. Kiva is headquartered in San Francisco, California.

Kiva allows microfinance institutions, social businesses, schools and non-profit organizations around the world, called "Field Partners", to post profiles of qualified local entrepreneurs on its website. Lenders browse and choose an entrepreneur they wish to fund. The lenders transfer their funds to Kiva through PayPal, which waives its transaction fee in these cases. It is possible to pay by credit card through PayPal's website, even without a PayPal account, but a PayPal account is needed to withdraw funds. After receiving a user's money, Kiva aggregates loan capital from individual lenders and transfers it to the appropriate Field Partners, who then disburse the loan to the entrepreneur chosen by the lender. Even though Kiva itself does not charge interest on the loans, the Field Partners charge relatively high interest rates. Interest is typically higher on loans from microfinance institutions in developing countries than interest rates on larger loans in developed countries because of the administrative costs of overseeing many tiny loans, and the increased risk. As the entrepreneurs repay their loans with interest, the Field Partners remit funds back to Kiva. As the loan is repaid, the Kiva lenders can withdraw their principal or re-lend it to another entrepreneur.


...
Wikipedia

...