A non-profit organization which let people lend in micro terms among each other has won Google Global Impact award worth $3 million. Kiva has won the award to build Kiva Labs.
Kiva Labs is new initiative that aims to generate $25 million in loans for clean energy, mobile energy and agriculture over the next three years. The initiative aims to have maximum impact on lives of poor. Kiva leverage the power of internet and a worldwide network of micro-finance institutions to let individuals lend as little as $25. A lender can choose the project in which he want to invest/lend. This provides loan to people who typically are outcasted from particular country's financial ecosystem. Moreover Kiva does not charges for its own.
With this new initiative namely Kiva labs, company is planning to lend money to 100,000 borrowers. Kiva is also planning to experiment with some new financial products to check which one works. These crowd-funded loans would help initiatives from clean energy, mobile information and other transformative technologies. As per co-founder and President of Kiva, Premal Shah, Kiva's crowd-funded loans provide a unique opportunity to increase opportunity to increase access to products and services that have high potential for success.
Today Kiva operates in 70 countries with a network of 230 organizations providing micro-finance. Kiva is largest crowd-funding platform for social good with 99% repayment rate.
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