Small Loans, Big Help

Ellsie in Samoa, Dionicio in Ecuador and Ilham in Azerbaijan. These are three of the many entrepreneurs from Third World countries that have received loans from the likes of Fred Bursch (these are 3 of the 5 men and women Fred has helped) through the non-profit Kiva. At today's meeting, Fred explained how Kiva works and his positive experience as a micro-lender.

Swahili for 'unity' or 'agreement', Kiva was founded by 2 Stanford alums and lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can "sponsor a business" and help the world's working poor make strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you've sponsored. As loans are repaid, you get your loan money back. To date, Kiva members have lent nearly 21 million dollars with a default rate around .15%.