Tuesday, August 16, 2011

2 more microloans made!

That brings my total up to 7!

Yesterday was what many people refer to as reloan day (or repayment day) on Kiva.  It's the day when the payments come through for your outstanding loans.  With 5 outstanding loans, I had repayments totalling about $13 in my account yesterday. 

I topped the $13 up to $25 and got in on a loan of $1,300 to Noussissi Group in Benin to help them buy pearls and jewelry for resale.  It's not something I would normally consider but I really liked the description of the field partner, Alide.  Field partners are the groups who actually work with the borrowers to fund the loan and collect payments, etc.  Alide also offers savings, training sessions and social work to families who have been excluded from traditional credit & savings systems.

For my second loan, I lent $25 to Momodu Kargbo's Group, a group of teachers in Sierra Leone, as part of the $3,675 they were borrowing to buy exercise books, school uniforms, pencils, pens & other items to sell. 

Next month, I'm expecting $25.50 in repayments so I'll be able to make a loan without adding any money to my account, which is pretty exciting. 

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