Want to be an International Banker?
I just became an international banker. I am serious. I have a total of 3 branches and they are currently located in:
Mbale, Uganda
Monterrey, Mexico
Guayaquil, Ecuador
Alright so it is not Montecarlo, Bern nor Tokyo but I am servicing entrepreneurs in those countries. I am doing it through the magic of the internet via an organization called Kiva.org
I cannot remember the last time I was ever jealous about anything but I have to admit that when I first heard about Kiva, its mission and business model, I was filled with an emotion I never had before...Joyous Jealously. On the one hand I slapped myself silly that Kiva was so similar to a company I was a partner in and launched during the hay days of the dotcom rush. And on the other hand I was hopping with excitement to see someone running with this model and making a difference in the lives of many.
Well it is very simple. You go to their site, open an account (takes about 10 seconds), then you search their listing of needy entrepreneurs from around the world. Read their summary and why they need money. If you are inspired, you make a loan in increments of $25. You can either chose to put all your money into one loan or you can do like me; diversify your portfolio by loaning small amounts of money to several people. All you need is a PayPal account.
The following graphic taken from Kiva’s site explains it best:
Thursday, October 19, 2006
The whole process is as simple as learning to use an iPod. It took me exactly 5 minutes to make 4 loans totaling $100 USD to 4 people.
My portfolio reads like this:
Name:
Location:
You Loaned:
Paid Back *:
Start Date/ Loan Term:
Ndekonagai Pierre - Carpenter Shop
Victorious
Mbale, Uganda
$25.00
$0.00
Start date not yet set.
6 - 14 months
“Vicky” Virginia Arguello Ramírez - Fish Monger
CALICHE’S
Monterrey, Mexico
$25.00
$0.00
Start date not yet set.
6 - 12 months
Hellen Amero - Baker
Struggle for life
Mbale, Uganda
$25.00
$0.00
Start date not yet set.
9 - 14 months
Isaías Peñalosa - Food & Dry Goods Retailer
Esquina mi comercial
Guayaquil, Ecuador
$25.00
$0.00
Start date not yet set.
12 - 16 months
All the loans I made were for individuals who are looking to expand their small business. They still need to raise the rest of their money but from what I have seen on the website, it happens quickly. According to published reports, women get their loan requests filled much faster than men.
I will continue to report on the progress of these 4 individuals, 2 men and 2 women and monitor closely their loan repayment rate (which they claim is at 96%)
Go ahead and check out Kiva.org and see the kinds of entrepreneurs that are being helped by people just like you. Yes you too can become an International Banker and make a difference while sitting at home in your pajamas.
