Microfinance: June 2008 Archives

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accion.jpgWhile at the Harmony Festival, I got a recurring question:  "What about microloans for companies in the US?"

After all, there are many areas - which are struggling - that could use credit (even a small amount).

Actually, this is what Accion International is doing (this is according to a piece in the Daily Herald).  For example, in Chicago, the average microloan is about $7,668, with an interest rate of 12.5%.  Some of the borrowers include:  a printer, jewelry store, hair salon and janitorial service.  What's more, a large percentage of them are immigrants.

So, click here to check out the article in the Daily Herald.

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babysealclub.jpgFor those of you have never been to a music festival in Northern California, it's hard to put it into words. You have the chance to meet unique people named, 'Noodle,' 'Crystal Head' and 'Bike Hugger.' You may even have a chance to take a 'Hippie Bath,' which I learned is a head to toe spritzing of, in my case, lavender scented holy water. If you are trying to set up a booth, don't depend on finding things very easily. There are good intentions and then there's good organization...and perhaps the two don't always go together.

That said, it was a fascinating experience and we learned a lot about how people respond to microcredit, in general, and Kiva and KivaB4B, in particular.

Our first takeaway was that people love Kiva...see my post 'To Know Kiva is to Love Kiva.'  Talking about KivaB4B and the co-branded card was easy with this group.

However, it wasn't as easy to bridge the gap between some of the other groups we encountered. For example:
  1. There were many folks who had heard of Kiva...they would say something like, "oh, yeah...I remember Kiva. I heard about them on Oprah." 
  2. Then, there were those who had heard of micro credit, but not Kiva.
  3. Finally, there were those who hadn't heard of either, but were pulled in by the 'helping entrepreneurs' message.
Talking about microcredit and Kiva was easy. We could actually invite people into the experience. However, finding a way to take that step to the credit card will take some creative thinking. 
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sheknows.jpgNancy Price is the cofounder of SheKnows.com (which got its start in 1999).  She is also a big-time Kiva fan.

For example, she has "helped buy cows in Azerbaijan, food in the Dominican Republic, clothing in Kenya and fund construction in Mexico."  And, of course, it was all from her computer.

Yet, as she notes, the process isn't impersonal.  Basically, on Kiva you can easily search for entrepreneurs and read the profiles.  When you make a loan, you'll also get periodic updates.

She also mentions that Kiva gets a lot of help from PayPal, Google and Yahoo! (such as in terms of processing and advertising).

So click here to check out her post.

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About this Archive

This page is a archive of entries in the Microfinance category from June 2008.

Microfinance: April 2008 is the previous archive.

Find recent content on the main index or look in the archives to find all content.

Microfinance: June 2008: Monthly Archives