Small Loans, Big Impact
Now through October 25th, customers who make a qualifying loan of $25 or more through the campaign page will receive a $25 Kiva credit to lend again.
From our very first issue, GOOD has written stories about individuals who find pragmatic solutions to improve their communities. People use all kinds of things to make a difference - from the technical, to the whimsical, mundane to adventurous. Now more than ever we are seeing technology and business drive change, especially when mixed with human compassion. Through our collaboration with PayPal, and microlending pioneer, Kiva, we’re helping enable loans to entrepreneurs who don’t have access to traditional financing. These small, crowd-funded loans help build and grow small businesses, and create opportunities for the borrowers, their families, and the local communities where they live and work.
That’s why we’re so excited to announce PayPal is launching their second annual employee and customer lending campaign*. Now through October 25th, customers who make a qualifying loan of $25 or more through the campaign page will receive a $25 Kiva credit to direct another loan to an entrepreneur they select from Kiva’s platform**. During PayPal’s 2016’s lending campaign, customers and employees lent more than $810,000 to entrepreneurs around the world - entrepreneurs like Elviza, the owner of a small fishing business in the Philippines. As the married mother of five children, Elviza supported her family by waking up early to fish, and earning supplemental income fish-vending. Her husband would drive to a neighboring town to buy fish, drive another five hours to Tacloban City, and sell them. Due to financial limitations, however, they could only devote so much time to vending, which required extra gasoline, fishnets, and stock they could not afford.
[quote position="full" is_quote="true"]He can pass on education to other people.[/quote]
Loans from the 2016 lending campaign changed all that. With just a little more money to invest in supplies, Elviza can now save and invest in her children’s education, ensuring them a future in which they can choose their own destiny. Her son, she confides with pride, now aspires to be a teacher, “so he can pass on education to other people.”
PayPal and Kiva will continue to be partners in furthering this mission to improve the financial health of individuals and small businesses like Elviza’s fishing business. For more than a decade, Kiva has enabled over $1B in loans to over 2.6 million borrowers and PayPal has proudly powered them all because they believe, with each loan, they’re enabling more people to participate and thrive in the global economy. We hope you’ll also join in this effort.
* Terms and conditions of the campaign are listed here.
** Repaid funds from the Kiva credit will go back into PayPal’s Donor Advised Fund, where it will be used for future lending campaigns.