Wednesday, January 30, 2008

Kiva Update

Last year the department started an account with Kiva, a microcredit organization that provides small loans for businesses around the world. We loaned our money to Sorn Sophea, who lives in Phnom Penh with her husband and their 2 children. Sorn works as a tailor. With the loan ($1000 in total, of which Politics and Government contributed $50) she started her own tailoring business, and even repaid the entire loan early.

So, that means our $50 has come back to us to reinvest. Our new investment is in Elma Livnjak:

"Elma is a 21 year old woman and she is not married. Together with her sister she owns a little car wash. Their monthly incomes are 400 KM (that's about $300 USD).

This is her first loan in the amount of 1200 KM ($925 USD). She intends to buy additional equipment for her car wash and her great wish is to build up her work because this job is their only source of income. She wants to ensure a safe future for her sister and herself."

All the best, Ms. Livnjak. Want to be a social entrepreneur? Find out more about Kiva here.