An Elon University team has been formed on the Kiva micro-lending Web site. Ocek Eke, assistant professor of communications, recently created a group for the university that will enable students, faculty, staff and alumni to lend money collectively.
Since the Web site’s launch in 2005, more than 336,000 lenders have donated $43 million to 60,000 borrowers.
Throughout the course of the loan, which usually lasts six to 12 months, a lender can choose to receive e-mail journal updates and can track repayments. Once the money is repaid, it can be relent to another entrepreneur.
Arising from a voluntary class project, Eke and his classes have loaned out more than $2,435 to 44 businesses through the online organization.
“When you browse entrepreneurs’ profiles on the site, choose someone to lend to, and then make a loan,” Eke said, “you are helping a real person make great strides towards economic independence and improving life for themselves, their family and their community.”
Eke heard about Kiva through a global magazine last year and began asking his students to $2 a week. The classes chose businesses online from Kenya, Afghanistan, Honduras, Peru, Togo and Cambodia.
To access the Elon Kiva team page, click on the link at right.