Kiva, a crowdfunding platform dedicated to connecting people through lending, announced on Monday it has deployed $1 billion in loans to female entrepreneurs around the globe. Kiva reported that its goal is to create a more connected and inclusive financial system that empowers all individuals to realize their full potential. The company also revealed it has teamed up with PepsiCo Foundation to help attract new and existing lenders to build on the progress.
“Today, one billion women around the world remain unbanked, meaning they don’t have access to credit or financing options to invest in their futures. Worldwide, women also earn 37% less than men and spend three times as many hours on unpaid labor, such as housework.”
Speaking about the milestone, Neville Crawley, CEO of Kiva, stated:
“This is a truly amazing milestone, and I want to recognize all of Kiva’s remarkable lenders, employees, volunteers, field partners, donors, and corporate partners that have helped Kiva fund more than $1 billion in loans to women and $1.4 billion in loans to entrepreneurs worldwide. But our work is not done. Kiva will continue to support women and their communities through the Kiva.org platform, as well as seek and develop new ways to transform the financial and social systems to work better for them.”
From October 7 to October 13, 2019, anyone who makes a loan on the Kiva’s platform will receive a $25 credit from PepsiCo to lend to a female borrower of their choice, until funds last, and ignite funding for the next $1 billion in loans.
To date, Kiva has facilitated loans to more than 2.7 million women in 94 countries.