Microfinance: a form of financial services for entrepreneurs and small businesses lacking access to banking and related services
Microloan: a small loan given to individuals who might not have access to typical banking services.
Kiva gives microloans. Have lent $500,000 in the past month.There current repayment rate for all its partners is 99.01%
Who receives microloans?
-Microentrepreneurs who are trying to start a small business
-Villageres needing to fund a clinic hospital or other health care facilities
-Teachers who want to start a school
-Student who want a further education
Problems with microloans:
-high interest rates (sometimes 23%)
-cost of providing banking services to those living in poverty is high
Microloans are a help, not a Cure
-Banking services usually aren't available to people
-its not just loans, but also insurance
Challenges
-many challenges
-some can be alleviated through microloans
Malaria
-Mosquito-borne infectious disease
-Means "bad air"
-Comes from female mosquitos
-Kills around 665,000 people a year in sub-Saharan Africa
-Mosquito nets can help (Bill Gates and wife)
Philanthropy
- generous donation of money to good causes, and Bill and Melinda Gates are the second greatest philanthropists in history ($28 billion, 1/3 of their wealth)
-they support research and development for a vaccine, diagnostics, and mosguito-control measures- like mosquito nets
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