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Tuesday, December 16, 2008

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Kiva Microfunds, is an organization that allows people to lend money via the Internet to microfinance institutions in developing countries, which in turn lend the money to small businesses.

It is a non-profit organization, headquartered in San Francisco, supported by donations from its users, and through partnerships with businesses and other institutions.

Kiva allows microfinance institutions around the world, called "Field Partners", to post profiles of individual qualified local entrepreneurs on its website. Lenders browse and choose an entrepreneur they wish to fund. As the entrepreneurs repay their loans, the Field Partners remit funds back to Kiva, and, as the loan is repaid, the Kiva lenders can choose to withdraw their principal, or, re-loan it to another entrepreneur.

Kiva claims that its borrowers have a historical default rate of 3.1%.

www.kiva.org

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