Sunday, July 30, 2006

Mirco loans at

Micro loans for your business check out

A popular question from my readers is where to find obtain a loan for a small business. The funny thing is the logical answer would be to check with your bank, however, banks don't like risk and loaning money to small businesses is risky. I recently read an article about a website cal Kiva provides small business wannabees with an avenue to find loans from not traditional loan sources which generally means private individuals.

How does Kiva work: Basically, the prospective small business post want ads indicating the type of business loan that they need and a description of their business. Generally the small business owners is planning to repay the loan through profits generated by the business. The repayment time frame is usually 9 to 16 months.

How is Kiva different then Kiva focuses on letting you loan to the working poor around the world. By specializing in loaning money to unique small businesses in the developing world you can "sponsor a business" and help the world's working poor make great strides towards economic independence. On the otherhand Prosper basically anyone around the world can request a loan for almost any situation. Basically, you are loan the money as a good will gesture. You are giving something back to the world community and helping the less fortunate.

Kiva has only been open for business for 5 months, however it has already fund 450 small business with over $200,000 in loans. The cool part is that all of the repayment transactions are handled automatically by

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