Entrepreneurs Helping Entrepreneurs

futurethink Kiva B2B

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%).

To learn more, visit Kiva.org and the Kiva B4B Project.

[via PSFK]

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