This is the start of a new UF initiative we’re all excited about!
It’s our first Kiva loan (of which we hope there will be many).
We’re backing Luís Manuel Quintana Centeno in El Sauce (yep, EL SAUCE!), Nicaragua to help build his sorbet and transportation business. Sorbet AND bicycles! We love that. Luís is going to use this Kiva loan to buy cones and flavouring to make the sorbets and some tires for his bikes to get them to his customers.
For those of you who haven’t heard of Kiva, it is “a non-profit organization with a mission to connect people through lending to alleviate poverty. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world”. It’s micro-financing and it seems to be working.
A few interesting stats from the Kiva website:
- Kiva’s been operating since 2005, and since then:
- US$280 million in loans
- 98.88% repayment rate
- 720,000 entrepreneurs have received a Kiva loan
- 80% of Kiva loans have been made to women entrepreneurs
If you’re keen to help Luís get his loan, here’s a link. Or you can browse through the other worthy entrepreneurs on the Kiva website.