Kiva.org today announced the results of “Matter to a Million,” a philanthropic collaboration with the Hewlett-Packard Company Foundation (“HP Co Foundation”) aimed at lending millions of dollars to entrepreneurs around the world.
Kiva.org, is a renowned non-profit with a goal to connect people through crowdfunded micro loans to alleviate poverty. In nine years, over $600 million in crowdfunded loans have been made to 1.4 million small businesses.
“Matter to a Million” is a five-year, $7 million global microloan initiative that provides Hewlett-Packard Company (“HP”) employees with a $25 credit to direct a microloan to an entrepreneur in one of the 70 plus countries where Kiva operates. The campaign launched in February 2014 and has already resulted in more than $5.7M in microloans to business owners across 70+ countries. To date, more than 121,000 HP employees have directed over 184,000 microloans to entrepreneurs on Kiva.org around the world.
The HP Co Foundation set up a five-year revolving loan fund with Kiva to facilitate the program. Given Kiva.org’s historical 98.8% repayment rate, repayments will continue to go back to the HP Co Foundation loan fund so that additional $25 Kiva credits can be provided to HP employees. The Matter to a Million program is one example of HP Living Progress, HP’s vision of creating a better future for everyone through actions and innovations.
President and co-founder of Kiva.org, Premal Shah stated,“This is revolutionary in corporate philanthropy. The partnership allows HP to amplify its social impact by using the power of its workforce and one $25 loan at a time. In the process, HP’s employees take the driver’s seat in dispensing corporate philanthropy funds, ensuring that funds are spent for projects that are meaningful to each employee.”
The partnership aims to demonstrate the power of collective action and innovation when it is integrated into corporate social responsibility. By directing microentrepreneurs to receive the $25 loan, an HP employee can impact an individual, a family, a community and a country. Multiplied by HP’s employee base over a five-year period, HP Co Foundation’s collective efforts matter to millions of people around the world, creating change on a global scale. This support, in turn, can help entrepreneurs get their businesses off the ground, unleashing innovation and helping to make local businesses thrive.
Tracy Keogh, Executive Vice President, Human Resources, HP explained, “I believe that Matter to a Million demonstrates the power that comes from one of the world’s largest workforces rallying behind a common philanthropic cause. I hope the early success of Matter to a Million inspires other companies to explore ways to create similar programs because, together, we have the ability to address today’s toughest challenges and help create a better future for all of us.”