Interact Microfinance District Grant
Using microloans to teach Interactors about compassion, finance, and economic inequality
Rotary District 7930 is currently implementing a district grant to allow Interact Clubs to get started with doing microloans and thus learning about economic and community development, compassion, finance, and how to combat poverty and economic inequality. This is a great opportunity for Rotary Clubs to engage or re-engage with their Interact advisor and students. The project is simple. We are going to use Kiva as a microfinance platform, because we've already had great experience with it both with some Rotarians in our district using it, as well as the Marblehead Interact Club using it successfully for many years. We plan to create separate accounts on Kiva for each Interact Club that wants to participate. The accounts will be set up in the Rotary Club's name but we will let the Interactors decide which projects to fund. As the loans are repaid over time the funds go back into your account and are available to be re-loaned.
Microfinance Webinar
On November 18th our Rotary District 7930 held a webinar to look into Microfinance and how we can easily come together to help to empower people around the globe to lift them out of poverty by providing them with small loans to support them in buying chickens, buying a sewing machine, fabrics, seeds, and many other things that enable them to be more productive members of their societies.
Click on Learn More to go to our district website and watch a YouTube recording of the webinar.
The Kiva Microfinance Platform
As an example we looked, in particular, at the non-profit organization Kiva that provides a platform to connect borrowers around the globe - via field partners in their home countries - with lenders in the US and Europe who come together to support those loans via crowd-funding.
Microfinance is an important topic for Rotary's area of focus concerning "Growing Local Economies" and, in particular, is a large focus for the Rotary Action Group for Community Economic Development.
Microfinance & Interact
Microfinance is a great tool for Interact Clubs: the club can raise some money and then decide which loans to give out and follow those borrowers and their progress. In doing so, the students learn about the true value of money, how they can have an impact on lifting others out of poverty, and what real economic inequality looks like. The Marblehead Interact Club has been doing this for many years.