As I mentioned a couple weeks ago, I was really inspired by Dawn’s post about Kiva. I was signed up, but wanted to loan to someone in Vietnam and none were available at that time. Apparently, the site will email you if you’ve not been on for a while, because I got a “Please come back” email this morning and followed the link back. I figured I’d check to see if there were any Vietnamese loans available, but I wasn’t holding my breath. Lo and behold, there were about 8 or 10 this morning in various stages of financing. I’ve been watching it all day, waiting until I’d put money on my card before selecting someone. Let me tell you! These loans go fast! By the time I’d gotten back from Wal-mart (I load a prepaid card there), there were 5 loans left. I want to do one more in Maggie’s name, but have to wait for her to come back from walking her friend home.
So here is who I’ve loaned to, and I’m so excited about it!
Mỵ Đặng Thị operates a family member’s general store selling school products such as pencils, pen and notebooks in her community. Mỵ is a 52-year-old woman living in the town of Đông Anh – Hà nội. She is married and has three school-age children. Mỵ has been in her business for over 10 years and earns approximately 2.000.000 dong (VND) a month. (That’s $108.53 a MONTH, USD)
In 2006, Mỵ joined SEDA to gain access to financial services to help improve her living conditions and enable her to engage in business activities. Mỵ has successfully repaid a previous loan of 4.142.000 VND from SEDA which was used to invest in expanding the business. She is now requesting a new loan of 5.014.000 VND which will be used to invest in expanding the business. This will be her fifth loan from SEDA. Mỵ plans to use the additional revenue to pay for the tuition fees of her children.
Mỵ is the leader of a 5 member group accessing a loan offered by SEDA. While each member of the group receives an individual loan, they all are responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. The official name of this borrowing group is Tiên Hội (2).
About the Other Borrowers in the Group:
1. Đỗ Thị Tân is a 47-year-old woman who is requesting a 5.014.000 VND loan to support her clothing business.
2. Lê Thị Tý is a 42-year-old woman who is requesting a 5.014.000 VND loan to support her business in the services sector.
3. Trần Thị Vịnh is a 52-year-old woman who is requesting a 5.014.000 VND loan to support her business raising livestock.
4. Lương Thị Hải is a 45-year-old woman who is requesting a 5.014.000 VND loan to support her business running a food stall.
The mission of SEDA (Center of Small Enterprise Development Assistance) is to provide microfinance services to low income and disadvantaged people in rural areas of Hanoi and the northern provinces of Vietnam.
Silly me found out I could’ve just used my PayPal account and not had to wait for the credit card… der! But then I might not have picked this group, so maybe this was the way it was meant to be.
After I checked out and everything, Kiva offered to email the following to my address book for me, hmm.. how nice? a bit spammy… I passed on this service. I’ve already invited everyone in my address book to join Kiva.
I just made a loan to someone in Viet Nam using a revolutionary new website called Kiva (www.kiva.org).
You can go to Kiva’s website and lend to someone across the globe who needs a loan for their business – like raising goats, selling vegetables at market or making bricks. Each loan has a picture of the entrepreneur, a description of their business and how they plan to use the loan so you know exactly how your money is being spent – and you get updates letting you know how the entrepreneur is going.
The best part is, when the entrepreneur pays back their loan you get your money back – and Kiva’s loans are managed by microfinance institutions on the ground who have a lot of experience doing this, so you can trust that your money is being handled responsibly.
I just made a loan to an entrepreneur named Đặng Thị Mỵ’s Group in Viet Nam. They still need another $1,175.00 to complete their loan request of $1,375.00 (you can loan as little as $25.00!). Help me get this entrepreneur off the ground by clicking on the link below to make a loan to Đặng Thị Mỵ’s Group too:
It’s finally easy to actually do something about poverty – using Kiva I know exactly who my money is loaned to and what they’re using it for. And most of all, I know that I’m helping them build a
sustainable business that will provide income to feed, clothe, house and educate their family long after my loan is paid back.
Join me in changing the world – one loan at a time.
‘An inexpensive feel-good investment opportunity…All loaned funds go directly to the applicants, and most loans are repaid in full.’
– Entrepreneur Magazine
What others are saying about www.Kiva.org:
‘Revolutionising how donors and lenders in the US are connecting with small entrepreneurs in developing countries.’
‘If you’ve got 25 bucks, a PC and a PayPal account, you’ve now got the wherewithal to be an international financier.’
– CNN Money
‘Smaller investors can make loans of as little as $25 to specific individual entrepreneurs through a service launched last fall by Kiva.org.’
– The Wall Street Journal
I did, however, paste that to my facebook… LOL. So everyone THERE got spammed.
Mags just came back, I showed her Kiva, signed her up for her own account on it, and then showed her the Vietnamese loans available. The funny little bugger picked the same group as me. I told her the $25 loan was part of her birthday present, which is on February 11th.
Question I asked Maggie, “How do you feel knowing that you’ve just loaned money to a family in Vietnam who are going to use that to expand their business and pay for their kids to go to school?”
Answer: I feel kinda proud :-)
Question: How do you feel that the family lives in Vietnam, as opposed to loaning to someone in South America?
Answer: I like it because my daddy’s country.
Question: What are you going to do when they pay the money back?
Answer: I want to buy toys for their kids, and presents for them, but I don’t know where to send it.
Ooookay, not the answer I was expecting, exactly… lol… but she does understand that she can either re-invest her $25 into a new loan, or cash out.
Filed under: Random | Tagged: Kiva, microlending, Vietnam, Vietnam business | 3 Comments »