#Fuelherfuture: Crowdfunding Platform Kiva Hits $1 Billion In Lending to Female Entrepreneurs
Crowdfunding loans platform Kiva celebrates the $1 billion mark in lending to women entrepreneurs with a tie-up with Pepsi
Kiva, the crowdfunding loans platform, created a new initiative, #FuelHerFuture with Pepsi. From October 7 to October 13, 2019, Pepsi will provide a credit of $25 to anyone who makes a loan on the Kiva platform. The credit must be utilized to lend to a female borrower of their choice. The offer is open until funds last. Hopefully, it will ignite funding for the next $1 billion of loans.
More power to women
To date, the platform has enabled loans to over 2.7 million women in 94 countries. Kiva’s mission is to reach credit or financing options to the one billion women who remain unbanked. This commitment is also crucial to restoring the earnings balance between men and women.
“Worldwide, women earn 37% less than men and spend three times as many hours on unpaid labor, such as housework,” says Kiva.
More than 80% of Kiva loans are provided to women around the world.
However, an overarching goal for the crowdfunding is to “create a more connected and inclusive financial system that empowers all individuals to realize their full potential.”
Crowdfunding loans – how it works
A borrower applies for a loan. The application goes through an underwriting and approval process before it is posted on the platform for lenders to support. Lenders crowdfund the loan in increments of $25 or more to complete the fundraising. The borrower, after that, repays the loan.
Notably, the lender receives no interest. Kiva’s loans have a repayment rate of about 97%. Kiva does not guarantee repayment for any loans crowdfunded on its website.
[Related story: Small Business Debt Funding Platform Now Available on Your iPhone]
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