Monday, October 6, 2008

M + M Challenge

M + M Challenge !!!

Good day friends of “Para Mexico”. I haven’t made a formal welcome to you’ all to this fine Kiva lending team. The team has grown with new members almost every day, and the lending total has grown too. We have members from all over the North American continent; form Regina, Saskatchewan, Canada, to New Orleans, Louisiana, United States to Melaque and San Miguel de Allende, Mexico. Some of you are Kiva veterans, others just joined. I hope your social lending goals are fulfilled in Kiva and you find the support you need by having joined “Para Mexico”.

And what is the M + M challenge you may ask?

I’m outraged; OUTRAGED after having read the article I posted in the blog about the state of micro lending in Mexico. Those lending companies are stealing and abusing people with loans that must be repaid with interest rates from over 60%, all the way to 100%. That’s not a typo, that’s ONE HUNDRED PERCENT!!!!

Lots of people with hopes to establish micro business and have a better life for themselves and their families will apply for loans at this shark corporations (Banco Azteca, Elektra, Banco Compartamos, among others), only to find that when they are unable to make a payment, they can lose nearly everything they own.

Enter the M + M challenge. I just got a $500 bonus from my company. I’m willing to socially invest that amount in Kiva. But here is the catch; I’m investing that money by matching the amount that you, my fellow team members, lend on Kiva. That is, if any of you invest $25, I will invest another $25, not necessarily to the same loan. Invest $100 as a team; I put another $100 on the table. All the way until my $500 runs out. It doesn’t sound as much, but at least we can take some business out of those shark corporation.

You can lend to whoever entrepreneur you choose to, but I’ll try to lend my match to a Mexican entrepreneur. And by the way, the challenge begins today, but ends on Sunday October 12. One week.

Send me an email to cc "at" cesarcastro "dot" com as soon as you complete a loan, so I can login to Kiva and match the amount.

OK, the challenge is on, happy lending !

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