The People Behind The Rise Of Online Microlending
Jessica Jackley was a liberal arts major who stumbled her way into the Stanford MBA program.
Philosophy and business came together for her in 2005 when she helped start Kiva, the world’s first person- to-person microlending website. Kiva facilitates lending to poor and underserved entrepreneurs and students in 83 countries.
Jackley’s new memoir is “Clay Water Brick: Finding Inspiration from Entrepreneurs Who Do the Most with the Least.” In it she shares her impressions of the tenacity and resourcefulness of people who suffer from poverty. Her book details how harnessing the power of the internet helps them achieve their goals with little downside.
Kiva started by filming and posting online the loan requests of ten people. The organization has now served nearly 2 million borrowers, with total loan transactions approaching $750 million. The repayment rate is just under 99 percent.
Jackley spoke at the Elliott Bay Book Company on July 27. Thanks to Jennie Cecil Moore for our recording.