Micro-financing, the snowball effect

african hands

Our blog’s social project, allocating micro-finance loans through Kiva, contributed to a success story it seems:

Up to date, Kiva allocated loans worth a total of $56,393,860 to entrepreneurs around the world.
Only this week, 3,299 businesses were funded. 14,000 lenders gave over $1,000,000 of loans. Again: in ONE week.

To date, we fundraised $3,725 on our blog and the Road’s team members contributed another $585 directly.
The people we gave loans to already paid back $482, a sum I’m allocating to new micro-entrepreneurs in the developing world.

The Road’s lenders team now has 11 members (Alexander in Canada was the latest to join in. – Welcome Alexander!)

The Kiva project is that big a hit that today they ran out of projects to be funded: “Currently, we are experiencing a traffic spike and all previously fundraising loans have been fully funded.”

The snowball effect of doing good…

Follow the progress of The Road’s Kiva project and join the project’s discussion thread on our discussion forum.

An update of our loan to Aseria Iulio in Samao

Kiva loan to Aseria Iulio in Samoa

Aseria Iulio is a 42 year old woman with 10 children living in Mutiatele. She has a plantation where she sells taro and yams. She sells them to the people in the village and the people who passed by the main road (public) or even the flea market in town.

Aseria has running her plantation for more than 4 years now and her husband help with the work. She makes $380 tala each week and she spends $200 tala each week on supplies of her equipment and things needed. She is requesting another loan to increase the output from her plantation.

Hopefully she will be able to double her profits to pay for her children’s school fees and reinvest in the business.

Project 12: Quirudis Altagracia in the Dominican Republic

Quirudis Altagracia's group

Here is a summary of The Road’s 12th social project:

A micro-financing loan to
the Quirudis Altagracia Women
in the Dominican Republic.

The leader of this group, Quirudis Altagracia, is an experienced and confident businesswoman. She owns and operates a successful grocery store located in her community, Guanuma, in Yamasa (Dominican Republic).

About a year ago, she received a loan to strengthen her business, allowing her to restock her store, adding new products which were in high demand in her neighborhood.

With profits from her business, Quirudis was able to start the concrete foundation for her house. She would like to expand her business to finish her house construction, and to support her family.

Quirudis is joined in her group by: Santa Acevedo Henrique, a high-spirited and hard-working woman who sells women’s clothing; Silvestrina Mariano, who operates a fruit stand; and Yocelin Estevez and Miliota Milien, who sell clothing and underwear in the neighborhood.

The photo shows from left to right: Santa, Quirudis, Silvestrina, Yocelin and Miliota. (See also the group’s full profile on Kiva)

This loan goes through “Fundación San Miguel Arcángel”, the local micro financing partner of Kiva.

Loan Request: $1,525
Repayment terms: 5 months (Deadline June 15 2009)
We gave her a loan of US$50

This is The Road’s 12th social project. The funds for this loan were donated by the VK0IR Heard Island expedition team.

Project 11: Maria Castillo in Peru

Maria España Ugaz Castillo
Here is a summary of The Road’s 11th social project:

A micro-financing loan to Maria España Ugaz Castillo in Peru.

Maria belongs to the “Mujeres Perseverantes” (“Persevering Women”) Communal Bank, in the Calleria district, the region of Ucayali (Peru). She is 52 and has three grown children.

She has been working with the Communal Bank for 2 years and invested her first loan ($100) into the sale of cooked beans. The investment has increased her sales and she has been blessed with an ever expanding number of clients.

Today, she sells a wider variety of regional bean dishes. She gets up at 3 a.m. to cook so that her dishes will be ready for sale in the Micaela Bastidas market by 6 a.m.

With this new loan of $400, she will buy 15 kilos of beans. (See also Maria’s full profile on Kiva)

This loan goes through “Manuela Ramos / CrediMUJER”, the local micro financing partner of Kiva.

Loan Request: $400
Repayment terms: 4 months (Deadline Apr 15 2009)
We gave her a loan of US$50

This is The Road’s 11th social project. The funds for this loan were donated by the VK0IR Heard Island expedition team.

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