"Should've Been A Cowboy"

Wednesday, September 05, 2007

Loaning Money To A Man In Ecuador

a few times of the past year, and a couple of time recently on TV, i've heard about kiva.org. here is a description of kiva from its very own website.

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.

today i decided to join kiva and loan $25 to a man in ecuador. his name is edmundo cantos. edmundo is 41. he has two children who attend school. his house is of mixed construction styles, and his family life is stable. his goal is to advance his business to ensure that his children get a good education. edmundo and his wife run a shoemaking business, and currently they manufacture only sandals. they have had this business for two years, and they have dedicated a part of their home to the business. edmundo needed $650 to to buy raw materials so as to increase the amount of goods he can merchandise. also, he plans to use part of the loan to fix up his workshop that is in need of repairs. after reading edmundo's profile and seeing his photo, i was sold. i click a few buttons and $25 was on its way to edmundo. it felt like a bonus to know that my $25 was the final $25 edmundo needed to reach his loan goal of $650. on top of that he plans on repaying the loan within a six month period. which means my $25 will be ready to be lent to another person in less than a year.

kiva loans have a 99.7% repayment rate (much higher than my former roomates). so i'm quite confident the money will make its way back into my kiva account. i plan on adding more money to my kiva account later this month so that i can give other families a loan that will help them achieve their business goals and better their quality of life. this really is an awesome concept and invite you to join me in this crusade to better this world we live in.


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