May152008
MicroCredit Fundraising Ride Canada to Mexico
Filed under Microcredit,Uncategorized,alleviating poverty,empowering individuals,entrepreneurs in the developing world,offered a solution,social entrepreneurs,young people,young social entrepreneurs by DCatzel at 6:10 pm on May 15 2008
Check out Global Agents for Change
On May 31st, more than 20 people will ride their bikes 3,000km from Vancouver to Tijuana, Mexico to raise money and awareness for entrepreneurs in developing countries.
Agents of Change, a nonprofit registered charity, hopes to raise $1 million from the challenge to connect those living in poverty with microcredit – small, interest-free loans. The loans are to help entrepreneurs in developing countries by helping to get them out of poverty.
The organization is raising awareness about how microcredit can help families escape poverty, with help from its partner organization, Kiva. Kiva, a nonprofit organization based in San Francisco, provides loans to entrepreneurs in developing countries. Agents of Change, which has so far raised more than $8,000 for microcredit, is trying to raise the million dollar fund so people in developing countries can be provided with loans through Kiva.
Kiva’s website provides a platform for borrowers to post their stories, pictures, business goals and needs. Supporters can view the profiles and get a choice of who they would like to support, as well as receive information on the borrowers’ progress and how the money is being used.
Through Kiva, lenders receive their money back after the loan is repaid, but that money can also be used again to help another entrepreneur. The million dollar fund through Agents of Change, however, isn’t refundable as it’s being set up to be used as a constant source of funding for Kiva.
Through Kiva, the businesses are screened by recognized local microfinance partners. All of the funds go directly to the borrower. So far, Kiva’s repayment rate is estimated to be 97 per cent successful.
Dr. Muhammad Yunus, who won the 2006 Nobel Peace Prize and is the inspiration behind the cause, founded the microcredit bank, Grameen Bank of Bangladesh.