by Lucian Croitoru on 20th April, 2010 at 9:52 AM CEST
A while back we challenged you to come up with creative and powerful ways to spend 50 EUR for the common good. Today we're happy to present Lucian's story on how he implemented his Quick Challenge idea of investing into 2 microloans that have the long term potential to help even more people. - C:F Team
I used the www.kiva.org website to lend the 50 EUR that the organizers of Challenge:Future gave me to use for common good. I used the money to help cover a part of the requested loans that 2 people from poor countries need. Microloans have a repayment rate of over 95%. This means that I will be able to help up to 40 households to permanently increase their incomes.
I chose to support the following two people with my loan:
"Fumi Adediran sells colorful sarongs and beads at retail prices to make a living. Sarongs in Nigeria are worn at all occasions and are mostly worn by women and young ladies. She hopes to be a major distributor of sarongs in the future. She hopes for a loan of NGN 120,000 (825 USD) to purchase more sarongs to sell. She is 47 years old, and married with 3 children. Her husband works to also support their home. She is determined to lift her business and family above poverty. She duly says thanks to all Kiva lenders." [More info]
"Adjo Akoyi is 32 years old and is very dynamic. In 2005 she began selling charcoal and this business is going well for her. She carries it out in the local market in Gbossimé. She would like to increase her stock, and in order to do this she has contacted WAGES to request a loan, with which she will buy 20 sacks of charcoal and ten bags of corn. She is married and mother to two children. With the profits from her business she contributes to the family expenses." [More info]
I would encourage everyone to take a look at Kiva's website and support any of the listed entrepreneurs or activities.
From their website: "Kiva's mission is to connect people, through lending, for the sake of alleviating poverty. Kiva empowers individuals to lend to an entrepreneur across the globe. By combining microfinance with the internet, Kiva is creating a global community of people connected through lending. Kiva works with existing microfinance institutions around the world to provide loans to entrepreneurs who don't have access to the traditional banking system. Kiva provides 100% of your loan funds to these microfinance institutions, which they call Field Partners, who administer Kiva loans in the field."