Microcredit institution moving to the West
The Internet-based lending program Kiva will now turn to the United States to fight poverty after serving third world countries for the past four years. Its president Kemal Shah said access to credit has become more difficult for small business owners because of the economic crisis, particularly in the U.S.
Kiva allows individual lenders to finance small businesses without receiving any interest in return. So far, more than half a million lenders have contributed almost $80 million to business owners in the developing world.
Grameen America, another microcredit program, also started operating in the U.S. after winning a Nobel Peace Prize in 2006 for their activities in third world countries.
Source: BBC News