Manulife supports $1 million for non-profit lending platform Kiva

Manulife has announced a partnership with nonprofit lending platform Kiva to support financing for small businesses in Cambodia, Indonesia, the Philippines and Vietnam through a $1 million investment over three years.

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Under the agreement, a portion of the direct funding to these households will come from Manulife’s Match Fund on the Kiva platform. This simplifies the financing process to help households realize their dreams of improving their economic situation to support their families and contribute to their communities. Once the loans are repaid, they will be returned to the Manulife Match Fund for redistribution to new households.

This commitment by Manulife is one of the key focuses of the Spreading the Impact program to promote inclusive economic opportunities for disadvantaged groups in emerging markets, while making financial solutions more accessible to people.

“We are proud to partner with Kiva, which will help hundreds of households access the financial resources they need to grow their businesses and build their communities,” said Sarah Chapman, Manulife’s Director of Global Sustainability. “This commitment demonstrates the power of collective capital in helping us reach vulnerable individuals and communities in emerging markets in Asia, particularly in Vietnam, Cambodia, Indonesia and the Philippines.”

Manulife supports $1 million for non-profit lending platform Kiva, promoting inclusive economic opportunities in Asia (Photo source: Kiva)

In Vietnam, many first-time household owners have received funding from the Kiva platform. A typical example is Ms. Luat, 54 years old, an ethnic minority woman living in Ngoc Lac district, Thanh Hoa province. With a loan of about 51 million VND, she was able to buy fertilizer and hire more workers to support production, increasing output for her family farm. Through this, this necessary support has acted as a stepping stone to help her family gradually improve their income and have a more stable life.

Kiva is an international non-profit organization, founded in 2005 with the mission of connecting people through lending and borrowing, aiming to use even the smallest resources to help the poor overcome difficulties in life. Kiva provides capital to borrowers through crowdfunding from individuals around the world.

In Vietnam, Kiva is partnering with 3 organizations to provide loans including: Thanh Hoa Microfinance, Quang Binh Women's Development Fund, World Entrepreneurs Organization in Vietnam - Brothers and Sisters Program.

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Source link: https://baodansinh.vn/manulife-ho-tro-1-trieu-usd-cho-nen-tang-vay-von-phi-loi-nhuan-kiva-20231007212231.htm