Kiva.orgKiva Microfunds is an organization that allows people to lend money via the Internet to Microfinance institutions. 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.
FACTS ABOUT KIVA
FACTS ABOUT KIVA
Kiva is a 501(c)(3) non-profit organization, incorporated in November 2005.
"Kiva" is a Swahili word which means "unity" or agreement".
Kiva is the world's first online micro-lending platform.
Kiva is headquartered in San Francisco, CA.
Kiva currently employs 34 full-time staff members.
Kiva was co-founded by Matt and Jessica Flannery, when they were 28 and 27 respectively.
The minimum amount that can be loaned to an entrepreneur on Kiva is $25.
Previously, Kiva CEO and Co-Founder Matt Flannery was an engineer at Tivo. Premal Shah, Kiva President, was a product manager at PayPal.
PayPal provides Kiva with free payment processing. Kiva's is the first account at PayPal with a free payment processing agreement.
Kiva partners with microfinance institutions around the world, referred to on the Kiva website as Field Partners.
Recipients of a Kiva Loan are referred to as "entrepreneurs", contributors to a Kiva Loan are referred to as "Kiva Lenders".Anyone with an email address can create a Kiva Account.
Anyone who can make payments using a credit card or PayPal account can be a Kiva Lender.
Currently, Kiva Lenders can only receive 0% interest on their loan. Kiva hopes to allow Field Partners to offer non-zero interest rates to Kiva Lenders.
