SAN FRANCISCO, CA -- 11/13/07 --
This year, give someone the opportunity
to truly change the life of a person living in poverty in the developing
world. Kiva.org, the world's first microlending website, lets individuals
purchase gift certificates for friends and family, allowing them to make a
loan directly to a developing world entrepreneur.
"A Kiva.org gift certificate is much more than a gift -- it's the start of
a very positive cycle of loaning to a deserving entrepreneur, getting paid
back and loaning again," said Matt Flannery, CEO and Co-Founder of
Kiva.org. "We have seen so many lives changed by what we might consider a
tiny loan in this country." President Clinton, who features Kiva.org in
his new book, "Giving," said, "Through Kiva.org, people around the world
can become micro-bankers to developing world entrepreneurs, who have their
own ideas, so we can give them a chance to raise their kids with dignity,
send their kids to school, and in troubled places like Afghanistan we can
marginally increase the chance that peace can prevail, because people will
see there is a positive alternative to conflict."
How it works
Kiva.org gift certificates are easily purchased on www.kiva.org in
multiples of $25. Once received, the gift recipients go to www.kiva.org,
redeem their gift online and then choose an entrepreneur to lend to, such
as Damaso Clares of Bolivia, who needs $600 to buy a dairy cow, or Judith
Mumbo of Kenya who needs $175 to purchase a machine for her candle-making
business. Lenders then choose the amount they would like to contribute to
the loan, starting at $25. Throughout the course of the loan (typically 12
months) lenders receive email updates on repayments made and the progress
of the business. When the loan is repaid, the funds are returned in full
to the lenders -- the ultimate recycling of money!
Why Lend
Kiva Lenders are attracted to the personal connection they feel with the
entrepreneur whose business they have invested in, and the feeling of
mutual respect and dignity encouraged through lending rather than donating.
Ann, a lender from Seattle, said: "This was my opportunity to invest in
someone else's dream. It's rewarding to know that you don't have to give
much to make a huge difference in someone's life."
Lenders even find themselves "addicted" to the Kiva.org website, watching
their portfolio of investments grow as loans are repaid, reloaned and new
loans added. Kiva Lender Steve, of Illinois, compares his Kiva portfolio
to his personal banking investment portfolio: "Conventional investment
wisdom is to have a diversified portfolio of investments; this was the
first time I considered emotional rewards as something I could expect
besides the occasional dividend. It certainly is habit-forming." More
testimonials can be found on the Kiva.org website.
Since its launch in Q4 2005, more than $14 million has been loaned by
140,000 Kiva Lenders to 22,000 entrepreneurs in 37 countries through
Kiva.org. The organization has been covered by "The Oprah Winfrey Show,"
"The Today Show," The New York Times, PBS, ABC World News, CNN, Time,
BusinessWeek, and the BBC, among others.
About Kiva.org
Kiva.org (www.kiva.org) is the world's first person-to-person micro-lending
website, empowering individuals to lend directly to an entrepreneur in the
developing world. Founded in 2004 by Matt and Jessica Flannery, Kiva.org's
mission is to connect people, through lending, to alleviate poverty.
Kiva.org currently connects lenders in more than 50 countries with
entrepreneurs in 37 developing countries, through 65 microfinance partners.
Kiva.org is headquartered in San Francisco.
CONTACT:
Fiona Ramsey
Kiva.org
(415) 358-7515
Email Contact
