Kiva (organization)
Micro-loan platform / From Wikipedia, the free encyclopedia
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Kiva Microfunds is a 501(c)(3) non-profit organization[2][3] headquartered in San Francisco, California. Kiva's mission is "to expand financial access to help underserved communities thrive."[4]
Founded | October 2005 (2005-10) |
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71-0992446 | |
Focus | Economic development |
Location |
|
Area served | World-wide |
Method | Microcredit |
Key people |
|
Revenue (2015) | $19,847,885[1] |
Expenses (2015) | $15,915,830 |
Endowment | $27,389,839 |
Staff (2015) | 117 |
Volunteers (2015) | 450 |
Website | kiva |
Kiva distributes funds that it receives to microfinance institutions, social impact businesses, schools or non-profit organizations[5][6] and does not generally directly provide funds to specific individuals.[7] These organizations are charged fees by Kiva and borrowers pay interest on most loans.[8]
Kiva is supported by grants, loans, and donations from its users, corporations, and national institutions.[9] Since 2005, Kiva has crowd-funded more than 1.6 million loans, totaling over $1.68 billion,[4] with a repayment rate of 96.3 percent.[4] Over 2 million lenders worldwide use the Kiva platform.[4] Despite its size, independent review by GiveWell in 2009 failed to find evidence that the organization produces significant social benefit,[7] with at least one partner supposedly vetted by Kiva earning high profits while having a very high recipient drop-out rate.[10]