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Seriously, if you have a spare $25, go to www.kiva.org and donate. The rate of repayment is incredibly high, and you can turn around and redonate that money right back in. I was planning on doing $25/month before i got laid off, and just have this huge pile of money i could keep recirculating around the world. :D *EDIT TO UPDATE* *Edit to make it in Chronological order, and make more clear who's is who's* *edit: added link to ABC news report on this story* http://abcnews.go.com/Business/Economy/story?id=7791831&page=1Kiva has started to lend to US entrepreneurs in 2009. These US entrepreneurs might have more money than most Kiva lenders do. Why don't these US entrepreneurs use their own savings or get a loan from the bank to start their businesses. Why US entrepreneurs shift the risks to Kiva lenders and getting interest free loans from Kiva lenders for their personal benefits? The altruistic meaning of helping the poor is lost. If lending to US entrepreneurs is for business reasons, then Kiva.org should require these rich US entrepreneurs to pay interest and share a percentage of the interest return to Kiva lender so both Kiva.org, Kiva lenders, and US entrepreneurs or First World entrepreneurs can benefit from this. To sum it up in one sentence, Kiva Lenders should ask Kiva.org to demand interest payment from these First World Rich Borrowers who might have higher networth than their Kiva lenders. Please message Kiva.org and spread the words if you agree.
Posted by Addison Tan
Jun 10, 2009 - 12:20 pm PDT@Addison Tan:
Firstly, you assume that these entrepreneurs that Kiva is lending to in the US HAVE more money. Even your own statement of, "Might" includes this. Secondly, you forget that the US has a higher cost of living, THUS in order to obtain the same level of poverty as someone in a foreign country, a US poor entrepreneur must have more money to begin with.
Third, Kiva loans are NOT intrest free. They pay intrest (it's that intrest that pays for the cost of running this service). Non-proffit does NOT mean Non-Cost.
Fourth: www.kiva.org/about/microfinance#4._Why_dont_they_just_go_to_a_bank
Fifth: If you're going to make an argument, make sure it's not based on some half-assed illusion of your ill informed mind.
There are poor everywhere; don't be an ass and assume that everyone in the USA is rich enough for a Bank to lend to them.
Posted by Allen
Jun 10, 2009 - 12:27 pm PDT@Allen
While it's important to remember poverty in America, I'm afraid you're quite wrong on a lot of these points. While it's true that there's a higher cost of living in the United States, there are services provided for free that simply wouldn't be factored into when comparing the poverty of the third world to poverty in America. The government provides health and safety standards, environmental standards, minimum wage, health insurance (medicaid). Furthermore various other services are provided fairly uniformly in America at (relative to third world incomes) fairly cheap rates, like clean water and electricity.
Furthermore the entire point of micro finance is to provide loans in places where there isn't a traditional banking structure in place. Since capital is valued more highly in the third world, it doesn't require as much to make a greater impact as if we gave in the first world. If we're giving loans to the first world, it's no longer micro finance; it's just finance.
Furthermore, you should be more respectful when making your counter arguments. You may disagree with Mr. Tan, but that's no reason to call him names.
Posted by Jon @Jon:
Poverty is poverty is poverty. You don't have to be poor in another country for a bank not to want to deal with you. The point of microfinancing is not to help people ONLY in 3rd world countries. It's to help the poor/put-down-upon all over, everywhere there are willing, able business people who can't get a start because of the imposed banking structure.
We're hot giving Microloans (at least, in most cases that i have seen) to whole towns to help fix their water; we're not giving microloans to work on health & safety standards: What we're trying to do here, is to help build up individuals. These individuals, with their ability to generate their own wealth can then reinvest in their own community, spend their money locally, help improve their surroundings. You might think that there might be less of a secondary benefit to communities in America: If so, i suggest you drive through a nearly dead ghost town, towns that are all over these United States. Towns that are almost dead, because the money & spirit's been sucked out of it, like Marrow out of a bone. To give these poor entrepreneur, to give hope to them again, and to give them the tools they need to repair the damage done to their communities by poor business, poor economic, poor environmental planning, &c... Well, i got into this to HELP PEOPLE: No matter where they happen to have their tent planted, Thank you very much.
What we're doing is giving loans to INDIVIDUALS: THAT means that it IS microfinance. Because someone had the honour of being born poor in America, that should mean that they can't get access to the same help that a poor person trying to start a business in Afghanistan should get (as long as they qualify)?
Further: I more insulted Tan's position then himself. What i DID do was ask him not to be an ass when making a point online, by which i mean not checking one's facts. This only clutters the line. I deeply appreciate Tan's feelings behind his ill-informed argument, but feel that they would be better applied in another vein.
Posted by AllenTags: idiots
WHERE IS HE?: home
The Mood ala Mode:  annoyed
Los Music: birds singing
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SO.... I got laid off end of April (after working extra hours... grr), i have re-applied to go back to UW-Madison, and have been accepted. I don't know how quickly i can finish my degree, buy my goal is to do so as quickly as possible. It looks like i'm going to have to work fulltime (or more) to be able to pay for it, something that i am frankly worried about, given how rusty my study skills are. I'm very worried about the money. I might have to take on a roommate, something I didn't want to do again, until there was only one bed to be shared (i like having my office, OK? :P), but i'm putting that off for now. Started looking for jobs that will be flexible, pay a decent wage. That is very not easy. Also, dealing with my emotions is still weird: Life is easier, if more painful, when i can successfully block those out, and try to live like a robot. I'm no cyborg, but i do a pretty good job. I know that's not healthy, though, so I'm trying to scale that back as well. Now you're all caught up. Tags: "laid off", going back to school, school, work
WHERE IS HE?: Home Office
The Mood ala Mode:  uncomfortable
Los Music: birds, wind, & trucks
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