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binky622 View Drop Down
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Direct Link To This Post Topic: Loan to Low Income Entrepreneurs
    Posted: Oct 16 2009 at 1:04pm
In Third World Countries: http://www.kiva.org
 
 
 
 
In 2004, Matt Flannery and Jessica Jackley witnessed the power of microfinance firsthand while on a trip which would become a life-changing experience. Visiting East Africa - Jessica conducting impact evaluation surveys for Village Enterprise Fund and Matt filming interviews with small business entrepreneurs - they were able to see and hear firsthand how small grants of only $100 - $150 had been used to build small businesses which could then support a family. They heard stories of people who were able to sleep on mattresses instead of dirt floors, afford to take sugar in their tea daily instead of occasionally, and buy fresh fish for their families a few times every week rather than once a week. Instead of meeting the poor and helpless, they found themselves meeting successful entrepreneurs who had generated enough profits from their small businesses to create a real impact on their standard of living.

 This experience led them to three realizations:
  • We are more connected than we realize. Even in rural East Africa it was possible to remain very connected with friends and family in the United States. Distance means little in the world of communication today.
  • The poor are very entrepreneurial. While the profit margins may be very different, the spirit of entrepreneurship is as strong among the global poor as it is in Silicon Valley.
  • Stories connect people in a powerful way. As they listened to story after story of a fishmonger who needed enough money to buy directly from the fishermen at the lake, or a farmer who needed to buy a better breed of cow to produce more milk, Matt and Jessica knew that any of their friends back home would want to support these business ventures if they also heard their stories. With each story came a human connection as similarities were identified, making an African entrepreneur someone easier to relate to despite differences in language, culture or levels of wealth.


Edited by binky622 - Oct 16 2009 at 1:03pm
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Arielle View Drop Down
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Direct Link To This Post Posted: Oct 16 2009 at 1:25pm
This isn't new.

In fact it's being going on for a long enough time, that there is a whole network system that's setup. 

But people are starting to realize the problems that go along with that.  And it doesn't necessarily help to improve the situation for the long term.


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binky622 View Drop Down
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Direct Link To This Post Posted: Oct 16 2009 at 1:29pm
Originally posted by Arielle Arielle wrote:

This isn't new.

In fact it's being going on for a long enough time, that there is a whole network system that's setup. 

But people are starting to realize the problems that go along with that.  And it doesn't necessarily help to improve the situation for the long term.


 
is there something like this in the US?
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Arielle View Drop Down
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Direct Link To This Post Posted: Oct 16 2009 at 1:35pm
Yes Binky, there is a peer-to-peer lending network on Prosper.com.  I believe they had to shut down for a while to get proper FDIC registration, but they are back in business again.

I'm sure there are other peer-to-peer lending programs out there.
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binky622 View Drop Down
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Direct Link To This Post Posted: Oct 16 2009 at 1:38pm

Originally posted by Arielle Arielle wrote:

Yes Binky, there is a peer-to-peer lending network on Prosper.com.  I believe they had to shut down for a while to get proper FDIC registration, but they are back in business again.

I'm sure there are other peer-to-peer lending programs out there.

 

sigh..its hard to get the information out there to ppl who need it

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Direct Link To This Post Posted: Oct 16 2009 at 3:00pm
Originally posted by babyphat4me babyphat4me wrote:

why would they need sugar for there tea..i dotn drink sugar in my tea
 
really?? i cant drink tea without sugar!!!
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binky622 View Drop Down
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Direct Link To This Post Posted: Oct 16 2009 at 3:00pm
Originally posted by babyphat4me babyphat4me wrote:

why would they need sugar for there tea..i dotn drink sugar in my tea
 
umm Babyphat imma need some context cluesWacko
 
 
thanxLOLLOL
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binky622 View Drop Down
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Direct Link To This Post Posted: Oct 16 2009 at 3:09pm
Originally posted by babyphat4me babyphat4me wrote:

Originally posted by binky622 binky622 wrote:

Originally posted by babyphat4me babyphat4me wrote:

why would they need sugar for there tea..i dotn drink sugar in my tea
 
umm Babyphat imma need some context cluesWacko
 
 
thanxLOLLOL
hhhhhhhmmmm noooooooooooooLOL
 
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Direct Link To This Post Posted: Oct 16 2009 at 3:16pm
Originally posted by Arielle Arielle wrote:

This isn't new.

In fact it's being going on for a long enough time, that there is a whole network system that's setup. 

But people are starting to realize the problems that go along with that.  And it doesn't necessarily help to improve the situation for the long term.




IA agree....but alot of these problems were known in the beginning. I think implementation is key - there is a bank called K-Rep that started just before i left Kenya and I thought it was a joke but its one of the biggest banks providing banking and loan services in Kenya now. Their implementation was well thought out and they have adjusted to meet whatever needs people required at the time.

Its very helpful though.


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