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Kiva (organization)

November 26, 2023

For other uses, see Kiva (disambiguation).

Kiva Microfunds is a 501(c)(3) non-profit organization[2][3] headquartered in San Francisco, California. Kiva's mission is "to expand financial access to help underserved communities thrive."[4]

Kiva Microfunds
FoundedOctober 2005 (2005-10)
71-0992446
FocusEconomic development
Location
Area served
World-wide
MethodMicrocredit
Key people
Revenue (2015)
$19,847,885[1]
Expenses (2015)$15,915,830
Endowment$27,389,839
Staff (2015)
117
Volunteers (2015)
450
Websitekiva.org

Kiva distributes funds that it receives to microfinance institutions, social impact businesses, schools or non-profit organizations[5][6] and does not generally directly provide funds to specific individuals.[7] These organizations are charged fees by Kiva and borrowers pay interest on most loans.[8]

Kiva is supported by grants, loans, and donations from its users, corporations, and national institutions.[9] Since 2005, Kiva has crowd-funded more than 1.6 million loans, totaling over $1.68 billion,[4] with a repayment rate of 96.3 percent.[4] Over 2 million lenders worldwide use the Kiva platform.[4] Despite its size, independent review by GiveWell in 2009 failed to find evidence that the organization produces significant social benefit,[10] with at least one partner supposedly vetted by Kiva earning high profits while having a very high recipient drop-out rate.[11]

History edit

 
Early Kiva field partners (September 2006)

Kiva was founded in October 2005 by Matt Flannery and Jessica Jackley.[12] The couple's initial interest in microfinance was inspired by a 2003 lecture given by Grameen Bank's Muhammad Yunus at Stanford Business School. Jackley worked at the school and invited Flannery to attend the presentation. Soon after, Jackley began working as a consultant for the nonprofit Village Enterprise, which worked to help start small businesses in East Africa. While Flannery was visiting Jackley in Africa, the two spent time interviewing entrepreneurs about the problems they faced in starting ventures and found the lack of access to start-up capital was a common theme. After returning from Africa, the two began developing their plan for a microfinance project that would grow into Kiva, which means "unity" in Swahili.[13][14]

In April 2005, Kiva's first seven loans were funded, totaling $3,500, and the original entrepreneurs were subsequently deemed the "Dream Team".[15]

Lending process edit

Kiva works with more than 300 microfinance institutions, social impact businesses, schools and non-profit organizations around the world, called "Field Partners", that post profiles of qualified local entrepreneurs on the Kiva website. Lenders browse borrower profiles on kiva.org and choose an entrepreneur they wish to fund. The lenders transfer their funds to Kiva through credit card processing or PayPal, which waives its transaction fee in these cases.[16] Lenders can loan money in increments of $25.

After receiving lenders' money, Kiva aggregates loan capital from the individual lenders and transfers it to the appropriate Field Partners, which disburse the loan to the borrower. Kiva does not charge interest on the capital sent to Field Partners, but often Field Partners do charge some level of interest to borrowers to cover administration costs.[17] Interest is typically higher on loans from microfinance institutions in developing countries than interest rates on larger loans in developed countries because of the administrative costs of overseeing many tiny loans, and the increased risk.[18] As the entrepreneurs repay their loans with interest, the Field Partners remit funds back to Kiva. As the loan is repaid, the Kiva lenders can withdraw their principal or re-lend it to another entrepreneur.

Finances edit

As of March 15, 2016, Kiva had distributed $827,356,850 in loans from 1,394,336 lenders to 1,928,760 borrowers, and a total of 1,036,558 loans had been funded through Kiva. The average loan size is $411.26, and the average Kiva user has made 10.17 loans. Kiva's current repayment rate for all its partners is 97.1%.[19]

For the fiscal year 2012, Kiva made $15,632,786 in total revenue and had $12,482,528 in total expenses, leaving $3,150,258 to invest. The organization's net assets in 2012 totaled $16,248,638.[20] Kiva itself does not charge interest on its loans; they supply capital to microfinancing institutions for free. These microfinancing institutions then lend out money with high interest compared to bank finance in mature markets, averaging a portfolio yield of over 30%.[21] The organization's main sources of funding are grants, financial backing, and discounted services from many major national corporations and institutions. Chevron Corporation, Visa Inc., and Skoll Foundation awarded Kiva a two-year $1 million grant, $1.5 million grant, and $1 million grant respectively. Kiva also won a $1 million grant in Sam's Club's "Giving Made Simple" campaign and $500,000 in American Express's "Take Part" competition. Additionally, Omidyar Network awarded Kiva a $5 million grant over five years to help Kiva expand its field partners and support due diligence.[9]

Management edit

In 2020, according to their own 990 tax form, Kiva's CEO Neville Crawley made $818,852 that year. Their total revenue was $38.6M. In 2015, the non-profit employed seventeen persons with salaries totaling more than $100,000. The average salary at Kiva is $80,768. As of 2019, they started paying interns.[1]

Areas of work and loan use edit

Female-owned businesses edit

As of October 2017, 81% of Kiva's loans have been made to women.[22]

In their non-fiction book Half the Sky, Nicholas D. Kristof and Sheryl WuDunn highlight Kiva's work along with that of some field partner organizations, such as the Kashf Foundation in Pakistan. Kristof and WuDunn noted the risky nature of microloans as a path out of poverty, but endorsed Kiva and similar microfinance efforts, writing that "microfinance has done more to bolster the status of women, and to protect them from abuse, than any laws could accomplish."[23]

Green loans edit

In 2011 Kiva added a new category of loans to help borrowers move to cleaner and safer forms of energy, green agriculture, transport and recycling.[24] Green Kiva loans help fund solar panels, organic fertilizers, high-efficiency stoves, drip irrigation systems, and biofuels. As of December 2013, Kiva lenders had crowd-funded 4,600 green loans.[25]

Support for higher education edit

In 2010, Kiva began a Student Microloans program that allowed lenders to help support students seeking access to higher education.[26] Student loans are funded with the same crowd-funding approach, and typically students have 1–3 years to pay back their loans.

In 2014, the education offerings on Kiva expanded greatly when the organization began a deeper partnership with Vittana.[27] Vittana works on the ground in countries in Asia, Africa and Latin America, developing loan alternatives for low-income students. Through the partnership, all loans sourced by Vittana now appear on Kiva for funding.

Medical loans edit

Some Kiva field partners, such as Alivio Capital, specialize in funding medical loans.[28] Others may fund medical loans as well as other loans.[29][30] A development scholar in Ghana has suggested that microfinance medical loans can be an effective way to close the gap in medical care access in developing countries.[31]

Support for refugees edit

In July 2017, Kiva launched a World Refugee Fund, a $250,000 matching fund to provide support to refugees and host communities in countries including Lebanon, Jordan, and Turkey. As refugees repay the loans, they build a track record in their new locations. The fund is to be followed by a rotating fund of up to $9M in loan capital.[32]

Other Kiva programs edit

Kiva U.S. edit

In 2011, Kiva launched Kiva U.S., a 0% interest peer-to-peer lending pilot program for entrepreneurs in the United States, as part of efforts to "cut lending costs through technology".[33] The loans posted to Kiva U.S. are often from borrowers who have been rejected for loans by traditional banking institutions, but on Kiva U.S. they do not need to be able to produce high credit scores or collateral.[33] Kiva U.S. uses a system of trustees, who vouch for the borrowers.[34] Kiva U.S. trustees can be local non-profits, service organizations, businesses, faith organizations or community leaders.[34]

The average loan size for US borrowers is $5,000.[35] US borrowers average about two years to repay loans.[33]

Kiva Labs edit

Google awarded a $3 million Global Impact Award to Kiva in 2013 to fund the Kiva Labs project, which looks for ways to increase the flexibility and impact of microfinance.[36] Labs initiatives include lowering interest rates, providing more flexible repayment terms that accommodate issues like seasonal profits in farming, and offering longer-term loans for investments like education.[36] Labs also focuses on providing access to clean energy technology and using mobile technology in ways that will bridge the knowledge gap. At the time of the lab's launch, Kiva lenders had crowdfunded "132,000 agricultural loans; 4,600 green loans, and 670 mobile tech loans."[37]

Kiva City edit

Kiva City provides local business owners and entrepreneurs in U.S. cities with the opportunity to crowdsource loans.[38] It was launched by Kiva and former US President Bill Clinton at the Clinton Global Initiative America conference in Chicago in 2011.[39] Kiva City locations include: Detroit, New Orleans, Los Angeles, Washington D.C., Newark, Richmond, Little Rock, Pittsburgh, Philadelphia, Milwaukee, Louisville, San Francisco, New York City, and Oakland.

In less than a year, the Kiva City programs in Richmond, Virginia, helped fund more than $100,000 in loans to local businesses.[40]

Controversies edit

Interest rates edit

As of November 2018, a total of 1,530,180 loans had been funded on Kiva.[41] The following table shows these loans sorted according to interest rate.

Number of loans Interest rate
150,615 0%
5,570 0.5-10%
152,926 10.5-20%
387,677 20.5-30%
334,205 30.5-40%
330,354 40.5-50%
116,154 50.5-60%
51,026 60.5% +
1,653 No interest rate listed
1,530,180 Total

Some people, including microfinance pioneer Muhammad Yunus, argue that the interest rates of many microcredit institutions are unreasonably high. In his 2007 book he argues that microfinance institutions that charge more than 15% above their long-term operating costs should face penalties.[42]

According to its web site, Kiva quotes interest rates as the "self reported average rate charged by the Field Partner to the entrepreneur."[43] Kiva does not publish the interest rates charged for the individual loans funded through its website. However, it does publish the average "Portfolio Yield" of each of its field partners, as a way for prospective lenders to estimate the cost to the borrower of the loans they consider funding. The "Portfolio Yield" measures the average income earned from the field partner's outstanding loan portfolio.[44] Some observers have pointed out that the "Portfolio Yield" measure is unreliable, and does not directly reflect the actual price that borrowers are paying for the loans.[45]

Kiva defends the interest rates of its field partners, however, saying its field partners provide much better rates than local alternatives, but must charge what they do because "the costs of making a micro-loan in the developing world are higher versus larger loans in the West."[43] Kiva itself does not keep any of the interest collected, but operates instead exclusively on donations.[46]

For example, in 2009, micro-loans from Kiva partners in Guatemala averaged 23.16% for the equivalent of US$430 lent on average, comparable to the commercial BanRural rate of 24.5% for a loan of US$635.[47] (For reference, the inflation rate for Guatemala typically varies between 5 and 10% and was just 0.62% in 2009).[48]

Kiva launched a more direct peer-to-peer microlending platform, called Kiva Zip, in 2012. Kiva Zip transferred funds directly to borrowers without outsourcing disbursements and repayment collection to field partners. Instead, the program partnered with local institutions in the United States and Kenya called Trustees, who vetted loan applicants and provided mentorship.[49] Kiva Zip borrowers did not pay any interest or fees and the repayment rate was 89.4%.[50] As of March 13th, 2017, the Kiva Zip subdomain redirects to the Kiva homepage, and the program appears to be discontinued.[51]

Interest rates by field partner edit

As of November 2018, there are a total of 332 field partners listed on the Kiva website and their status is as follows: 173 Active, 41 Inactive, 14 Paused, and 104 Experimental. In addition, 178 former field partners are listed as Closed.[52]

The following table shows the "portfolio yield" of a sampling of field partners. "Portfolio yield" figures are calculated by dividing all interest and fees paid by borrowers to the field partner by the average loan portfolio of the field partner that given year. The figure provides a more accurate insight into the costs of borrowing because it includes fees associated with borrowing.

Pre-disbursement of funds edit

When Kiva began, borrowers had to wait until their loans were funded on the Kiva website to receive the funds. Since then, the system has changed, so that loans are disbursed to borrowers before their stories are posted to Kiva's website.[53][54] Disbursing loans sooner has a positive impact on the borrowers, who no longer need to wait weeks to receive their funding and can thus take advantage of time-sensitive business opportunities. This is disclosed on Kiva's site; each loan proposal states whether funds were pre-disbursed. Thus, lenders' loan funds are likely to go to borrowers other than those chosen by the lenders.[53] However, since the pay-back behaviour of the specific borrower chosen by the lender does influence whether or not the lender gets their funds back (except when an MFI has chosen to cover for borrower defaults), there is at least some connection between the lender and the specific borrower. Whether lenders' preferences are used for lender preference trend analysis by any field partners or Kiva is not stated. Kiva's response has been to keep pre-disbursing but be clearer about the process.[55]

Full-repayment frequency uncertainty edit

Whether defaults are extremely low has been questioned on the ground that a field partner may pay Kiva for loans defaulted to the field partner in order to maintain the field partner's good credit with Kiva.[53] Whether interest rates collected by field partners are enough to pay for significant defaults depends on local economic conditions for each field partner.

Controversial loans edit

In 2008, Kiva featured the borrowing profile of a Peruvian woman asking for a loan to buy equipment for her cockfighting business.[56][57] This sparked debate among the Kiva lending community; many complained that the organization was promoting cruelty to animals. Matt Flannery defended Kiva's decision to allow the post to remain; he asserted that removing the post would be "paternalistic" and that "Cockfighting in Peru is legal and part of a rich cultural tradition," adding that lenders could "be the ones voting with their dollars."[56]

Promotions and marketing strategies edit

In March 2012, Reid Hoffman, LinkedIn's co-founder, lent Kiva $1 million. Kiva then allowed 40,000 people to lend $25 for "free". Lenders still choose a borrower, but the borrower will pay back Hoffman instead of the lender who chose them. Kiva hopes that the "free" users will lend to more of their projects, and thus increase their overall user base.[58]

In his 2007 book Giving: How Each of Us Can Change the World, Bill Clinton covers Kiva.org and the work the organization is currently doing and has done in the past.

External reviews edit

The following independent entities have reviewed Kiva.

  • On October 1, 2019, charity evaluator Charity Navigator downgraded Kiva from 4 (out of 4) to 3 stars, but by 2020 it was rated 4 stars again. Kiva has been top-rated at 4 stars since 2010 (with the exception of 2018 through mid-2019).[59]
  • In 2013, foundation Google.org conducted extensive due diligence on Kiva and awarded it a $3 million Global Impact Award for the creation of Kiva Labs.[60]
  • In 2012, charity evaluator Philanthropedia awarded Kiva its Top Non-Profit Award based on topic area expert opinions.[61]
  • In 2011, The Economist honored Kiva with its Innovation Award.[62]
  • In 2010, foundation Omidyar Network conducted extensive due diligence and awarded Kiva a $5 million grant to scale its impact.[63]
  • In 2010, Kiva was selected as one of Oprah's Ultimate Favorite Things.[64]
  • In 2009, charity evaluator GiveWell published a generic critique of giving marketplaces including Kiva and Global Giving,[65] and specific critiques of Kiva.[66]
  • In 2008, TIME magazine named Kiva a Top 50 website.[67]
  • In 2007, Skoll Foundation conducted extensive due diligence and awarded Kiva a $1 million grant as part of its recognition of the world's best social enterprises.[68]

See also edit

References edit

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  53. ^ a b c Roodman, David (October 2, 2009). . Center for Global Development. Archived from the original on January 18, 2013. Retrieved January 16, 2010.
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  61. ^ "International Microfinance 2012 Top Nonprofit Ranking". Myphilanthropedia.org. from the original on January 5, 2014. Retrieved January 5, 2014.
  62. ^ "Monitor: And the winners were ..." The Economist. December 3, 2011. from the original on February 16, 2014. Retrieved January 5, 2014.
  63. ^ "ON | Omidyar Network Awards $5 Million Grant to Kiva to Spur Growth of Microfinance in Underserved Markets". Omidyar.com. August 12, 2010. Retrieved January 5, 2014.[permanent dead link]
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  68. ^ "Kiva « Skoll Foundation". Skollfoundation.org. from the original on July 20, 2014. Retrieved January 5, 2014.

External links edit

 
Logo for the Wikipedian team on Kiva.org
  • Official website
  • Microfinance at Curlie
  • Podcast interview with Jessica Jackley Flannery, Feb 2008 February 10, 2012, at the Wayback Machine
  • PBS's Frontline - World on Kiva
  • TED: Jessica Jackley: Poverty, money -- and love
  • Interview with Matt Flannery, Aug 2007

November 26, 2023
kiva, organization, other, uses, kiva, disambiguation, kiva, microfunds, profit, organization, headquartered, francisco, california, kiva, mission, expand, financial, access, help, underserved, communities, thrive, kiva, microfundsfoundedoctober, 2005, 2005, 0. For other uses see Kiva disambiguation Kiva Microfunds is a 501 c 3 non profit organization 2 3 headquartered in San Francisco California Kiva s mission is to expand financial access to help underserved communities thrive 4 Kiva MicrofundsFoundedOctober 2005 2005 10 Tax ID no 71 0992446FocusEconomic developmentLocationSan Francisco California United StatesArea servedWorld wideMethodMicrocreditKey peoplePremal Shah co founder Jessica Jackley co founder Chris Tsakalakis CEO Revenue 2015 19 847 885 1 Expenses 2015 15 915 830Endowment 27 389 839Staff 2015 117Volunteers 2015 450Websitekiva wbr orgKiva distributes funds that it receives to microfinance institutions social impact businesses schools or non profit organizations 5 6 and does not generally directly provide funds to specific individuals 7 These organizations are charged fees by Kiva and borrowers pay interest on most loans 8 Kiva is supported by grants loans and donations from its users corporations and national institutions 9 Since 2005 Kiva has crowd funded more than 1 6 million loans totaling over 1 68 billion 4 with a repayment rate of 96 3 percent 4 Over 2 million lenders worldwide use the Kiva platform 4 Despite its size independent review by GiveWell in 2009 failed to find evidence that the organization produces significant social benefit 10 with at least one partner supposedly vetted by Kiva earning high profits while having a very high recipient drop out rate 11 Contents 1 History 2 Lending process 3 Finances 3 1 Management 4 Areas of work and loan use 4 1 Female owned businesses 4 2 Green loans 4 3 Support for higher education 4 4 Medical loans 4 5 Support for refugees 5 Other Kiva programs 5 1 Kiva U S 5 2 Kiva Labs 5 3 Kiva City 6 Controversies 6 1 Interest rates 6 1 1 Interest rates by field partner 6 2 Pre disbursement of funds 6 3 Full repayment frequency uncertainty 6 4 Controversial loans 7 Promotions and marketing strategies 8 External reviews 9 See also 10 References 11 External linksHistory edit nbsp Early Kiva field partners September 2006 Kiva was founded in October 2005 by Matt Flannery and Jessica Jackley 12 The couple s initial interest in microfinance was inspired by a 2003 lecture given by Grameen Bank s Muhammad Yunus at Stanford Business School Jackley worked at the school and invited Flannery to attend the presentation Soon after Jackley began working as a consultant for the nonprofit Village Enterprise which worked to help start small businesses in East Africa While Flannery was visiting Jackley in Africa the two spent time interviewing entrepreneurs about the problems they faced in starting ventures and found the lack of access to start up capital was a common theme After returning from Africa the two began developing their plan for a microfinance project that would grow into Kiva which means unity in Swahili 13 14 In April 2005 Kiva s first seven loans were funded totaling 3 500 and the original entrepreneurs were subsequently deemed the Dream Team 15 Lending process editKiva works with more than 300 microfinance institutions social impact businesses schools and non profit organizations around the world called Field Partners that post profiles of qualified local entrepreneurs on the Kiva website Lenders browse borrower profiles on kiva org and choose an entrepreneur they wish to fund The lenders transfer their funds to Kiva through credit card processing or PayPal which waives its transaction fee in these cases 16 Lenders can loan money in increments of 25 After receiving lenders money Kiva aggregates loan capital from the individual lenders and transfers it to the appropriate Field Partners which disburse the loan to the borrower Kiva does not charge interest on the capital sent to Field Partners but often Field Partners do charge some level of interest to borrowers to cover administration costs 17 Interest is typically higher on loans from microfinance institutions in developing countries than interest rates on larger loans in developed countries because of the administrative costs of overseeing many tiny loans and the increased risk 18 As the entrepreneurs repay their loans with interest the Field Partners remit funds back to Kiva As the loan is repaid the Kiva lenders can withdraw their principal or re lend it to another entrepreneur Finances editAs of March 15 2016 Kiva had distributed 827 356 850 in loans from 1 394 336 lenders to 1 928 760 borrowers and a total of 1 036 558 loans had been funded through Kiva The average loan size is 411 26 and the average Kiva user has made 10 17 loans Kiva s current repayment rate for all its partners is 97 1 19 For the fiscal year 2012 Kiva made 15 632 786 in total revenue and had 12 482 528 in total expenses leaving 3 150 258 to invest The organization s net assets in 2012 totaled 16 248 638 20 Kiva itself does not charge interest on its loans they supply capital to microfinancing institutions for free These microfinancing institutions then lend out money with high interest compared to bank finance in mature markets averaging a portfolio yield of over 30 21 The organization s main sources of funding are grants financial backing and discounted services from many major national corporations and institutions Chevron Corporation Visa Inc and Skoll Foundation awarded Kiva a two year 1 million grant 1 5 million grant and 1 million grant respectively Kiva also won a 1 million grant in Sam s Club s Giving Made Simple campaign and 500 000 in American Express s Take Part competition Additionally Omidyar Network awarded Kiva a 5 million grant over five years to help Kiva expand its field partners and support due diligence 9 Management edit In 2020 according to their own 990 tax form Kiva s CEO Neville Crawley made 818 852 that year Their total revenue was 38 6M In 2015 the non profit employed seventeen persons with salaries totaling more than 100 000 The average salary at Kiva is 80 768 As of 2019 they started paying interns 1 Areas of work and loan use editFemale owned businesses edit As of October 2017 81 of Kiva s loans have been made to women 22 In their non fiction book Half the Sky Nicholas D Kristof and Sheryl WuDunn highlight Kiva s work along with that of some field partner organizations such as the Kashf Foundation in Pakistan Kristof and WuDunn noted the risky nature of microloans as a path out of poverty but endorsed Kiva and similar microfinance efforts writing that microfinance has done more to bolster the status of women and to protect them from abuse than any laws could accomplish 23 Green loans edit In 2011 Kiva added a new category of loans to help borrowers move to cleaner and safer forms of energy green agriculture transport and recycling 24 Green Kiva loans help fund solar panels organic fertilizers high efficiency stoves drip irrigation systems and biofuels As of December 2013 Kiva lenders had crowd funded 4 600 green loans 25 Support for higher education edit In 2010 Kiva began a Student Microloans program that allowed lenders to help support students seeking access to higher education 26 Student loans are funded with the same crowd funding approach and typically students have 1 3 years to pay back their loans In 2014 the education offerings on Kiva expanded greatly when the organization began a deeper partnership with Vittana 27 Vittana works on the ground in countries in Asia Africa and Latin America developing loan alternatives for low income students Through the partnership all loans sourced by Vittana now appear on Kiva for funding Medical loans edit Some Kiva field partners such as Alivio Capital specialize in funding medical loans 28 Others may fund medical loans as well as other loans 29 30 A development scholar in Ghana has suggested that microfinance medical loans can be an effective way to close the gap in medical care access in developing countries 31 Support for refugees edit In July 2017 Kiva launched a World Refugee Fund a 250 000 matching fund to provide support to refugees and host communities in countries including Lebanon Jordan and Turkey As refugees repay the loans they build a track record in their new locations The fund is to be followed by a rotating fund of up to 9M in loan capital 32 Other Kiva programs editKiva U S edit In 2011 Kiva launched Kiva U S a 0 interest peer to peer lending pilot program for entrepreneurs in the United States as part of efforts to cut lending costs through technology 33 The loans posted to Kiva U S are often from borrowers who have been rejected for loans by traditional banking institutions but on Kiva U S they do not need to be able to produce high credit scores or collateral 33 Kiva U S uses a system of trustees who vouch for the borrowers 34 Kiva U S trustees can be local non profits service organizations businesses faith organizations or community leaders 34 The average loan size for US borrowers is 5 000 35 US borrowers average about two years to repay loans 33 Kiva Labs edit Google awarded a 3 million Global Impact Award to Kiva in 2013 to fund the Kiva Labs project which looks for ways to increase the flexibility and impact of microfinance 36 Labs initiatives include lowering interest rates providing more flexible repayment terms that accommodate issues like seasonal profits in farming and offering longer term loans for investments like education 36 Labs also focuses on providing access to clean energy technology and using mobile technology in ways that will bridge the knowledge gap At the time of the lab s launch Kiva lenders had crowdfunded 132 000 agricultural loans 4 600 green loans and 670 mobile tech loans 37 Kiva City edit Kiva City provides local business owners and entrepreneurs in U S cities with the opportunity to crowdsource loans 38 It was launched by Kiva and former US President Bill Clinton at the Clinton Global Initiative America conference in Chicago in 2011 39 Kiva City locations include Detroit New Orleans Los Angeles Washington D C Newark Richmond Little Rock Pittsburgh Philadelphia Milwaukee Louisville San Francisco New York City and Oakland In less than a year the Kiva City programs in Richmond Virginia helped fund more than 100 000 in loans to local businesses 40 Controversies editInterest rates edit As of November 2018 a total of 1 530 180 loans had been funded on Kiva 41 The following table shows these loans sorted according to interest rate Number of loans Interest rate150 615 0 5 570 0 5 10 152 926 10 5 20 387 677 20 5 30 334 205 30 5 40 330 354 40 5 50 116 154 50 5 60 51 026 60 5 1 653 No interest rate listed1 530 180 TotalSome people including microfinance pioneer Muhammad Yunus argue that the interest rates of many microcredit institutions are unreasonably high In his 2007 book he argues that microfinance institutions that charge more than 15 above their long term operating costs should face penalties 42 According to its web site Kiva quotes interest rates as the self reported average rate charged by the Field Partner to the entrepreneur 43 Kiva does not publish the interest rates charged for the individual loans funded through its website However it does publish the average Portfolio Yield of each of its field partners as a way for prospective lenders to estimate the cost to the borrower of the loans they consider funding The Portfolio Yield measures the average income earned from the field partner s outstanding loan portfolio 44 Some observers have pointed out that the Portfolio Yield measure is unreliable and does not directly reflect the actual price that borrowers are paying for the loans 45 Kiva defends the interest rates of its field partners however saying its field partners provide much better rates than local alternatives but must charge what they do because the costs of making a micro loan in the developing world are higher versus larger loans in the West 43 Kiva itself does not keep any of the interest collected but operates instead exclusively on donations 46 For example in 2009 micro loans from Kiva partners in Guatemala averaged 23 16 for the equivalent of US 430 lent on average comparable to the commercial BanRural rate of 24 5 for a loan of US 635 47 For reference the inflation rate for Guatemala typically varies between 5 and 10 and was just 0 62 in 2009 48 Kiva launched a more direct peer to peer microlending platform called Kiva Zip in 2012 Kiva Zip transferred funds directly to borrowers without outsourcing disbursements and repayment collection to field partners Instead the program partnered with local institutions in the United States and Kenya called Trustees who vetted loan applicants and provided mentorship 49 Kiva Zip borrowers did not pay any interest or fees and the repayment rate was 89 4 50 As of March 13th 2017 the Kiva Zip subdomain redirects to the Kiva homepage and the program appears to be discontinued 51 Interest rates by field partner edit As of November 2018 there are a total of 332 field partners listed on the Kiva website and their status is as follows 173 Active 41 Inactive 14 Paused and 104 Experimental In addition 178 former field partners are listed as Closed 52 The following table shows the portfolio yield of a sampling of field partners Portfolio yield figures are calculated by dividing all interest and fees paid by borrowers to the field partner by the average loan portfolio of the field partner that given year The figure provides a more accurate insight into the costs of borrowing because it includes fees associated with borrowing Field partner 52 Region Portfolio yield Status Correct onIMPRO Bolivia 20 Active Nov 10 2018Fundacion Pro Mujer Bolivia 32 Active Nov 10 2018KREDIT a partner of World Relief Cambodia 23 Active Nov 10 2018Hattha Kaksekar Limited HKL a partner of Save the Children Cambodia Thailand 20 Active Nov 10 2018MAXIMA Microfinance Cambodia 22 Active Nov 10 2018Grounded and Holistic Approach for People s Empowerment GHAPE Cameroon 20 Active Nov 10 2018Esperanza International Dominican Republic a partner of HOPE International Dominican Republic 39 Active Nov 10 2018Fundacion ESPOIR Ecuador 29 Active Nov 10 2018The Foundation for Assistance for Small Businesses FAPE Guatemala 49 Active Nov 10 2018Prisma Honduras Honduras 43 Active Nov 10 2018Koperasi Mitra Usaha Kecil MUK Indonesia 23 Active Nov 10 2018VisionFund Kenya Kenya 36 Active Nov 10 2018Al Majmoua Lebanese Association for Development Lebanon 31 Active Nov 10 2018Vitas Lebanon Lebanon 32 Active Nov 10 2018Patan Business and Professional Women BPW Patan Nepal 19 Active Nov 10 2018ADIM Asociacion Alternativa Para el Desarrollo Integral de las Mujeres Nicaragua 57 Active Nov 10 2018AFODENIC Nicaragua 21 Active Nov 10 2018Palestine for Credit amp Development FATEN Palestine Jordan 15 Active Nov 10 2018Fundacion Paraguaya Paraguay 40 Active Nov 12 2018Asociacion Arariwa Peru 36 Active Nov 12 2018EDAPROSPO Peru 41 Active Nov 12 2018ASKI Philippines 21 Active Nov 12 2018Community Economic Ventures Inc CEVI a partner of VisionFund International Philippines 60 Active Nov 12 2018Gata Daku Multi purpose Cooperative GDMPC Philippines 25 Active Nov 12 2018Paglaum Multi Purpose Cooperative PMPC Philippines 28 Active Nov 12 2018VisionFund Rwanda Rwanda 41 Active Nov 12 2018South Pacific Business Development SPBD Samoa 45 Active Nov 12 2018Caurie Microfinance a partner of Catholic Relief Services Senegal 20 Active Nov 12 2018UIMCEC a partner of ChildFund International Senegal 19 Active Nov 12 2018Tujijenge Tanzania Ltd Tanzania 66 Active Nov 12 2018IMON International Tajikistan 31 Active Nov 12 2018Humo Tajikistan 40 Active Nov 12 2018BRAC Uganda Uganda 60 Active Nov 12 2018Thanh Hoa Microfinance Institution Vietnam 19 Active Nov 12 2018CIDRE Bolivia 19 Active Nov 12 2018Kashf Foundation Pakistan 39 PY Active Nov 8 2018Credo Georgia 30 Active Nov 8 2018Fondesurco Peru 32 Active Nov 8 2018One Acre Fund Kenya Tanzania 18 APR Active Nov 8 2018Organizacion de Desarrollo Empresarial Femenino ODEF Honduras 34 Active Nov 8 2018CrediCampo El Salvador 29 Active Nov 8 2018VisionFund Ecuador Ecuador 23 Active Nov 8 2018National Microfinance Bank Jordan 37 Active Nov 8 2018MiCredito Nicaragua 38 Active Nov 8 2018Bai Tushum Bank Kyrgyzstan 21 Active Nov 8 2018SEF International Armenia 26 Active Nov 8 2018Cooperativa San Jose Ecuador 15 Active Nov 8 2018Negros Women for Tomorrow Foundation NWTF Philippines 46 Active Nov 8 2018Edpyme Alternativa Peru 37 Active Nov 8 2018Cooperativa de Ahorro y Credito Mujeres Unidas CACMU Ecuador 17 Active Nov 8 2018FUNDAPEC Dominican Republic 5 APR Active Nov 8 2018Kaebauk Investimentu no Finansas Timor Leste 28 Active Nov 8 2018ID Ghana Ghana 48 Active Nov 8 2018Strathmore University Kenya 4 APR Active Nov 8 2018Interactuar Colombia 33 Active Nov 8 2018Juhudil Kilimo Kenya 41 Active Nov 8 2018Fundacion Mario Santo Domingo FMSD Colombia 40 Active Nov 8 2018Banque Populaire du Rwanda BPR Rwanda N A Active Nov 8 2018Cooperativa de Ahorro y Credito Norandino Peru 31 APR Active Nov 8 2018Reseau de Micro institutions de Croissance de Revenus RMCR Mali 26 Active Nov 8 2018Artisan Alliance at The Aspen Institute United States Nigeria Nepal Mali Kyrgyzstan Ghana Mexico India Cambodia Kenya Uganda 0 Active Nov 8 2018Ibdaa Microfinance Lebanon 40 Active Nov 8 2018Kenya ECLOF Kenya 40 Active Nov 8 2018Camfed Zimbabwe Zimbabwe 0 APR Active Nov 8 2018Babban Gana Farmers Organization Nigeria 18 APR Active Nov 8 2018UGAFODE Microfinance Uganda 51 Active Nov 8 2018Arvand Tajikistan 32 Active Nov 8 2018Zoona Zambia Malawi N A Active Nov 8 2018PADECOMSM El Salvador 33 Active Nov 8 2018HOFOKAM Uganda 47 Active Nov 8 2018ADICLA Guatemala 51 Active Nov 12 2018Hluvuku Adsema Mozambique 50 Active Nov 12 2018Thrive Microfinance Zimbabwe 69 APR Active Nov 12 2018Microhub Financial Services Pvt Ltd Zimbabwe 74 APR Active Nov 12 2018Advans Ghana Ghana 78 APR Active Nov 12 2018Pre disbursement of funds edit When Kiva began borrowers had to wait until their loans were funded on the Kiva website to receive the funds Since then the system has changed so that loans are disbursed to borrowers before their stories are posted to Kiva s website 53 54 Disbursing loans sooner has a positive impact on the borrowers who no longer need to wait weeks to receive their funding and can thus take advantage of time sensitive business opportunities This is disclosed on Kiva s site each loan proposal states whether funds were pre disbursed Thus lenders loan funds are likely to go to borrowers other than those chosen by the lenders 53 However since the pay back behaviour of the specific borrower chosen by the lender does influence whether or not the lender gets their funds back except when an MFI has chosen to cover for borrower defaults there is at least some connection between the lender and the specific borrower Whether lenders preferences are used for lender preference trend analysis by any field partners or Kiva is not stated Kiva s response has been to keep pre disbursing but be clearer about the process 55 Full repayment frequency uncertainty edit Whether defaults are extremely low has been questioned on the ground that a field partner may pay Kiva for loans defaulted to the field partner in order to maintain the field partner s good credit with Kiva 53 Whether interest rates collected by field partners are enough to pay for significant defaults depends on local economic conditions for each field partner Controversial loans edit In 2008 Kiva featured the borrowing profile of a Peruvian woman asking for a loan to buy equipment for her cockfighting business 56 57 This sparked debate among the Kiva lending community many complained that the organization was promoting cruelty to animals Matt Flannery defended Kiva s decision to allow the post to remain he asserted that removing the post would be paternalistic and that Cockfighting in Peru is legal and part of a rich cultural tradition adding that lenders could be the ones voting with their dollars 56 Promotions and marketing strategies editIn March 2012 Reid Hoffman LinkedIn s co founder lent Kiva 1 million Kiva then allowed 40 000 people to lend 25 for free Lenders still choose a borrower but the borrower will pay back Hoffman instead of the lender who chose them Kiva hopes that the free users will lend to more of their projects and thus increase their overall user base 58 In his 2007 book Giving How Each of Us Can Change the World Bill Clinton covers Kiva org and the work the organization is currently doing and has done in the past External reviews editThe following independent entities have reviewed Kiva On October 1 2019 charity evaluator Charity Navigator downgraded Kiva from 4 out of 4 to 3 stars but by 2020 it was rated 4 stars again Kiva has been top rated at 4 stars since 2010 with the exception of 2018 through mid 2019 59 In 2013 foundation Google org conducted extensive due diligence on Kiva and awarded it a 3 million Global Impact Award for the creation of Kiva Labs 60 In 2012 charity evaluator Philanthropedia awarded Kiva its Top Non Profit Award based on topic area expert opinions 61 In 2011 The Economist honored Kiva with its Innovation Award 62 In 2010 foundation Omidyar Network conducted extensive due diligence and awarded Kiva a 5 million grant to scale its impact 63 In 2010 Kiva was selected as one of Oprah s Ultimate Favorite Things 64 In 2009 charity evaluator GiveWell published a generic critique of giving marketplaces including Kiva and Global Giving 65 and specific critiques of Kiva 66 In 2008 TIME magazine named Kiva a Top 50 website 67 In 2007 Skoll Foundation conducted extensive due diligence and awarded Kiva a 1 million grant as part of its recognition of the world s best social enterprises 68 See also editFlat rate finance Kavapoint List of microfinance sponsors Microcredit Microcredit Summit Campaign Social entrepreneurship United Prosperity Vittana Wokai ZidishaReferences edit a b Kiva Microfunds ProPublica May 9 2013 Archived from the original on August 10 2018 Retrieved September 4 2017 What kind of organization is Kiva Archived from the original on September 4 2022 Retrieved January 10 2012 Kiva Terms of Use Agreement Kiva December 19 2022 Retrieved August 15 2023 a b c d About Kiva Archived from the original on August 10 2018 Retrieved December 8 2020 About Us Kiva org Archived from the original on April 28 2015 Retrieved April 25 2013 How to become a Field Partner Kiva org Archived from the original on May 13 2013 Retrieved March 28 2013 Celebrated charities that we don t recommend December 28 2009 Archived from the original on January 24 2022 Retrieved January 24 2022 How Kiva works Archived from the original on August 10 2018 Retrieved December 6 2019 a b Supporters Kiva org Archived from the original on August 11 2007 Retrieved April 1 2012 Celebrated charities that we don t recommend December 28 2009 Archived from the original on January 24 2022 Retrieved January 24 2022 LAPO Kiva partner and financial vs Social success December 9 2009 Archived from the original on January 24 2022 Retrieved January 24 2022 Flannery Matt 2007 Kiva and the Birth of Person to Person Microfinance PDF MIT Press Archived PDF from the original on March 7 2012 Retrieved April 4 2012 Flannery M 2007 Kiva and the Birth of Person to Person Microfinance Innovations Technology Governance Globalization 2 1 2 31 56 doi 10 1162 itgg 2007 2 1 2 31 S2CID 57566448 Narang Sonia 2006 Web Based Microfinancing New York Times Magazine Archived from the original on December 1 2017 Retrieved January 10 2012 History Kiva org Archived from the original on April 12 2012 Retrieved April 5 2012 When I pay through PayPal is PayPal taking a fee Archived from the original on September 4 2022 Retrieved January 10 2012 Do Kiva org s Field Partners charge interest to the borrowers Archived from the original on September 4 2022 Retrieved January 10 2012 Why are microcredit interest rates higher than traditional interest rates MicroWorld Archived from the original on March 18 2014 Retrieved March 18 2014 KIVA Stats Kiva org Archived from the original on July 11 2015 Retrieved March 15 2016 Return of Organization Exempt From Income Tax PDF Department of the Treasury Internal Revenue Service Archived PDF from the original on April 19 2014 Retrieved April 18 2014 Kiva Responds The famed microlender replies to Hugh Sinclair s scathing critique Archived July 12 2017 at the Wayback Machine nextbillion com 12 February 2014 Impact Kiva org Archived from the original on November 9 2018 Retrieved November 13 2018 Kristof Nicholas D Sheryl WuDunn 2009 Half the Sky New York Vintage Books ISBN 978 0 307 38709 7 Byrne Ciara April 22 2011 Micro lending site Kiva goes green Venturebeat Archived from the original on October 26 2016 Retrieved September 2 2017 Alois JD December 13 2013 Kiva Labs to Generate 25 Million in Crowdfunded Loans for Clean Energy Mobile Technology and Agriculture Archived from the original on April 23 2014 Retrieved March 14 2014 Rao Leena September 20 2010 Kiva Adds Student Loans To Microlending Marketplace Archived from the original on November 3 2017 Retrieved June 25 2017 Farr Christina February 25 2014 Kiva and Vittana partner to crowdfund loans for students in developing nations Archived from the original on November 5 2017 Retrieved September 2 2017 Alivio Capital Funded Kiva org Archived from the original on November 15 2018 Retrieved November 12 2018 IMON International Health Funded Kiva org Archived from the original on November 15 2018 Retrieved November 12 2018 Al Majmoua Health Funded Kiva org Archived from the original on November 15 2018 Retrieved November 12 2018 Ofori Adjei A B December 2007 Microfinance An Alternative Means of Healthcare Financing for the Poor PDF Ghana Medical Journal 41 4 193 194 PMC 2350115 PMID 18464902 Archived PDF from the original on November 15 2018 Retrieved November 15 2018 Price Susan Lending Pioneer Kiva Hits The One Billion Mark And Launches A Fund For Refugees Forbes Archived from the original on July 6 2017 Retrieved July 14 2017 a b c Said Carolyn August 11 2013 Kiva Zip loans aid low income U S entrepreneurs Archived from the original on April 24 2014 Retrieved March 27 2014 a b Todd Deborah Pittsburgh pilot program to help finance entrepreneurs morphs into Kiva City Archived from the original on March 28 2014 Retrieved March 27 2014 Tascarella Patty Kiva City Pittsburgh aims to lend to 100 entrepreneurs within first year Archived from the original on July 14 2014 Retrieved March 27 2014 a b Dolan Kerry Microlender Kiva Gets 3M Grant From Google Aims To Tackle Microfinance 2 0 Forbes Archived from the original on December 17 2013 Kiva org Receives 3 Million Google Global Impact Award to Launch Kiva Labs finance yahoo com Archived from the original on July 15 2014 Retrieved March 27 2014 Ferenstein Gregory March 22 2013 Kiva Piloting Microlending For U S Small Biz Clinton Says It s A Very Big Deal Archived from the original on September 9 2017 Retrieved June 25 2017 Loten Angus June 29 2011 Clinton Launches Micro Lending Drive Wall Street Journal Archived from the original on September 9 2017 Retrieved August 4 2017 Geiger Jacob March 24 2014 Kiva Zip loan program has lent 100k since launch Archived from the original on September 4 2022 Retrieved March 27 2014 Funded Loans Kiva org Archived from the original on November 13 2018 Retrieved November 12 2018 Yunus Muhammad 2007 Creating a World Without Poverty Social Business and the Future of Capitalism New York PublicAffairs p 320 ISBN 978 1 58648 667 9 a b Kiva Help Interest Rate Comparison Kiva org Archived from the original on August 3 2009 Retrieved October 10 2009 Kiva Help Borrowing Cost Comparison kiva org Archived from the original on January 17 2014 Retrieved January 16 2014 Sinclair Hugh October 22 2012 What s Wrong With Kiva s Portfolio Yield Statistic Archived from the original on February 27 2013 Retrieved January 16 2013 Kiva About Us Archived from the original on April 28 2015 Retrieved March 18 2012 Shearer Laura April 15 2009 The Coffee Trade Nothing Fair About It La Cuadra Archived from the original on January 23 2010 Retrieved January 10 2012 Guatemala inflation rate drops to 25 year low Reuters July 7 2009 Archived from the original on March 21 2022 Retrieved January 10 2012 Kiva Zip FAQ Archived from the original on May 27 2015 Retrieved May 26 2015 Kiva Zip Innovations in Person to Person Lending Archived from the original on April 28 2015 Retrieved May 26 2015 Kiva Frequently Answered Questions Archived from the original on March 13 2017 Retrieved April 3 2023 a b Where Kiva works Kiva org Archived from the original on October 17 2018 Retrieved November 10 2018 a b c Roodman David October 2 2009 Kiva Is Not Quite What It Seems Center for Global Development Archived from the original on January 18 2013 Retrieved January 16 2010 Strom Stephanie November 8 2009 Confusion on Where Money Lent via Kiva Goes New York Times Archived from the original on January 21 2018 Retrieved January 16 2010 Flannery Matt October 12 2009 Matt Flannery Kiva CEO and Co Founder Replies Center for Global Development Archived from the original on February 10 2010 Retrieved January 16 2010 a b Flannery Matt March 29 2008 Cockfighting Skoll Foundation Archived from the original on May 6 2008 Retrieved September 15 2010 Smiley Lauren February 27 2008 Kiva s Microloans Underwriting Cockfighting in Peru SF Weekly San Francisco Archived from the original on June 10 2011 Retrieved September 15 2010 Pan Joann March 15 2012 725 000 Loans Granted By Kiva 2 6 Billion To Go Mashable Business Archived from the original on April 1 2012 Retrieved March 31 2012 Charity Navigator Historical Ratings for Kiva Charity Navigator Archived from the original on August 4 2020 Retrieved November 28 2019 Google org Google org Archived from the original on December 20 2013 Retrieved January 5 2014 International Microfinance 2012 Top Nonprofit Ranking Myphilanthropedia org Archived from the original on January 5 2014 Retrieved January 5 2014 Monitor And the winners were The Economist December 3 2011 Archived from the original on February 16 2014 Retrieved January 5 2014 ON Omidyar Network Awards 5 Million Grant to Kiva to Spur Growth of Microfinance in Underserved Markets Omidyar com August 12 2010 Retrieved January 5 2014 permanent dead link Kiva Gift Card Courtesy of Groupon Oprah com November 19 2010 Archived from the original on April 24 2014 Retrieved January 5 2014 Kiva GlobalGiving and other giving marketplaces GiveWell GiveWell Archived from the original on May 21 2012 Retrieved June 3 2012 Kiva The GiveWell Blog Blog givewell org May 6 2010 Archived from the original on December 24 2013 Retrieved January 5 2014 Kiva 50 Best Websites 2008 Time June 17 2008 Archived from the original on January 5 2014 Retrieved January 5 2014 Kiva Skoll Foundation Skollfoundation org Archived from the original on July 20 2014 Retrieved January 5 2014 External links edit nbsp Logo for the Wikipedian team on Kiva orgOfficial website Kiva Friends web forum Microfinance at Curlie Podcast interview with Jessica Jackley Flannery Feb 2008 Archived February 10 2012 at the Wayback Machine Interview with Premal Shah President of Kiva PBS s Frontline World on Kiva TED Jessica Jackley Poverty money and love Interview with Matt Flannery Aug 2007 Retrieved from https en wikipedia org w index php title Kiva organization amp oldid 1179259466, wikipedia, wiki, book, books, library,

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