On December 21st, Ryan Bergum, Tavion Foster and
Zachary Smith got to loan $25 to a person that needs money
to expand their business. Before they loaned, they had a day full of
learning about people and the environment in different countries. Towards the afternoon they got to pick who they wanted to loan to.
They loaned the money through an organization called Kiva. Kiva is not like any organization though. Most fundraising buisnesses give money to someone in need, then they use it, but still need more. In Kiva, lenders, like us, lend money to someone. They get the money, add something to their business, make money off their extrension, then pay you back so that the money can go to someone else. But, if the loan doesn’t get full filled all the money is returned. …show more content…
Lorenzo started a business selling Guatemala traditional clothing but later ran into problems. He didn’t have a fixed place to run his business. After he built a shop, his customers increased because they knew where to find him. Then came more problems, he couldn’t afford enough clothing to keep his shop running. This is where they came in. They loaned him a small loan of $25 to help achieve his goal of $625. According to Kiva.org, the average annual income in USD is $5,300. Comparing to the U.S that is very low
Lorenzo will be allowed 14 months to pay off his loan. Ryan Bergum, one of the lenders saids, “I was happy to lend to Lorenzo. He needed help keeping his business running and I willing to help him. Gautemala needs businesses to help strenghthen it’s economy.” According to the Word Fact Book, Guatemala is a very poor country that struggles with health and country development. It also has a extremely high birth rate. Almost half of the population is under 19 years of age. Because of the hard life in Guatemala, many citizens try to legally/illegally emigrate to
Zachary Smith got to loan $25 to a person that needs money
to expand their business. Before they loaned, they had a day full of
learning about people and the environment in different countries. Towards the afternoon they got to pick who they wanted to loan to.
They loaned the money through an organization called Kiva. Kiva is not like any organization though. Most fundraising buisnesses give money to someone in need, then they use it, but still need more. In Kiva, lenders, like us, lend money to someone. They get the money, add something to their business, make money off their extrension, then pay you back so that the money can go to someone else. But, if the loan doesn’t get full filled all the money is returned. …show more content…
Lorenzo started a business selling Guatemala traditional clothing but later ran into problems. He didn’t have a fixed place to run his business. After he built a shop, his customers increased because they knew where to find him. Then came more problems, he couldn’t afford enough clothing to keep his shop running. This is where they came in. They loaned him a small loan of $25 to help achieve his goal of $625. According to Kiva.org, the average annual income in USD is $5,300. Comparing to the U.S that is very low
Lorenzo will be allowed 14 months to pay off his loan. Ryan Bergum, one of the lenders saids, “I was happy to lend to Lorenzo. He needed help keeping his business running and I willing to help him. Gautemala needs businesses to help strenghthen it’s economy.” According to the Word Fact Book, Guatemala is a very poor country that struggles with health and country development. It also has a extremely high birth rate. Almost half of the population is under 19 years of age. Because of the hard life in Guatemala, many citizens try to legally/illegally emigrate to