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Kiva Team FSM has raised $4 Million

Published October 5th, 2018 by Bobby Henderson

  

Congrats everyone — Team FSM has reached $4 Million in loans on the micro-lending site Kiva. We’re now the top-lending religious congregation on Kiva, above the Buddhists, Catholics, and Muslims.

  

What is Kiva? Kiva is a organization that lets us give small loans to people in the third world that need help starting small business. We make small, interest-free loans towards the projects we support, and Kiva combines them to fund the loan to the person who wants to build a small workshop, farm, restaurant, fruit stand, etc. These are interest-fee loans in places like Cambodia, Peru, Uganda — places where traditional bank lending to the poor is unavailable (or predatory). Kiva ensures that the loans are paid out and that the money is paid back. A lot of us feel this is the best way of bringing economic growth to the poorest areas.

Nice work everyone! If you haven’t already, please join our team here.



5 Responses to “Kiva Team FSM has raised $4 Million”

  1. Michel Luitze says:

    WELL DONE!

    The Dutch Church is proud of all the friendly Pastafarians who are creating opportunities for people all around the world!

    R’AMEN!

  2. John the Sparrowist says:

    Yeah!

  3. Susan says:

    Small clarification: Kiva lenders don’t get interest on what we lend. But the Field Partners that manage the loans usually do collect interest to pay staff and expenses. The question of charging interest, and how much, is worth understanding. I went looking for discussions about this and found, thanks to Google, that there were several. Here’s one that caught my eye:
    fellowsblog.kiva.org/blog/kiva-and-its-field-partners-myths-and-misconceptions
    Off hand, there are some things it doesn’t mention. One is that Field Partners often offer mentoring services, savings plans,and sometimes insurance, that add to the costs of making loans, but increase the liklihood of a borrower succeeding. Occasionally, there is an unusual Field Partner that doesn’t charge interest and uses special outside funding for operational costs. The other situation is US loans which started as a special test effort, previously known as Kiva Zip. With US loans, there’s no interest and no mentoring support by a field partner.
    But there’s one way that lenders reap a financial “return” of sorts. We leverage our “philanthropy” when we choose to recycle loan repayments. In the eleven years I’ve been lending, each of my $ has done the work of $5. That’s despite the average being skewed by my adding in more money periodically. That’s also far more “return” than if I’d kept that money in the bank.

  4. Captain Birdseye says:

    Hi, Susan, any idea of what the percentage scam-rate is? Or, immediate delinquency? I imagine that field workers go to some lengths to check-out borrowers and it would be very low.

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