Have you ever heard about crowdfunding? Crowdfunding is commonly defined as the practice of funding a project or venture by raising monetary contributions from a large number of people.
In this article we will focus on the lending-based model, known also as microfinance, and especially on the Kiva platform.
Kiva was founded in 2005 by a group of passionate people aiming to change the world by alleviating poverty. It is based in San Francisco (California, United States) and has offices in Nairobi (Kenya).
How does it work?
Joining kiva is free and each member could loan a variable amount, starting from $ 25,00, to a choosen project. You can browse all the project posted on Kive and decide which one you want to lend to.
Two kind of loans are available: partner loans (in 80 countries) and direct loans (US only).
Most partner loans do involve borrowers paying the Field Partner some interest, because of the high cost of providing small loans in rural areas and developing markets.
When the loan is repayed (the borrower repays the field partner and the filed partner reapys kiva, then kiva repays you) you will receive your money back to your kiva account and you can decide to lend it to another project or to transfer the amount to your paypal account.
AIESEC is part of the change
AIESEC Alumni and members have created a lending team on Kiva and we encourage you to join us.
Since its creation on the 7th of September 2008 the AIESEC lending team counts 215 members, % 219,375.00 loaned, 8,333 loans ans 38.8 loans per member. The total amount loaned through kiva is $ 999,419,625… on the way to the 1 billion milestone.
We want increase our impact and help kiva reach $ 1 billion in change. Join the AIESEC team on Kiva today, be a part of that change!