Kiva microloans coming tomorrow to DETROIT! That's right, ... Detroit, Michigan

[Bozita]

Microloans deserve praise
BY TOM WALSH
DETROIT FREE PRESS BUSINESS COLUMNIST
1:17 AM, Jun. 29, 2011|

If there's something unsettling about having
Detroit pioneer a U.S. variant of micro-
lending programs best known for helping
to foment entrepreneurship in Bangladesh
and other third-world countries, so be it.

We should applaud and embrace just
about any effort that brings investment
dollars and people together to energize
Detroiters to start new ventures and
ultimately create jobs.

Kiva Detroit, a new initiative to bring more
than $500,000 in microloans to small
businesses in the city, will be rolled out
Thursday with an event at Eastern Market
and the launch of a new Web page,
www.kiva.org/detroit . Lenders can pledge sums
as small as $25 to help new businesses in
the city.

A coalition of four groups is behind this
effort:

• Michigan Corps, a network of current and
former Michigan residents seeking to foster
entrepreneurship and education projects in
the state.

• The John S. and James L. Knight
Foundation, which supports projects in
cities where the Knight brothers owned
newspapers, such as the Detroit Free
Press. The foundation will provide
$250,000 to match small loans made by
individuals.

• ACCION USA will act as risk manager and
underwriter for the loans.

• And Kiva.org., an Internet site founded in
2005, which has helped connect lenders to
borrowers on $219 million worth of
transactions in 60 countries.

more...
http://www.freep.com/article/20110629/COL06/106290355/Tom-Walsh-Microloans-deserve-praise

[WatsonT]

1. Ouch

that's gotta be embarrassing to our Detroit residents.

[progressoid]

2. It should be embarrassing to our entire nation. n/t

[dixiegrrrrl]

3. Good! One of my Kiva loans recently went to a woman in New Orleans.

But there are few Kiva loan groups here in the USA; there needs to be more.Sadly.

[Bozita]

4. kicking for exposure

[woo me with science]

5. Wow.

I didn't realize we had them here.

[jtrockville]

6. Does everyone know DU has a Kiva group?

Feel free to join: http://www.kiva.org/team/democratic_underground

To date, we have 32 members, 291 loans, for a total of $8,200 loaned so far.

[Bozita]

7. kicking just because