2007 Economic Development Award Laureate
Kiva.org
| Laureate Country: United States |
| Project Country: Over 30 countries worldwide |
| Website: http://www.kiva.org |
| Video: 2007Videos/kiva.mov |
Kiva.org technology enables person-to-person lending from the developed world to the developing world.
Many low-income people have good business plans, but no access to funds to make them a reality. Loans are unavailable to people without collateral, or come with exorbitant interest rates.
Kiva.org's online platform allows people to browse profiles of entrepreneurs in the developing world, and commit as little as $25 to their loan proposals. Funds are aggregated and distributed by local microfinance institutions. Lenders keep track of the recipients' success through their online journals. The system personalizes microfinance, so investors truly see how an affordable loan empowers someone to support themselves and their families.
