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-   -   I Just Did the Coolest Thing! (https://www.apostolicfriendsforum.com/showthread.php?t=13299)

Sherri 03-15-2008 03:52 PM
I Just Did the Coolest Thing!
 
I just invested $200 on Kiva.com - a website where people (like me) can loan small amounts to struggling entrepreneurs in other countries. I just loaned $50 each to three women in Tanzania and one in Uganda, with businesses ranging from charcoal sales to catering. When the money is repaid, in 10-12 months, I can either take the money back or reinvest it in other people. A young couple started Kiva in 2004 and it has become a huge micro-loan company done totally through the internet.

So many people in these countries cannot get conventional loans because they have no collateral or no previous history. Try to imagine a sheepherder, carrying a traditional spear and dressed in a red plaid blanket, going into a bank and asking for money. Not happening! But they can get online and apply for a business loan and be funded by several people more forunate. What a great idea!! Wish I'd thought of it!

StillStanding 03-15-2008 03:56 PM
Re: I Just Did the Coolest Thing!
 
Quote:
Originally Posted by Sherri (Post 415266)
I just invested $200 on Kiva.com - a website where people (like me) can loan small amounts to struggling entrepreneurs in other countries. I just loaned $50 each to three women in Tanzania and one in Uganda, with businesses ranging from charcoal sales to catering. When the money is repaid, in 10-12 months, I can either take the money back or reinvest it in other people. A young couple started Kiva in 2004 and it has become a huge micro-loan company done totally through the internet.

So many people in these countries cannot get conventional loans because they have no collateral or no previous history. Try to imagine a sheepherder, carrying a traditional spear and dressed in a red plaid blanket, going into a bank and asking for money. Not happening! But they can get online and apply for a business loan and be funded by several people more forunate. What a great idea!! Wish I'd thought of it!
As long as you're OK with it if the money isn't returned, this is a great idea!

I wouldn't add this to an investment portfolio! :D I would think of it as a donation, which may give you a return!

Sherri 03-15-2008 04:00 PM
Re: I Just Did the Coolest Thing!
 
Quote:
Originally Posted by Pianoman (Post 415268)
As long as you're OK with it if the money isn't returned, this is a great idea!

I wouldn't add this to an investment portfolio! :D I would think of it as a donation, which may give you a return!
Absolutely! There are no guarantees. However, it seems to have a good success rate. I love to give to people in Africa, but this concept seems to make them into businessmen rather than beggars. They take resonsibility for the money.

StillStanding 03-15-2008 04:09 PM
Re: I Just Did the Coolest Thing!
 
Quote:
Originally Posted by Sherri (Post 415269)
Absolutely! There are no guarantees. However, it seems to have a good success rate. I love to give to people in Africa, but this concept seems to make them into businessmen rather than beggars. They take resonsibility for the money.
Great! It's like teaching them to fish instead of expecting others to feed them!

A_PoMo 03-15-2008 04:11 PM
Re: I Just Did the Coolest Thing!
 
The micro-loan thing is an awesome idea and a way average folk can be global in their ministry efforts. Rob Bells' church has a micro-loan bank that does this sort of thing that I think is pretty cool.

crakjak 03-15-2008 04:17 PM
Re: I Just Did the Coolest Thing!
 
Quote:
Originally Posted by Pianoman (Post 415268)
As long as you're OK with it if the money isn't returned, this is a great idea!

I wouldn't add this to an investment portfolio! :D I would think of it as a donation, which may give you a return!
Actually, this business is thriving in several third world countries, and are fairly successful.

RandyWayne 03-15-2008 04:21 PM
Re: I Just Did the Coolest Thing!
 
I saw a story on this about a year ago and the idea sounds great. These are REAL loans (that are expected to be repaid) and although they are also considered very risky, the repayment %'s have been pretty good so far.

Ron 03-15-2008 05:58 PM
Re: I Just Did the Coolest Thing!
 
Quote:
Originally Posted by Sherri (Post 415266)
I just invested $200 on Kiva.com - a website where people (like me) can loan small amounts to struggling entrepreneurs in other countries. I just loaned $50 each to three women in Tanzania and one in Uganda, with businesses ranging from charcoal sales to catering. When the money is repaid, in 10-12 months, I can either take the money back or reinvest it in other people. A young couple started Kiva in 2004 and it has become a huge micro-loan company done totally through the internet.

So many people in these countries cannot get conventional loans because they have no collateral or no previous history. Try to imagine a sheepherder, carrying a traditional spear and dressed in a red plaid blanket, going into a bank and asking for money. Not happening! But they can get online and apply for a business loan and be funded by several people more forunate. What a great idea!! Wish I'd thought of it!
Sounds like a neat thing to do.
I echo Pianoman in that if you don't expect a return, consider it a donation instead.

Kudos to you for giving to others!!:thumbsup

Elizabeth 03-15-2008 06:59 PM
Re: I Just Did the Coolest Thing!
 
Quote:
Originally Posted by Sherri (Post 415266)
I just invested $200 on Kiva.com - a website where people (like me) can loan small amounts to struggling entrepreneurs in other countries. I just loaned $50 each to three women in Tanzania and one in Uganda, with businesses ranging from charcoal sales to catering. When the money is repaid, in 10-12 months, I can either take the money back or reinvest it in other people. A young couple started Kiva in 2004 and it has become a huge micro-loan company done totally through the internet.

So many people in these countries cannot get conventional loans because they have no collateral or no previous history. Try to imagine a sheepherder, carrying a traditional spear and dressed in a red plaid blanket, going into a bank and asking for money. Not happening! But they can get online and apply for a business loan and be funded by several people more forunate. What a great idea!! Wish I'd thought of it!
Wow, I am glad someone thought to do something like this.

Gives people hope! I think this is something Keith and I would like to look into as well.

Cindy 03-15-2008 07:23 PM
Re: I Just Did the Coolest Thing!
 
Sherri that is great. Better than Oprah.


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