The Global Economy: Making A Faced To Julio From Peru

Submitted By cgil995
Words: 309
Pages: 2

Julio from Peru

This organization seems like the perfect thing to get the global economy circulating and help poorer/ less developed countries become more successful and wealthier as a whole. Micro loans are just what these people need to start their business, but before, there was no way to get this money, for the most part. Banks aren’t always around, so people don’t always have access to loans to start up businesses. With a bunch of different people supplying $25 loans, or more, they will never lose a huge sum of money if the business fails and almost always make that money back, plus interest. Because these countries are often poverty stricken, these soon to be business owners don’t often need a huge sum of money, around 500 dollars to 1,500 dollars. Kiva provides a great service for people to improve their own lives. I decided to make a loan to a man named Julio from Peru. He makes his money and supports his family by selling necklaces, bracelets, and earrings made of silver. He needed a loan so that he could fill the order that has already been placed by one of his customers. This was a major point as to why I choose him. He already has a buyer, which means, all he needs to do is buy the silver necklace to then sell, all he needs is some money first to buy the necklace in the first place. He needs 600 dollars and is already 58% of the way there. Once he receives the 600 dollar microloan, he will be able to buy and sell the necklace and almost…