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Kiva is the world's first person-to-person microlending website, empowering individuals to lend directly to unique entrepreneurs around the globe. With a loan as small as $25, the average person can help make a difference in the life of someone living in poverty. While the organization presently boasts 345,000 social investors and has lent $45 million in the first three years, its road to viability hasn't been completely easy.
In this talk from the Online Giving Marketplace Conference hosted by the Stanford Social Innovation Review, Kiva President Premal Shah talks about how the organization got its first big break as a social enterprise, and how it works in the online space with lenders, organizations, and entrepreneurs to help alleviate poverty.
Premal Shah is president of Kiva, a website that allows people to make a microloan to entrepreneurs living in poverty. Called one of the 50 Best Websites in 2008 by Time, Kiva raises about $1 million in $25 increments every 10 days. It has facilitated loans to 60,000 entrepreneurs in 45 developing countries with a more than 95 percent repayment rate in its first three years. Prior to Kiva, Shah was a principal product manager at PayPal (an eBay company) where he spent six years building the global payments service. He began his career as a management consultant at Oliver Wyman in New York City. Shah received a BA in economics from Stanford University.
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