Nearly 10,000 micro loans totaling over $15 million have been made possible through a collaboration between crowdfunding platform Kiva and the South Pacific Business Development (SPBD) Fiji. This announcement was made by Kiva Microfunds’ Asia Pacific investment manager Mark McDonagh during the official opening of SPBD Fiji’s new Labasa office.
Mark McDonagh highlighted that after seven years of partnership with SPBD Fiji, Kiva has successfully crowdfunded loans totaling around $7.1 million. He expressed hope for ongoing growth and innovation between the two organizations in the future.
Furthermore, Mr. McDonagh stated that Kiva has raised a total of $93 million to support more than 50,000 SPBD loans across SPBD’s network in five Pacific countries. Kiva’s collaboration with the SPBD group began 18 years ago when lending started to SPBD Samoa in 2006. He noted that this initial operation laid the groundwork for SPBD’s current success after refining lending methodologies and establishing a sustainable model.
SPBD expanded to Tonga in 2009 and entered Fiji the following year, bringing successful practices from Samoa. The Solomons Islands and Vanuatu were subsequent additions to their network. Mr. McDonagh emphasized that SPBD is now a distinctive and sustainable microfinance institution in the Pacific region.
He highlighted Kiva’s mission, one of the world’s first crowdfunding platforms, to enhance financial accessibility for underserved communities. By facilitating loans, Kiva seeks to improve financial service quality and tackle barriers that prevent financial access globally.
In addition to this significant office opening in Labasa, Mr. McDonagh noted the positive impact of these loans, enabling students to afford tuition, women to start businesses, farmers to invest in equipment, and families to access emergency care. Since its inception in 2005, Kiva has funded over $4 billion in loans through its website, serving 5.1 million borrowers in nearly 100 countries worldwide.