Kiva.org, the international crowdfunding provider, has launched a new initiative, Kiva Labs, to provide access to crowdfunding for environmental and development projects. Crowdfunded loans through Kiva Labs will provide a unique opportunity to support the development of products and services with a high potential to make a social and environmental impact.
The new initiative from Kiva is backed by a $3 million Global Impact Award from Google. Kiva.org already has a successful crowdfunding model, and Kiva Labs will connect it with promising green and social development projects. The initiative will provide access to capital for high-impact projects by nonprofits and social entrepreneurs that usually struggle due to lack of finance.
The president and co-founder of Kiva, Premal Shah, says that Kiva Labs will help the organization demonstrate what works, share the learning with a global audience and eventually deliver innovative solutions directly to the people who need them the most. Kiva has already crowdfunded 132,000 agricultural loans, 4,600 green loans and 670 mobile tech loans. It operates through a global network of 230 microloan organizations in more than 70 countries. The network has managed to raise more than half a billion dollars with a 99 percent repayment rate.
Kiva Labs aims to raise a further $25 million in crowdfunded loans, which will be designed to meet the unique needs of more than 100,000 borrowers who need flexible capital to access effective solutions. Through Kiva Labs, the organization is opening up partnerships to more social enterprises and nonprofits that are engaged in the development and promotion of innovative solutions in poverty alleviation and economic opportunity.
Kiva Labs is a unique and promising endeavor that will lead the way toward â€œMicrofinance 2.0,â€ which will combine microfinance with high-impact products and services. The work of Kiva Labs is leading to new insights into how microfinance can create maximum impacts in the lives of the people who need it the most.
Source:Â Green Biz
Image Credit:Â FlickrÂ via RambergMediaImages
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