A small family in Việt Nam received support from Kiva to improve their lives. — Photo courtesy of the firm
The Coca-Cola Foundation has announced its support for Change Make Her, a new five-year partnership with microloan non-profit Kiva to improve financial access for under-represented entrepreneurs around the world including Việt Nam.
Kiva is best-known for its global lending platform, which provides a simple way to connect lenders with borrowers through crowdfunding microfinance. This is an effective strategy to help get loans to people who would not otherwise have access to commercial bank services. Coca-Cola continues to work with influential partners around the world in a broader push for progress for women and under-represented groups across business and society.
Over the past 17 years, Kiva has deployed over US$2 billion to 4.7 million borrowers globally, more than any other crowdfunding platform. More than 80 per cent of Kiva loans go to women, with a 96 per cent repayment rate. In Việt Nam, Kiva has facilitated more than 69,000 borrowers across the country to borrow more than $42 million.
Change Make Her will act as a revolving loan fund, supporting entrepreneurs in Southeast Asia, South Pacific, Africa, Latin America and Europe across a number of impact areas, including sustainable agriculture, climate resilience, water and retail in the next five years.
Saadia Madsbjerg, president of The Coca-Cola Foundation, said repayments from borrowers will return to the fund, allowing funding to be loaned and re-loaned to borrowers around the world. This structure will allow a $1.1 million grant in 2023 to have up to a $4.5 million impact on loan volume by 2028.
“Micro-enterprises are important contributors to job creation and global economic development,” Madsbjerg said. “We hope that in addition to directly supporting entrepreneurs, Change Make Her will create a ripple effect for generations to come as these entrepreneurs go on to create new jobs and drive prosperity in their communities.”
“Kiva is honoured to partner with The Coca-Cola Foundation in expanding our work of financial access through life-changing loans,” said Vishal Ghotge, CEO of Kiva. “Together, we will be able to serve thousands more individuals than we would be able to do alone, demonstrating the collective power of value-aligned organisational partnerships.” — VNS