We have grown to 16 members, who have loaned a total of $1,125! Four borrowers--three borrowing groups from Tanzania, Peru, and Bolivia, and a woman from the Ukraine-- have repaid their loans in full. Twenty-one other borrowers have begun repayment.
The lending team has made loans to borrowers in Bolivia, the Ukraine, Mexico, Ghana, Vietnam, Cambodia, the Dominican Republic, El Salvador, Lebanon, Mali, Palestine, Togo, Nicaragua, Uganda, Tajikistan, Tanzania, Benin, Peru, the Sudan, Rwanda, Pakistan, and the United States. Kiva just launched US loans.
One of the borrowers--a woman from Mexico is delinquent-- but her microfinance institution (MFI) appears to be in trouble due to the worsening of the global economy and the devaluation of the Mexican peso. MFI's are the local agencies that Kiva uses to obtain borrowers and otherwise administer loans. Kiva says it is working with the MFI to develop new payment plans for their clients that will enable them to repay the loans. In the meantime, Kiva has developed a new practice to help borrowers deal with fluctuating currency rates, without putting lenders' funds too much in jeopardy.
If you have $25 to lend to a person who seeks to grow their own business and escape poverty, please join our lending team. www.kiva.org/team/65th_street_change_gang
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