Kiva update: repayments begin

Back in December, I wrote about Kiva.org and microcredit, a concept that drove last year’s Nobel Peace Prize award. Kiva.org allows anyone to make microloans to enterpreneurs in the developing world.

Read my last post on Kiva.org for details on the loans I made, but I just wanted to note that I got my first repayment notices earlier this month from both people to whom I made a loan. The email explained a little more about how the repayments work:

This repayment will be divided amongst all the lenders who helped to fund this business, depending upon the percentage each lender contributed. Note that you cannot actually withdraw or reloan these funds until after the loan term is complete.

The loan term is as long as 18 months for both of my loans, and the payments are coming in on time and for the appropriate amounts. I’ll continue the updates over the next several months — this is both fascinating and uplifting.

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