Saturday, October 21, 2006

Kiva • p2p for good

Mohammed Yunus and his Grameen Bank won the Nobel Peace Prize some days ago. In the 1970's Yunus pioneered the use of micro-loans to give rural entrepreneurs in the developing world start-up capitol needed for their small businesses. Today exists several projects that offer microcredits, among them Kiva which is of special interest as it allows people like us to offer micro loans. The concept is as simpls as charming, Kiva's p2p network enables ordinary people to loan small sums of money through PayPal to needy individuals. As CNNmoney puts it: "If you've got 25 bucks, a PC and a PayPal account, you've now got the wherewithal to be an international financier."

Esther Asekenye pictured here is one of many businesses seeking support on the kiva page:Asekenye Esther is a married lady with three children and three other dependants. She deals in sewing women and children’s clothes and she also sells new pieces of clothes (mostly using kitenge material made out of cotton). She sells to ladies who come to buy from her and she makes them right there for them to satisfy their specific needs. She has a passion for fashions and designs. She is a very hard working lady and a qualified tailor. She operates her business in Mbale town and it has successfully been operating for four years now.

She began her business with the capital she received from selling her grandaunt, cassava and rice, which she had planted with that motive, which enabled her to purchase a sewing machine and also purchase some pieces of materials for sale. She has received many customers, especially women, and she gets good profits and her turn over is not so bad. The A-tier she makes is one of the most decent (modern) fashions that ladies wear, especially in Mbale and Uganda at large.

She is requesting a loan worth $500, to expand and boost up her business by purchasing more materials. She also wishes to add on more sewing machines so she is able to earn more profits for helping her family to meet some of their demands and also pay fees for the orphans who stay with her.
$250 have been loaned so far.

kudos to sum1 for bringing back kiva to our mind

Daily Kos has some more about Kiva

1 comment:

Ziomal said...

Very nice! I like it. carle foundation hospital

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