Microfinance in the developing word: Kiva

In the past, we have blogged about the problems of microfinance in the US (Micro-finance, character loans, and discrimination). Stanford Magazine has a story about the start of Kiva.

Kiva has so many lenders—more than 123,000 extending $12.4 million to some 18,000 entrepreneurs in 39 countries—that it recently limited each participant to $25 per business, “so that everyone has a chance to make a Kiva loan.” After two years in operation, Kiva attracts $1.5 million a month, Matt says. The impact is bigger than it looks, notes Jessica, MBA ’07, because “each loan is touching 15 people, whether it’s other workers in the business, or family.”