October 16, 2009
Peru: Kiva's Web-based Microfinance Growing Up
BY Joe Rubin
In 2006, when we first broadcast our story about Kiva's first micro-lending experiment in Uganda, the San Francisco-based nonprofit was already a modest success. The concept was simple: web surfers with a little bit of extra cash could use their credit card to provide microcredit to entrepreneurs in developing countries.
At the time, Kiva had just surpassed $500,000 in loans. This week, Kiva celebrated its fourth birthday, and its growth since our story aired has been nothing short of meteoric. Kiva is closing in on $100 million loaned and expanded its reach to small businesses across the planet.
We thought we'd check in with the company on its anniversary and find out how it's working with locals in a beautiful and remote high Andean outpost in Peru.