Microfinance Loan Update

Just got a note from the nice people at Kiva.org, letting me know they received this month's payment on the microfinance loan I contributed to. I have now received back $6.25 of the $25 I loaned out (my $25 was combined with funds from several other lenders, for a total of $950).

I mentioned last month that Mrs. Adedeyinbo was only able to pay 97% of her first monthly payment ($115 instead of $118, which came to $3.03 for me). Well, this month she paid $122, completely making up the shortfall from the first month.

As I said last month, I wasn't worried about the shortfall because a) 97% is pretty close to 100 and b) she had several months ahead to make up the $3 shortfall. It seems my confidence in her ability to repay the loan was justified. Of course, we'll see how things go between now and December, when the loan is supposed to be paid in full. I'm optimistic things will work out as planned.

I'll keep you posted.

(Check out Kiva.org if you're interested in learning more about microfinance or making a small loan to an entrepreneur yourself).