|By Marketwired .||
|April 3, 2014 12:30 AM EDT||
MIAMI, FL -- (Marketwired) -- 04/03/14 -- George W. Carver once said "Education is the key to unlock the golden door of freedom." Unfortunately for many children in developing countries that key is dangling up too high for them to reach. Now, Kiva.org partnered with Vittana to grant students in poor countries loans so they can finance their studies and graduate. This opens a whole new world to young people who generally have little or no chance to obtain a student loan, since they normally have no collateral or credit history to prove their creditworthiness. Loans are given out in cooperation with local organizations and micro-finance institutions (MFIs) and average $750. "Access to education sits at the crux of poverty and economic development," said the co-founder and president of Kiva.org, Premal Shah. "With Kiva and Vittana working together, we can help to break the cycle of generational poverty and expand access to higher education by proving to financial markets that students can and do pay back loans."
Kiva.org is a non-profit organization that was founded in 2005 with the aim of helping people in the third world countries to get loans which would aid them grow and develop in many different ways such as start a business, go to school, access clean energy or follow other goals that would not be possible without a little outside help. Potential lenders can go to the Kiva website and decide which project they would like to fund as well as the amount of their loan. A dedicated team of field partners takes care of the rest and makes sure the money ends up where it is needed. According to Kiva, more than 1 million people have made a contribution so far, enabling the organization to support more than 1 million borrowers with over $500 million in loans. Everybody can participate, even as little as a $25 loan makes a difference. Entrepreneurs such as the Florida-based businessman Matt Argall are considering using this platform to help entrepreneurs in developing countries to start-up their own business and reach their full potential.
The loans are granted to people in 73 countries, mostly in Africa, Asia and Latin America, and are used for a variety of business projects: Farmers need cattle, pigs or poultry, as well as labor or fertilizer and seedlings to get things started. Other more urban endeavors are, for example, a welding business that needs tools or an iron and ironing board for a laundry service. Often the requirements are even more basic than that: Many start-up businesses really start from scratch by building a store or office, thus requesting a loan to buy wood, cement and other building materials. Matt Argall, who started his first business when he was only 17 years old, knows what it means to work your way up. During his career he profited from the experience of other entrepreneurs who shared their wisdom with him. Now, he wants to give back by supporting the aspiring businessmen and women in developing countries, and Kiva provides a great platform for him to send his help to where it is needed the most.
Today, Matt Argall can look back with pride at the numerous companies he founded and ran so successfully. After gaining experience in various industries such as the phone, the gas and electricity as well as the student loan industry, he is now looking into new business ideas. Most recently he has been interested in the new markets of water filtration, mortgages, supplements, and greeting cards.
Matt Argall News: http://www.mattargallnews.com
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