So far in my Summer Project posts, we've gotten a quick overview of Kiva, a micro-lending website that allows individuals to connect with entrepreneurs in need of financing in the developing world, and we've learned a bit about how microfinancing works. Now I'd like us to find out more about 4 of these real entrepreneurs (My husband Glen and I have made Kiva loans to each of them, which is how I know about them.) from 4 different developing nations, find out how they are using their loans, and learn more about why their countries are considered developing nations. If you choose to respond to this post, you may choose one of the 4 entrepreneurs and read about him or her in the appropriate link below. Next, go to the CIA's World Fact Book website (links are below) for the country of the entrepreneur you chose and read about that country. Then respond to both of the following prompts in your post:
What characteristics of the nation you read about qualifies it as a developing nation? What obstacles does this nation face? What promising features does it have that could help to propel it into a more economically prosperous future?
Comment on one or more of the following for the entrepreneur's profile you chose: the loan amount, the delinquency rate of the field partner (the microfinance institution that distributes the money loaned and receives repayment from the entrepreneurs to which it distributes money), the people who have loaned money online through Kiva to the entrepreneur you chose, background of the entrepreneur, or anything else you see that interests you on the profile page.
Kiva Entrepreneur Mulkadar Abbasov:
http://www.kiva.org/app.php?page=businesses&action=about&id=31407
Nation of Azerbaijan:
https://www.cia.gov/library/publications/the-world-factbook/geos/aj.html
Kiva Entrepreneur Fatuma Furaha:
http://www.kiva.org/app.php?page=businesses&action=about&id=42663
Nation of Tanzania:
https://www.cia.gov/library/publications/the-world-factbook/geos/tz.html
Kiva Entrepreneur Luisa Ivania Espinoza:
http://www.kiva.org/app.php?page=businesses&action=about&id=44302
Nation of Nicaragua:
https://www.cia.gov/library/publications/the-world-factbook/geos/nu.html
Kiva Entrepreneur Abu Samura:
http://www.kiva.org/app.php?page=businesses&action=about&id=32386
Nation of Sierra Leone:
https://www.cia.gov/library/publications/the-world-factbook/geos/sl.html
If you need a quick refresher course on what Kiva does, click here.
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I read about Luisa Ivania Espinoza from Nicaragua. Nicaragua is a developing country because in 1998, it was hid hard by Hurricane Mitch and also experienced a civil war. Nicaragua's economy is also very bad. It has an extremely high underemployment rate and it is way deep in debt. However, it has been in a trade agreement with the United States since 2006, the US-Central America Free Trade Agreement. This agreement could bring more opportunity to the area, and help its citizens gain access to the things they need to start businesses.
It think its amazing that Luisa only needed $300 to start a business. Some American spend that in one day, sometimes on things they don't even really need. I think Kiva is a really neat thing, because it allows people in developed countries to give people in developing countries a leg up.
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