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Financial Happenings Blog
Thursday, May 29 2008

Last November we transferred our client referral program over to support the work done by KIVA - a micro-lending agency.  For every new client that comes to us thanks to the referral of a current client we add an extra $50 into the account we hold with KIVA.  From this account we are able to loan funds to small business enterprises in struggling areas ofthe world.

Our first loan of US$300 has recently been paid back by Tik Yun, a 60 year old female farmer from Cambodia.  We have added another $50 thanks to a recent referral and have today placed another loan with a village bank in Khsom Village, Cambodia.

The bank consists of twenty-nine members. Mrs. Ly Chan is the Village Bank President. She is a 38-year-old married woman with four children, all of whom are studying in state school. Her husband, Mr. Sopha Mao, is a farmer in the local village.

She is a fish-seller, so she buys fish to re-sell in the village. Her business is doing well, but she would now like to expand the business. Unfortunately, Mrs. Ly Chan has insufficient money to purchase more fish; thus, Mrs. Ly Chan is requesting a loan for this purpose.

If you would like to find out more information please go to Our Lending Page hosted on Kiva's website. 

If you would like to know a little more about how KIVA works take a look at the following summary of what KIVA does our go to their website -

Kiva's mission is to connect people through lending for the sake of alleviating poverty.

Kiva is the world's first person-to-person micro-lending website, empowering individuals to lend directly to unique entrepreneurs in the developing world.

The people you see on Kiva's site are real individuals in need of funding - not marketing material. When you browse entrepreneurs' profiles on the site, choose someone to lend to, and then make a loan, you are helping a real person make great strides towards economic independence and improve life for themselves, their family, and their community. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates and track repayments. Then, when you get your loan money back, you can relend to someone else in need.

Kiva partners with existing expert microfinance institutions. In doing so, we gain access to outstanding entrepreneurs from impoverished communities world-wide. Our partners are experts in choosing qualified entrepreneurs. That said, they are usually short on funds. Through Kiva, our partners upload their entrepreneur profiles directly to the site so you can lend to them. When you do, not only do you get a unique experience connecting to a specific entreprenuer on the other side of the planet, but our microfinance partners can do more of what they do, more efficiently.

Kiva provides a data-rich, transparent lending platform. We are constantly working to make the system more transparent to show how money flows throughout the entire cycle, and what effect it has on the people and institutions lending it, borrowing it, and managing it along the way. To do this, we are using the power of the internet to facilitate one-to-one connections that were previously prohibitively expensive. Child sponsorship has always been a high overhead business. Kiva creates a similar interpersonal connection at much lower costs due to the instant, inexpensive nature of internet delivery. The individuals featured on our website are real people who need a loan and are waiting for socially-minded individuals like you to lend them money.

We encourage you to take a look at this great enterprise.

Scott Keefer

Posted by: Scott Keefer AT 07:50 am   |  Permalink   |  Email
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