This is one of the better ventures I have come across, leveraging the power of community to empower entrepreneurs.
Its a matchmaking project, connecting entrepreneurs who need loans with lenders who can offer loans.
If an entrepreneurs needs Rs. 50,000 as loan, he can receive it from multiple lenders , maybe in smaller chunks of Rs. 5000 each. Similarly a lender can spread his loan of Rs. 2 Lacs, across maybe 10 or 20 businesses.
Last week statistics revealed on the site are inspiring to know, the model seems to be clearly working.
Close to 4000 lenders have joined, 1400+ entrepreneurs have been funded collectively amounting to Rs. 2.5 crores.
This idea needs to spread fast, it is currently being positioned to help poor people with a zeal to do business, but who lack basic resources.
To ensure that the people do not misuse, the project works with local micro finance companies.
Surprisingly in India, there is only one field partner listed, it is Delhi based Somaiya Group.
Pls, Pls share and forward the details about the venture to lenders, micro finance agencies, as well as worthy entrepreneurs.
And yes, the link to the project is http://www.kiva.org
Cell : 098200 20753