MICROCAPITAL BRIEF: Google.org Donates $3m to Launch Kiva Labs to Crowdsource Funds for Education, Clean Energy, Agriculture

Google.org, the charity arm of US-based technology and service provider Google, has selected Kiva, a US-based microloan fundraiser, as the recipient of the 2013 Google Impact Award. This award includes a donation of USD 3 million that will be used to launch Kiva Labs, a crowdsourcing program that is slated to generate USD 25 million in capital for financing loans to 100,000 social enterprises that focus on education, clean energy, agriculture, poverty alleviation and economic development.

As of December 2013, approximately USD 514 million in loans was funded through Kiva in partnership with microfinance institutions in 73 developing countries.

By Megan McGowan, Research Associate

About Kiva:

Incorporated in 2005, Kiva is a US-based online portal allowing individuals to make loans to microfinance institutions (MFIs), which then make loans to people with low incomes. As of December 2013, approximately USD 514 million in loans was funded through Kiva in partnership with microfinance institutions in 73 developing countries. As of 2012, Kiva is launching a new platform, Kiva Zip, enabling users to lend directly to microentrepreneurs around the world. As of 2012, Kiva is launching Kiva Labs, a crowdsourcing program.

Sources and Additional Resources

[1] Kiva Press Release: Kiva Receives $3 Million Google Impact Award to Launch Kiva Labs, http://blog.kiva.org/2013/12/12/kiva-receives-3-million-google-global-impact-award-to-launch-kiva-labs

MicroCapital: “MICROFINANCE PAPER WRAP-UP: “The International Bank of Bob,” by Bob Harris; published by Walker Publishing,” September 8, 2013, https://www.microcapital.org/microfinance-paper-wrap-up-the-international-bank-of-bob-by-bob-harris-published-by-walker-publishing/

MicroCapital: “Online Fundraiser Kiva Discloses Delinquencies of Microfinance Institutions Alidé of Benin, FECECAV of Togo,” May 14, 2013, https://www.microcapital.org/microcapital-brief-online-fundraiser-kiva-discloses-delinquencies-of-microfinance-institutions-alide-of-benin-fececav-of-togo/

MicroCapital Universe Profile: Kiva, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kiva

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.

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