Photo from left, local businessman Jan Nyquist, owner of Pipefusion and NyDock, presents a cheque being received by Rotarian Dolore Jardine who represents the club’s Kiva microlending initiative, and Rotary Club of Huntsville President Len Ross.
During the Rotary Club of Huntsville’s annual Christmas luncheon, those in attendance received an update on the Club’s current status with its Kiva program.
While not a direct Rotary program, the Rotary Club of Huntsville has been participating in Kiva microlending for fourteen years. As a lender, the Rotary Club of Huntsville is a long-time partner of Kiva, working together to advance greater access to financial services and help more deserving people to grow their businesses in an otherwise difficult financial climate.
Kiva Microfunds is a non-profit online lending platform, headquartered in San Francisco, California. Microfinance is considered to be a highly effective way to combat poverty in underdeveloped countries. Kiva’s mission is “to expand financial access to help underserved communities to thrive”. Kiva provides fair access to capital to create economic opportunity and financial stability for the borrowers and their families. The borrowers pay no interest rates on their loans. KIVA’s ability to leverage the power of technology and compassion has produced an impressive record of impact that has helped millions of entrepreneurs around the world.
The Kiva community has over 1.4 million lenders from 224 countries who have funded 1 million loans to nearly 2 million borrowers. Kiva repayment terms are anywhere from 6 months to 3 years, and repayments are made monthly. Borrowers can choose if they wish to pay off their loan faster or make a lower monthly payment.
Any individual or organization can become a lender. Simply register on Kiva.org, open up an account, and deposit an amount of funds, determined by the lender. The participant can then browse the many applicants, read their stories and their goals, and decide to support one or a number of entrepreneurs. Minimum investments are $25 but you are able to increase that amount if desired. You can then follow the progress of your investment as it is put to work and eventually repaid. While there is always risk the venture will fail, the borrower repayment rate for all loans is just under ninety-seven percent.
The Rotary Club of Huntsville’s focus, over the years, has been to support women entrepreneurs in underdeveloped or developing countries, rather than providing loans for personal financial assistance, such as home improvements, education, etc.
Some examples of recent lending include Emma from the Philippines who requested $275 to purchase food and personal care items to sell in her store. Esther in Kenya requested $475 for farm inputs to assist in maximizing her crop yield and Ablavi in Togo asked for a loan of $375 to assist her in building up her hair products inventory to sell in her shop. Club Kiva rep Dolores Jardine is always looking for new worthy recipients. “It’s so rewarding to read the stories of the applicants. It makes me realize how committed these people are to creating a better life for themselves, as well as reminding me how fortunate we are to enjoy the lifestyle we do”, said Jardine.
Emma from the Philippines
Esther from Kenya
The Rotary Club of Huntsville has invested over three thousand dollars in Kiva which has resulted in loans exceeding twenty-two thousand dollars, highlighting the impact of the same money being lent over and over again. The club has participated in six hundred and eighty-five loans in sixty-five countries
Local businessman Jan Nyquist, owner of Pipefusion and NyDock, was at the meeting to be recognized for his generous support during the recently held Rotary Christmas Auction. Following the presentation, Nyquist rose and stated how impressed he was with the Kiva program and offered to match the Club’s annual donation of $500 with a similar amount of his own. Following the meeting, a Club member’s brother who was at the meeting sent a donation of $100 and directed it to the Kiva organization. Between the club’s donation and these generous donors, an additional $1,100 will be invested in the near future to support new entrepreneurs. A win/win for all involved.
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