Unfortunately, I haven't been able to make many loans due to college.
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Just reached a milestone! After loaning today, I have lent a total of $1,000 to a total of 40 entrepreneurs.
I've lent $25 to eight different people, totaling $200. So far, I've rolled $337.21 in change. I've lent $331.44 of that amount to people through Kiva. In addition, I've donated $1.25 of the amount I rolled to Kiva to help finance their work. This means I still have $4.52 that I still have to lend through Kiva or donate to Kiva.
I made 4 more loans of $25 each, which means I lent to a total of 20
borrowers. This also means I lent a total of $500. A total of 6 borrowers have fully paid me back. I lent to a total of 6 people today. I usually lend in multiples of $25, so I used my $99.29 in Kiva credit and contributed $0.71 to reach the $100 mark, and lend to four of those people. I paid for the other two out of previously rolled change. This leaves $16.54 in change I’ve rolled and have yet to lend. So far, I’ve lent money to 16 borrowers, about double the average Kiva user.
Repayments from the people I previously lent to have allowed me to make two more
donations, one to someone in Armenia ($25) and another to someone in Ecuador ($25). This brings to 10 the total number of people I lent to. One of the people has paid back the loan in full. After my family's vacation, there was plenty of change for me to roll up. Plus, my dad gave me some change from work. There was a total of $96.00. I made 4 loans, which included a $6.14 Kiva credit, which is basically loan repayments. One of the loans in my portfolio is delinquent, but they are 89% repaid, and I hope they get back on track so I can relend the money.
I made another $25 loan from change I rolled. The loan went to a group of 20 borrowers in Tanzania.
I sorted and rolled $122.50 in loose change so far. I lent $50 through Kiva so far, and made a $1.25 contribution to Kiva. I need to find borrowers for about $71.25 more.
My dad helped me start this website to let people know what I'm doing, and what they can do too.
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AuthorMy name is Michael Mina. I am a graduate student at Cleveland State University in Cleveland, Ohio. I have obtained a B.S. in Math, a finance minor, and I am pursuing an MBA Archives
February 2018
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