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White House Honors Indian American as Crowdfunding 'Champion of Change'
Eight years ago Kiva launched a global experiment of crowdfunding microloans to help reduce poverty and create economic opportunity and it propelled every bit of technology that helped in bringing microlending and crowdfunding to becoming the mainstream. Kiva.Org has crowdfunded loans to more than one million growing entrepreneurs of small businesses across 30 American cities and 65 countries across the world. With a 0 percent rate of Interest, more than $440 million of loan has been crowdfunded by a global community of 9,40,000 individuals by a minimum lending of $25 to an Entrepreneur of their choice.The latest innovation of Kiva is the Kiva zip that looks to expand the market of microloans and crowdfunding to small businesses across United States by enhancing the latest technologies used for this purpose. With a 98 percent repayment rate the money lent to the borrowers has truly become a loan and not a donation by keeping a sustainable model and an element of providing evidence to a compelling mission. Furthermore the borrowers have themselves become the trustees for other small business units looking for crowdfunded loans.
