In the two years since it’s founding, as of this September, Kiva has distributed $11 million dollars in the form of 17,000 microloans to entrepreneurs in developing countries.
It took Kiva.org just over a year to lend out their first million but they’d lent their second only a month later. The average size of a Kiva microloan is $649.63 and their repayment rate is and astonishing 99.59%.
Kiva partners with 64 microfinance lenders in 37 different countries. Through the site, lenders can make loans of as little as $25, money is then transferred to the partner organization to be distributed and to follow up on the loan. Kiva.org is the only site that PayPal has waived it’s usual fees for.
Unlike other microfinance sites, Kiva does not charge interest on their loans so they are truly running a charitable program. Unlike conventional charitable donations however, the vast majority of investors at least get their money back. It seems like this idea is one that people can get behind. After the site was featured on ABC World News Tonight, the site got 1,000 new members and $100,000 in contributions overnight. What other charity gets growth like that?
I got my info from this article on ReadWriteWeb: http://www.readwriteweb.com/archives/kiva_11_million_in_loans_to_developing_nations.php