Kiva Receives $3 Million Google Global Impact Award for Kiva Labs

Kiva Receives $3 Million Google Global Impact Award for Kiva Labs

Kiva, the online microloan platform, has announced a $3 million Global Impact Award from Google in support of Kiva Labs, a new initiative to crowdsource funding for solutions in the areas of agriculture, clean energy, mobile information, and other transformative technologies.

The grant will support Kiva Lab's efforts to generate $25 million over three years in crowdfunded loans tailored to the needs of more than a hundred thousand borrowers seeking "flexible" capital — capital they could not obtain from traditional banks or microfinance institutions.

To that end, Kiva Labs already has partnered with Nuru Energy, which enables entrepreneurs to generate an income while creating a self-sustaining power grid system in remote areas; Grameen AppLab, which is building a network of "farmer leaders" across Uganda who use mobile devices to share agricultural information with their smallholder farmer neighbors; and Solar Sister, which empowers women entrepreneurs in sub-Saharan Africa to address their "energy poverty" and increase their income by selling solar-powered lights and other devices. Together with its partners, Kiva hopes to demonstrate and share with a global audience what it has learned through the initiative about expanding financial access.