Puero y Asociados

May 23, 2006

Let me introduce you to Kiva and the world of microfinance in the developing world. It is the story of Matthew and Jessica Flannery who are true believers in the power of small business development to change the lives of the poor.

The Flannerys claim that half the world’s population live on less than $2 a day. Most of these people live in developing countries and are self-employed. Microfinance provides financial services to those excluded from the formal financial system and team with microcredit/microloan programs to effectively boost the income-producing capabilities of small businesses run by the self-employed poor.

Now let me introduce you to Boris Puero Candela, proprietor of Puero Y Asociados in Guayaquil, Ecuador. Boris’s small business repairs computers and helps his clients connect to the Internet. He is seeking a $1,200 loan to add an employee and expand his business. Through Kiva and their microfinance partner MIFEX, $850 has been raised from online investors, including myself. The other day I sent along $100 to help make up the loan, which is to be repaid over 12-16 months. I hope to receive progress reports when the loan is granted, and I’ll pass along what I learn.

Dave, hoping this is all that it appears to be.

Posted by Dave | Filed Under Economics, People