Putting a stop to the giving
Kiva, a nonprofit site that organizes microloans for entrepreneurs in developing countries, has run out of people to lend to.
In toto, Kiva brought in $19.5 million worth of loans from 220,000 lenders, reports The New York Times.
Though it may seem risky to dole $450 out to a restaurant owner in Nigeria, or $1,200 to a Cambodian taxi driver, Kiva provides lenders with regular updates. Kiva lenders almost always see their loans repaid — the default rate is 0.16 percent.
Kiva launched in 2005, during a time when the media often asked whether tsunami relief money was going to people that needed it.
Kiva's 23-person staff works with 77 "field partners" that line up microloans in 39 countries. Another 250 volunteer translators and editors post new loan requests as fast as they can.
The Kiva website currently reads, "Thanks Kiva Lenders! You’ve funded EVERY business on the site!"