Detroit is now home to a 500k Kiva initiative to bring 'microfinance to our cities'. How fucked is your town when you are implementing the same programs as Third World shitholes? Maybe I don't know enough about this since I am, admittedly, new to the whole micro finance game but how can this be viewed as anything but a sign that Detroit is just Baghdad without the commute?
Some of this shit is rather ridiculous if you ask me. 2,150 bucks to buy a sewing machine so a woman can start her 'fall fashion line'? Doesn't really give off that micro finance-help-me-buy-a-wheelbarrow-so-I-can-sell-apples kind of vibe. Or how about 2700 bucks to help a woman 'participate in a business development and networking course'? Not really seeing where the potential for her to make money there is as it sounds like I'm just funding a night class at a community college or something.
Thoughts.
You've got a point, but I think this is also a good start for impoverished people. Maybe they won't start a business generating huge revenue, but if they can at least pay back the loan, it'll help their credit for future borrowing opportunities.
Social lending sites like Lending Club and Prosper offer small business loans, too. I never invest in them, but they are available.
Not sure why Kiva is bothering with Detroit.
It may not be much money, but I could find a couple ways to make quite a bit of money with just two thousand dollars right now (I'm trying to come up with some money to support one of my ideas atm)
The fact that a woman is desperate to borrow $2,150 to buy a sewing machine says a lot. If you are really struggling to make it, and want to "design clothes", but don't have a lot of money I would say spend a lot less on a sewing machine and use that excess money for a more productive purpose. Buy a cheaper or used machine, possibly one that has less advanced features ( and requires more work from the individual, god forbid ) and get your ass to work. Gota be frugal if you are really trying to make some money.
You would say this because you clearly have spent time stitching so many pieces by hand? Do you even know what "features" they are spending so extravagantly on? (hint - overlock stitching isn't that easy to do and a basic seam for garment ;-)
I was gonna post an article I saw in Forbes about Detroit. But isn't one of the great things about Kiva the idea that if you don't like someone's prospects, you don't have to give the loan? This way you can find the real entrepreneurs who can help bring the city back from the dead.
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