Kiva New Orleans, ASI FCU Team Up to Rebuild a Ravaged City
Kiva.org, the online organization that allows individuals to invest in development micro-loans around the world, has chosen a community development credit union as its field partner for its micro-lending effort in New Orleans.
Dubbed Kiva New Orleans, the organization hopes its effort, combined with similar work in other cities, will help both highlight the organization in the U.S. and bring home to Americans the impact they can have through micro-finance. Full disclosure: this reporter is a Kiva lender.
But it’s is also clear that more than just goodwill is going to be necessary if a CU wants to work with Kiva. The organization requires that its U.S. have at least two to three years of lending to poor, excluded or vulnerable people for the purpose of alleviating poverty or reducing vulnerability; be registered as a legal entity in its country of operation; have at least one year of financial audits; and preferably have a profile on the MIX Market, an organization that tracks micro-finance firms around the world.
This last in particular brings home what might be the biggest obstacle, the credit union has to have expertise in business lending, something many credit unions still do not have.