Friday, October 5, 2012
This evening I got a notice from Kiva, the organization I've been using to participate in microloans around the world. The notice gave me the details of the repayments that had been made on the loans I've previously made. I was thrilled to see that all 5 of my loans are repaying on schedule. When the money gets repaid, I can use that credit to reduce my outstanding position, or I can re-lend that money toward another loan. That's, in fact, what I decided to do.
I made a loan to a woman in the Philippines who is working hard to support her family of 7 children. She has 2 jobs: she has a general store and she also has a motorcycle transport business. For her transport business, she's borrowing money to buy spare parts. She's trying to get $500 which she'll then pay back on a monthly basis. I was happy to be a participant in that loan along with a number of other lenders.
Every time I go to the Kiva site I get excited. It's such an amazingly simple way of aggregating small amounts of funds from lots of different generous people in order to make a meaningful difference in the lives of strangers in poor countries across the world. These are people who are working hard to support themselves and their families and simply need a little assistance. Assistance that will be repaid as well! For as little as $25, any of us can help people to help themselves. How great is that?!