The world's biggest travel site, TripAdvisor, and Kiva, the world’s first microlending platform have made a unique new partnership, connecting visitors from the TripAdvisor community with Kiva borrowers in countries the travelers have visited.
Kiva is a non-profitable organization, working hard to reduce poverty across the globe, by connecting people through microlending. A number of borrowers in 66 countries are listed on Kiva, such as a farmer of Peru, a fisherman in Indonesia, or a seamstress in Cambodia. Lenders get aware about borrowers on Kiva.org and select the one to support with a loan of $25 or more. Even a small amount of loan can create new scope for loan recipients, their families and communities.
The TripAdvisor/Kiva partnership reaches to travelers, who have been to one of these countries and wrote a review for that trip on TripAdvisor. TripAdvisor then request these travelers to choose a borrower in the country they visited to receive a $25 microloan on Kiva.org. The loans are wholly funded through a $250,000 contribution from TripAdvisor and come at no cost to the traveler. This marks the first time Kiva has worked with a company offering microloans to its customers in the countries, where they have just been.
Barbara Messing, the Chief Marketing Officer of TripAdvisor, is thrilled to work with Kiva. She sounds delighted to be able to provide the community small loan that can make a life changing difference.
According to Premal Shah, President of Kiva, this partnership combines the power of TripAdvisor’s crowd sourcing and Kiva’s ability of crowd funding. He added that this partnership will develop the affinity. He said that many parts in the world, often a small amount of loan stands between a person and their dream to start a shop, or send their children to school or bring solar light or clean water to their houses.
How the Kiva and TripAdvisor partnership works
When a person reviews a hotel, vacation rental, restaurant or attraction in a Kiva-supported country on one of TripAdvisor’s English-language sites, that reviewer can make a $25 microloan to a recepient in that country. This microloan is funded by TripAdvisor.
After submitting a review for an eligible country, TripAdvisor will send an email to the receiver with certain information about the microloan. Microloan gift is offered to the user’s first review of each eligible country.
Funds forwarded by TripAdvisor will be lent and relent for one year by TripAdvisor travelers. After that year, 100 percent of the repayments will be donated by TripAdvisor to Kiva. The average repayment rate of loans facilitated on Kiva.org is 99 percent.