PayPal Partners with Kiva on Loans for Entrepreneurs
PayPal has partnered with Kiva to help provide loans to entrepreneurs. This is the second time PayPal and Kiva have empowered PayPal users to provide loans while receiving a Kiva credit. Last year the campaign say more than 10,000 PayPal customers and employees make loans to entrepreneurs around the world. This year, PayPal would like to see that number climb higher.
“At PayPal, we believe in the combined power of technology and compassion to create life-changing opportunities for those who need it most. For more than a decade, we’ve worked hand-in-hand with the nonprofit micro-lending pioneer Kiva, to enable loans to people and entrepreneurs who do not have access to capital or traditional financing. These small, crowdfunded loans not only help build businesses, they create jobs, opportunities and stronger economies. We’ve seen the powerful impact this has on the livelihoods of families, neighborhoods and communities.”
So how does the program work?
PayPal customers that make a loan of $25 or more will receive a $25 credit which may be given to an entrepreneur listed on the Kiva platform. Simple as that.
PayPal has long facilitated Kiva transactions at zero cost. Kiva recently topped $1 billion in loans delivered to more than 2.6 million borrowers.
The PayPal – Kiva program ends on October 25th. More information is available here.