Through our partnership with Kiva, we are providing each BlackRock employee with $25 to make a loan to an entrepreneur in need of capital in the developing world to start or grow their business or to improve the health of their families.
Each employee has the opportunity to search the Kiva website across a variety of factors, including geography, gender, loan duration and use of the loan and make a loan to an entrepreneur of their choice. As loans get repaid that money will be returned to BlackRock Philanthropy with the opportunity to lend again on the Kiva platform so this money will have a multiplier effect.
Since inception, 1.6 million individuals have distributed nearly $1 billion in loans to 2.2 million borrowers in 82 countries, with a repayment rate of over 97%. 81% of Kiva’s global borrowers are women.
What attracted us to Kiva was their forward thinking, market based approach to fighting poverty. Through this partnership we’re excited to offer every BlackRock employee the opportunity to take part in our philanthropic mission and to support grass roots entrepreneurship in the developing world.