Following up on microcredits
Some time ago I posted about my experiment with Kiva, a website coordinating microcredit loans. My initial loan was $100 divided over four business. While that doesn’t seem like a significant amount, my $25 was combined with several other creditors to meet the full loan amount of the various businesses. Kiva suggests smaller loan amounts in order to minimize your risk.
So far, two of the four businesses have repaid the loans in full, ahead of their repayment schedule. I reloaned the funds to additional businesses. The remaining businesses are still meeting their repayments on time. The process seems to be working, and working quite well.
If you’re like me and consider most charities to be inefficient at best and wastes of money at worst, supporting people with microcredits might be for you.