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Hi, I'm a finance blogger who is interested in how different financial tools, including microfinance, can deliver real value to consumers.
Kiva Small Business Advisor for the Greater Seattle area. Reach me at firstname.lastname@example.org
Currently a Master of Public Administration (MPA) student at Bowling Green State. University in Bowling Green, Ohio, USA. Specializing in International Development with focus on sub-Saharan Africa.
I work in Advertising Operations at Zillow, but LOVE microfinance. I'm always interested in startups, especially non-profits, reach out to me if you're working on anything cool!
CREDIT, a licensed microfinance institution in Cambodia since May 2004, has raised almost $2,000,000 on Kiva over the past 27 months. However, it hasn’t always been a MFI — the faith based organization was started in 1993 by World Relief US in Cambodia and was registered as a private limited liability company (LLC) in 2003. Today, World Relief Corporation has a 74% shareholding in the company, World Relief Canada owns 17% and World Hope International has the remaining 9% share. At the end of 2007, CREDIT had a portfolio of US$10.3 million in outstanding loans reaching 18,771 clients. There are some interesting statistics about the MFI on their Kiva profile — 91.3% of their loans are to women, with an average loan size of $737 and their repayment rate is 100%.Â The average interest rate borrowers pay to CREDIT is 11%, which is half the average interest rate for all field partners on Kiva. If you ask me, that’s an impressive track record.
Vision: Economically active poor and entrepreneurs have the opportunity to develop the livelihoods and experience full and productive lives.
Mission: To provide inclusive financial services tailored to the clientsâ€™ needs through excellent services and positive relationship while maintaining organizational sustainability.
Motivation – Christ’s love
Values about clients –
- Committed to the poor and upholding their dignity
- Belief in the God-given potential of the clients
- Clients are business partners not beneficiaries
I was lucky enough to visit Southeast Asia back in March and got a general feel for what everyday life was like. I can’t pin down exactly what it was, but Cambodia was definitely my favorite country I visited on the trip that included Thailand, Vietnan and Hong Kong. Whereas in places like Vietnam and Thailand, it seemed many (not all) of the locals wanted to help you only to get your money; the people in Cambodia seemed genuinely interested in helping others. Oh yea, and that temple called Angkor Wat is beautiful. I’m certainly going to make it a point to visit a CREDIT office next time I travel to Cambodia.