Helping Other Entrepreneurs Earn A Better Life
Put your money where your mouth is.
OK.
After a great discussion about the power of microcredits and microloans I decided to find some worthwhile causes at Kiva.org.
Kiva.org allows you to donate small amounts of money to entrepreneurs and business owners in need around the world. At this moment, most of the opportunities are in Bulgaria, Azerbaijan and Togo. I’m guessing it’s because the loan partners (i.e. credit unions, funds, etc.) that support and manage the loans in those countries are the most active with the project.
These entrepreneurs need the money. They’re trying to improve restaurants and clothing shops, buy some cattle or a piece of farmland, or buy equipment to help their business. These are such small things for so many of us. And most of the people are working their tails off to put their kids through school or just feed them decent meals.
Kiva.org works. They have a huge rate of return on the loans, most of which get paid back in 12-18 months.
I’ve just made a very small loan to Kossi Joseph KOTSI, a carpenter in Togo, Africa. Kossi has already received one loan in the past, which he repaid, and that allowed him to open up his workshop, which he named, “Aimons la Vie” (translated: “Let’s Love Life”.) As a result of opening his workshop, Kossi was able to help his wife get training as a hairdresser. He requested a $1,500 loan for new equipment, materials and to open a hairdressing salon for his wife.
I’m hoping once Kossi gets the money and gets rolling he’ll post updates on the Kiva.org website (or the loan partner, Microfund Togo will) so we can track his progress. And if there’s any information to share with you, I’ll do so.
I plan on making further loans so I can get a bigger sense of how microcredits and microloans work and their efficacy.
Tags: b5biz, kiva, kiva.org, microcredits, microloans, Social EntrepreneurshipPOSTED IN: Entrepreneurship, Social Entrepreneurship
6 opinions for Helping Other Entrepreneurs Earn A Better Life
Scot Herrick
Jan 4, 2007 at 3:30 pm
Ben,
What an incredibly smart idea and thing to do to help others.
Thanks for giving us the information to go help as well.
I’m going there now.
Scot
Ben Yoskovitz
Jan 4, 2007 at 4:18 pm
Scot - thanks. I hope it helps others participate at Kiva (or bring any similar sites/services to our attention.)
And let me know if you participate - we can feature your loans and entrepreneurs of choice here…
Greg Balanko-Dickson
Jan 5, 2007 at 9:45 pm
This is a great way to fight poverty one entrepreneur at a time. If anyone has direct experience with this organization, I would appreciate hearing from them - I am in the process of planning a World Tour and am on a March to Impact a Million Entrepreneurs.
In the spirit of that goal, I will donate $3.00 from the sale of any one of my two books to an entrepreneur at Kiva.org.
If you can help me get the word out that would be greatly appreciated.
startupspark.com - A Quick Microloan Kiva Update and Special Book Offer from Greg Balanko-Dickson
Jan 9, 2007 at 8:19 am
[…] Last week I loaned a small amount of money through Kiva.org to Kossi Joseph KOTSI so he could purchase more equipment and supplies for his workshop, and help his wife start up a hairdressing salon. Kossi lives in Toga, Africa. This type of loan is called a microloan or microcredit. […]
startupspark.com - Join the Live Talkathon for Kiva on March 18th
Mar 13, 2007 at 2:15 pm
[…] One organization that helps promote the idea is Kiva - and back in January, I used Kiva to loan some money to Kossi Joseph KOTSI, a carpenter in Togo, Africa. […]
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