Interact and Microfinance - A Perfect Combination
By Marty and Martha Winsor, Co-Advisors
of the Edmeston Central School Interact Club
Shortly after it was formed in 2007, the Edmeston Central School Interact Club received a gift of $250.00 from the Otsego County Sheriff's Deputies' Benevolent Association. After researching options for the best use of the funds, our club members settled on the making of micro-finance loans through kiva.org.
Kiva allows individuals and groups to make small loans (as small as $25.00) through its lending partners, to individuals and groups in 77 countries around the world. The interest paid by the borrowers goes to Kiva help defray its costs, and the money that has been loaned is returned to the lender to be loaned again or withdrawn. These small loans help people start and expand their small businesses, feed their families, improve their homes, pay school fees, and meet other basic needs.
We have made small additions to our Kiva account over time, and we have lost small amounts due to decreases in foreign currency values and occasional but infrequent defaults by borrowers. By the summer of 2016, by lending and re-lending, we had made 100 loans that benefitted people in 58 countries. Because we made loans to both individuals and groups of as many as 20 people, we know that we have improved the lives of over 200 families around the world. Kiva recognized our achievement by sending us a wonderful Certificate of Appreciation signed by its president. We celebrated with a delicious cake and a rededication of our commitment to continue helping others through Kiva. By the end of the current school year, we have now made 116 loans in 62 countries, significantly increasing our impact.
There are many lessons to be learned by participating in a micro-finance loan program - geographical, financial, social, political, and many others. The process of selecting borrowers is fun, and it helps us improve our decision-making and team skills. We encourage your Interact Club or your Rotary Club to engage in an international micro-finance project, through Kiva or some other reputable organization.
Jack Sullivan, jackinowego@verizon.net and Marty Winsor, mpwinsor@yahoo.com are currently serving as our District 7170 Interact Co-Chairs. Contact either of them for information on starting or maintaining an Interact Club or for project ideas.