|THE OPRAH WINFREY SHOW|
Make a Difference
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Matt and Jessica Flannery Started KIVA
Matt and Jessica Flannery were newlyweds working in East Africa when they came up with the idea for Kiva. According to Matt, $10 million in loans have been made through the organization—and 99.7 percent of the money has been repaid!
Matt says it takes about 1.5 days for the average entrepreneur to receive funding for a project through the website. "We use PayPal, who provides us free payment processing," he says. "People loan through PayPal through Kiva, and we wire that money directly to the field partner that gives it to the entrepreneur." Learn more about www.kiva.org.
Jessica says she and Matt were first inspired by seeing entrepreneurs in East Africa doing great things with their families with small amounts of money. "It's their shot. And they just soar. They take it and they run with it," she says. "So to see so many borrowers, to know that that's happening with thousands of individuals because of Kiva, but also to know that other people can be connected and participate in the stories the way that we were."
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KIVA(WHAT WE DO)
We let you loan to the working poor
Kiva lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can "sponsor a business" and help the world's working poor make great strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you've sponsored. As loans are repaid, you get your loan money back.
We partner with organizations all over the world
Kiva partners with existing microfinance institutions. In doing so, we gain access to outstanding entrepreneurs from impoverished communities world-wide. Our partners are experts in choosing qualified borrowers. That said, they are usually short on funds. Through Kiva.org, our partners upload their borrower profiles directly to the site so you can lend to them.
We show you where your money goes
Kiva provides a data-rich, transparent lending platform for the poor. We are constantly working to make the system more transparent to show how money flows throughout the entire cycle. The below diagram shows briefly how money gets from you to a third-world borrower, and back!