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October 15, 2008
An over the top sucess: KIVA
I have a $234.56 credit over at KIVA. There are not enough loans to fund. Over 10,000 people last week made loans to over 1,500 entrepreneurs around the world. I have had 100% of my loans paid back. There is more money to lend than qualified entrepreneurs to borrow. A good problem to have if you are KIVA. Their challenge is to find more microlending partners to generate more loan requests. Not a bad problem to have. This is one marketplace that seems to be working VERY WELL. Lots of participation, very efficient, just need more product. There are lessons here for economic development on many levels. What if the government distributed economic development aid through a highly efficient organization like KIVA instead of loosing 30-40% to overhead and only funding large projects? The world would be a different place from the bottom up. That is the only way, in my experience, things work. From the bottom up. Teach the people to fish.
Posted by Martin at October 15, 2008 5:55 AM
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