“The Kiva B4B Project is based on the principle that the simple actions of few can change the world for many.” The new Kiva BusinessCard, the product of a partnership between Kiva and Advanta, is an exciting new program designed to help entrepreneurs Here help other entrepreneurs There. “Here” refers to the developed world – the US and Western Europe. “There” refers to the developing world – places like sub-Saharan Africa and rural Asia.
The B4B project is innovative and truly beautiful in its simplicity. Advanta cardholders (whether they have a Kiva BusinessCard or not) simply log onto Kiva.org and make a donation using their Advanta card. Advanta will then match that donation, dollar for dollar, up to $200 per month. As an added bonus, those entrepreneurs who make the loans get to keep the total amount that’s repaid.
So, if you were to donate $300 to a young mother in Nigeria to help her open up a grain shop, Kiva would match $200 of that donation to give the recipient a total of $500, which she is obliged to repay over time. Once the $500 has been repaid to your account, you can withdraw the funds, or re-lend to another developing world entrepreneur.
To date, Kiva.org has facilitated the lending of nearly $29 million to developing-world entrepreneurs. Over 280,000 individual lenders have participated, making nearly 42,000 individual loans. Lenders know their money is safe, as Kiva boasts a repayment rate of 99.68% (a default rate of only 0.32%).