Source: New York Times.
Complete article available online.
…Kiva, a nonprofit organization, promoted itself as a link between small individual lenders and small individual borrowers like Maryjane Cruz in the Philippines, who recently sought a $625 loan to support her family’s farm…the direct person-to-person connection Kiva offered was in fact an illusion. Kiva’s lenders were actually backstopping microfinance institutions….
Where its home page once promised, “Kiva lets you lend to a specific entrepreneur, empowering them to lift themselves out of poverty,” it now simply states, after Mr. Roodman’s post: “Kiva connects people through lending to alleviate poverty.”…
Complete article available online.
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