Microfinancing the American Dream

Are you looking to float someone a loan? Or do you need cash to get that great idea off the ground? Well thanks to Kiva.org, the world’s first person-to-person lending website, its win-win for everyone — including Americans — as of now. Lenders, meet your entrepreneurs.

Although the San Francisco-based nonprofit never planned to service the world’s largest economy, our nation’s current financial state changed Kiva president Premal Shah’s mind. The organization launched its presence in the U.S. with 45 businesses in New York, Miami, Atlanta, Boston and San Francisco.

Amazingly on day one, the Kiva community swiftly met the needs of Amanda from San Jose. With the help of many lenders, including the Governator and Maria Shriver, the mother of four now has her requested $6,500 loan for her gourmet hot dog stand.

Over the past 3½ years, the micro-lender has raised over $75 million, helping to finance some 180,000 cash-strapped entrepreneurs in 44 countries around the globe. “Crowd-funding” enables destitute businesses to prosper. Lenders cruise the site for entrepreneurs they’d like to support and can then make loans in $25 increments. Entrepreneurs then repay the loans.

But the best thing about Kiva is that it truly feels like a community. The site’s journal page allows lenders to track the success of the people they’re helping. From the doctor in Cambodia to a general store owner in Honduras, dreams are being realized as entrepreneurs are receiving the opportunities to succeed. And now with U.S. business owners in the mix, Kiva is an even more global family.