My Kiva

MyKivaVanny Kim

Location: Dangkao District, Cambodia

Loan: $1,000 for new motorcycle and home Loan Repayment: 18 months

Loan Partner: Credit MFI — World Relief

Kim Vanny is a very busy woman. In addition to her fruit sales business, she spends much time taking care of her four daughters, two sons, and grandmother. Kim Vanny earns about $3.75 from her fruit sales each day. Her husband is a motor bike taxi driver, and earns about $2.50 a day. Her oldest son also works, and earns about $2.25 per day. She is applying for a $1,000 loan. She is planning to use $300 to help her husband purchase a new motor bike so that he can increase his taxi business. She plans to use the other $700 to help pay for the new home they would like to build. She is very excited about being able to provide her family with a better home, and she anticipates increased income from the new motor bike.”

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KIVA PRIVACY POLICY AND USER AGREEMENT

PRIVACY POLICY

1) Kiva will not rent or sell your personal information to 3rd parties.

2) You will only receive emails from Kiva if you indicate this preference while registering.

3) You can always change this preference on Kiva’s website.

4) We take privacy seriously and we value yours.

USER AGREEMENT

Loan Disbursement

I, the lender, understand that Kiva partners with existing international organizations that work in low-income communities with a mission to reduce poverty via affordable working capital. Kiva’s local partner organizations are responsible for screening local entrepreneurs and posting well qualified loan requests on Kiva’s website. Kiva aggregates funds from multiple internet lenders via the http://www.kiva.org website and passes 100% of these funds to local partner organization(s) for disbursement to the entrepreneurs funded on Kiva’s website.

Loan Collection and Repayment

As entrepreneurs repay Kiva’s local partner organizations, Kiva’s local partner organization will post repayments to Kiva’s website. The repayments will be made in monthly or quarterly installments, depending on the particular loan terms. Even so, I understand that I will be able to retrieve whatever repayment Kiva collects only at the end of the loan term in one lump sum. Additionally, I realize that Kiva will not pay me any interest. Kiva does not currently collect any interest on any of the loans on it’s website.

Tax Deductibility

I understand that Kiva, U.S. based non-profit organization, is in the process of becoming a U.S. 501(c)(3) public charity. I acknowledge that, because I am loaning – not donating – this money, it is not eligible to be counted as a traditional U.S. 501(c)(3) public charity tax deduction.

I also understand that because Kiva intends to return the principal of my loan without interest, there is no reporting requirement on my U.S. Federal and State taxes.

Records of my loan (including this loan agreement, loan agreement signed by loan recipient, repayment schedule, and repayment history) will be kept by Kiva and, upon my request, will be made available to me at any time throughout the loan term. This User Agreement covers all Kiva members worldwide, though it does not attempt to define the tax implications of using Kiva. If you live outside the U.S., please use the above statements as informed guidance and/or consult a local tax advisor.

Principal Loss Scenarios

I understand that Kiva, its partner organizations and the entrepreneurs listed on Kiva’s website will do everything in their power to repay my loan money to me, without interest. To this end, I understand that Kiva or the partner may restructure the repayment plan and/or, in special circumstances, extend the length of the loan term to create the greatest possible chances of my money being returned to me.

If, in the end, factors beyond Kiva’s control result in less than 100% of my money being returned to me, I agree to forgive Kiva, its partners, and the entrepreneurs for the lost money. I also understand that I can consider any amount of unreturned loan money as a capital loss.

Kiva will officially deem a loan to be in default if it is not repaid in the allotted loan term agreed upon. In this case, lenders will have the option to recover whatever principal has been repaid up
to that point.

In the extremely unlikely case that the entrepreneur to whom my money was lent or I myself dies before the end of the loan term, I and my estate hereby forgive all outstanding loans.

KIVA   Loans That Change Lives

UPDATE:

3 October 2006

The business you have loaned to, Kim Fruit Sales , has made a repayment of $56.  The total amount repaid up to now is $56.  The payment was collected and deposited by Amber Hirschy.   This repayment will be divided amongst all the lenders who helped to fund this business, depending upon the percentage each lender contributed.  Note that you cannot actually withdraw or reloan these funds until after the loan term is complete.

Considering my percentage of the loan I received $1.40, which means a 2.5% interest in Vanny Kim.

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2 responses to “My Kiva

  1. Brennan

    While the loan amount in total was $1,000 my contribution was $25. Therefore, it is possible for 40 plus people to lend money to someone in need, like Vanny Kim.

  2. brennanwoods

    UPDATE:

    3 October 2006

    The business you have loaned to, Kim Fruit Sales , has made a repayment of $56. The total amount repaid up to now is $56. The payment was collected and deposited by Amber Hirschy. This repayment will be divided amongst all the lenders who helped to fund this business, depending upon the percentage each lender contributed. Note that you cannot actually withdraw or reloan these funds until after the loan term is complete.

    Considering my percentage of the loan I received $1.40, which means a 2.5% interest in Vanny Kim.

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