Just wanted to share something really cool regarding social enterprise, but in particular, microfinance. It comes from my experience giving microloans to entrepreneurs from developing countries using Kiva – the online microlending platform.
My original $25 microloan given over 1 year ago is now being relent again for the 4th time to a diff person…$25 has now turned into $100 of social impact in 4 different countries.
Kiva, the entrepreneurs and the microfinance organizations aroud the world have been doing their job effectively because the entrepreneurs have been paying me back, and in doing so, I’ve then been able to pass those repayments on and use them to lend to even more entrepeneurs in other countries. I believe that the multiplier effect of this is working and the social impact is able to help more and more people as repayments are paid and then re-lent to others again and again and again.
This time, my money is going to be given to Savet, an entrepreneurial lady from Cambodia, using the money for agricultural enterprises.
You can see some of the other entrepreneurs that my original $25 donation has helped below.
Savet still needs more people to give to her that’s why she hasn’t showed up yet on the app above. She’ll show up once the enouhg lenders have put in the funds for her.
Get monthly Social Entrepreneur interviews in your inbox. Listen on your music player.Want to Learn More About Social Entrepreneurship?
Learn from successful social entrepreneurs.
Click here to be a member of Matthew's Social Entrepreneurship Series now!