How Kiva Makes Microfinance Transparent
By Joanne Fritz
Microfinance is not the easiest concept to understand for donors accustomed to writing a check to a traditional nonprofit. At least it wasn’t until we met Kiva, a wildly successful player in microfinance. Kiva has met the challenge of explaining microfinance to lender-donors.
On its homepage, Kiva’s header features a simple chart that immediately tells you what you can do, and how. Its tagline is direct: “loans that change lives.” And its mission statement is the soul of simplicity: “To connect people through lending for the sake of alleviating poverty.”
Kiva’s “How It Works” page says “Choose an Entrepreneur, Lend, Get Repaid.” The ensuing explanation consists of four simple points and an easy-to-grasp diagram that features photos of a real lender and a real entrepreneur.
Kiva is a great example of what more nonprofits should do, and can do. Even the smallest nonprofit, with the minimum of resources, could explain itself this directly and simply.
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Visit Kiva’s Profile for more information
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Many industries are affected by the present global economic crisis. This situation resulted to establishments of microlenders. Kiva is a an example of a microlender, a type of finance company that does things on the small scale using a type of loans called microloans. Microloans are small loans that are given to people in order to create their own industry or business, usually cottage type industry, and for the most part a lot of microfinance goes on in countries that are stricken with rampant poverty. Venturing into the U.S., where so many can get online loans, isn't the worst of ideas since the recession has hit the finance industry very hard. Microfinance has come into it's own over the last decade, and some charitable cash advances given through Kiva is a worthy cause.