Along with ambition and tenacity, entrepreneurs need capital to make their idea a reality, which can present an insurmountable obstacle for folks in remote parts of the world.
Micro-lending giant Kiva tackles this challenge by leveraging the power of the internet and the simple concept of lending (as little as $25) to connect borrowers in need on a global scale. Since the organization’s founding in 2005, Kiva has mobilized 786,000 lenders to give $329 million in loans empowering people living in poverty around the world. And, the nonprofit doesn’t take a cut, directing 100% of those dollars toward funding loans.
Recently, Kiva partnered with Silatech of Qatar’s micro-enterprise program to create Kiva Arab Youth, supporting young entrepreneurs in the Arab world to address the youth unemployment crisis. The initiative allows Kiva’s online lenders to provide reliable and affordable capital to help Arab entrepreneurs 30 years old or younger to start and build their own business. Expense needs range from teaching and art supplies to grocery and pharmacy wholesale and construction materials.
Silatech even pledged to double the impact by matching up to $375,000 in loans made to these young entrepreneurs. As the loans are repaid to lenders, Kiva recycles the matching funds back to endorse more loans supporting young Arab business owners.
To learn more about Kiva Arab Youth, read borrower’s stories, and start lending, visit: http://www.kiva.org/arabyouth.