Based in San Francisco, Kiva organizes small loans to entrepreneurs in the developing world. Alvin Hall decides to provide financing to the Ford Group in Dar es Salaam.
Atuna sells ice cream and works four hours before running out of stock. Interest covers the cost of a local micro-finance company. Kiva asks for donations to pay for overhead.
Kiva protects borrowers from currency risk. Hall worries about potential lawsuits and suggests lowering the maximum loan in the United States to the amount allotted in small claims court.
Atuna sells kangas, cold water, fabric, and ice cream. The interest rate is 36% per year. Neema sells charcoal from home because drug prices were too high.
The loans are not direct person-to-person lending. Kiva wants to run a business that is transparent and rolls out a stop-loss gap. Gloria receives a loan from Kiva because the banks wanted a large scale business plan and high credit score.
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Can the poor borrow their way out of poverty? In this episode, Alvin Hall aims to find out by lending just $25 to two small business women in Tanzania, via Kiva, a global micro-finance website.
Length: 22 minutes
Copyright date: ©2018
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