Tuesday, October 02, 2007

Loans that change lives

I just read about the following venture in Kiva Magazine, is a project that allows you to lend money to a struggling entrepreneur in a developing country in what we would consider small
amounts - as little as $25 in some cases.

There is no interest or any tax writeoff on it although the entrepreneur is supposed to pay it back eventually (usually in about 6-12 months). According to the magazine, they screen each entrepreneur to make sure they're credit-worthy. (There are no guarantees, of course).

I haven't started researching this yet but I found it intriguing. I've been reading about "microloans" for about a year now, in which people in poor countries trying to start a business often need really only a small amount to get started.

Check it out, what do you think? The cool part is is once you get your money back, you can re-invest it in someone else!

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