#1BillionInChange - Our Kiva Entrepreneur for June
Kiva, the organisation we use to make our monthly ‘loans that change lives’ is on the verge of an incredible milestone. At the time of writing they have helped entrepreneurs without access to conventional banking systems access a jaw-dropping $995,812,375 of loans - tantalisingly close to $1 billion.
With this in mind, they are currently match-funding in order to help achieve this phenomenal landmark of lending.
Thanks to that match-funding we are delighted to let you know that our contribution for June will have double the impact for our borrower, Nada from Metn in Lebanon, who is seeking a loan of $2000 in order to buy a specialised 3D laptop for her interior design business.
Lending to Nada was important to us for several reasons:
Firstly, we have not funded anyone in Lebanon before and lending in new countries is something we are always looking to do.
Secondly, this is also the first youth-specific loan we have made. Nada is 23 years old, and so her business, started to help her family out with household expenses, is relatively young too. As Kiva explains,
“Because many young people lack business experience or established credit histories, it can be even more difficult for them to access financial services. By funding this youth loan, [we] are expanding opportunity for a young person with limited resources.”
Targeting youth development in Lebanon is particularly necessary; unemployment in general and youth unemployment in particular is at an all-time high.
The latest World Bank study published in Lebanese daily paper al-Akhbar reports a 34% increase in unemployment since 2012 (the year our borrowed Nada turned 18) with 1 in 3 people now out of work in the country.
A high proportion of those who do have work are in low-skilled, poorly paid industries such as construction and agriculture, with a notable ‘brain-drain’ of highly skilled graduates leaving Lebanon due to the lack of opportunities for them there.
To have established her own business in such a climate shows exceptional entrepreneurship in itself.
To have progressed in her field to the point that she is in need of specialist equipment of this sort - is nothing short of outstanding.
We wish Nada every possible success for the future. If you feel similiarly inspired to push Kiva’s total amount lent even closer to the $1 Billion target you can do so here.
HOLD THE PRESS- THEY DID IT! Whilst we were putting the finishing touches to this post Kiva announced that they had crossed the $1 Billion mark. Amazing!
About the Author: Alice Perry
Alice is Inkspiller’s project manager. She oversees all that we do, and thinks there is no task that can’t be improved by the making of a bulleted list.