February 11, 2007
This is an interesting website which utilizes the concept of micro loans. The idea is that you make small loans to business owners in poor countries to help them thrive. So far they have a 100% repayment rate although historically with other versions of this setup they see about a 96% repayment rate. It's an interesting way to help make the world a better place with little risk of losing money.
Somebody wake mrflip up and get him to comment. He has give money twice, as I recall, and I believe he's about 50% paid back now.
I loaned $25 each to two people in June 2006; both loans are 50% repaid and on schedule.
The first is Boris Puero Candela in Ecuador, who received a $1200 loan
Boris Puero is a 39 year old computer technician in Guayaquil. At his shop he repairs computers with hardware and software issues and sells computer accessories. He also helps his clients get connected online and shows them how to use the power of the Internet to their advantage. This in itself is a valuable service to the community as he is helping to bridge the technology gap and break paradigms in computer literacy. Currently he counts on the help of two employees who all help him run his shop from 8 AM until 10 PM. He intends to use the loan to add another employee, buy accessories in bulk and buy newer tools for computer repair.
The second is to Jan Gathiru of Kenya, who received a $750 loan:
She started her business with her husband in 2001. The business has grown over the years to be the best in Muranga Town and this has led to the opening of another outlet on another street. On average the butchery sells 100kgs per day and at every end of month the demand is so high and this calls for attention.
Apparently the demand for beef spikes at the end of each month, when people can afford it -- this loan lets her handle the peak demand, when most of the money is to be made.
I will roll over these loans to new businesses when they're paid off. It's a great model for helping people directly, and my experience with it has been excellent.
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Wasn't this years Nobel Peace Prize awarded to one of the pioneers of micro-loans?
hehe. At my old institute, they call "prize" "price" when they translate it into english.
hehehe. and they use monotonous when they mean monotonic. It is unwise to refer to one's data as monotonous.
posted by reid at 10:49PM CST on February 11