Nearly 10,000 microloans, totaling over $15 million, have been successfully financed through a collaboration between the crowdfunding platform Kiva and the South Pacific Business Development (SPBD) Fiji. This information was disclosed by Kiva Microfunds’ Asia Pacific investment manager, Mark McDonagh, during the inauguration of SPBD Fiji’s Labasa office yesterday.
Mark McDonagh stated, “After seven years of partnership with SPBD Fiji, we have crowdfunded nearly 10,000 loans amounting to $7.1 million (approximately $15.6 million Fijian).” He expressed optimism that both organizations will continue to expand and innovate in the future.
He noted that Kiva has mobilized $93 million to support over 50,000 SPBD loans for clients across SPBD’s five-country network in the Pacific region. McDonagh highlighted that Kiva’s relationship with the SPBD group began over 18 years ago, starting with lending to SPBD Samoa in 2006.
At that time, SPBD had just one microfinance operation, but after refining its lending methods and establishing a sustainable model, the organization began to grow significantly. McDonagh mentioned that SPBD extended its services to Tonga in 2009 and established itself in Fiji the following year, replicating its successful Samoa model. The expansion continued to the Solomon Islands and Vanuatu, leading him to conclude that SPBD is currently the sole sustainable and mission-driven microfinance institution in the Pacific.
He emphasized Kiva’s mission as one of the first crowdfunding websites, aiming to expand financial access for underserved communities. This is accomplished by crowdfunding loans that unlock capital for those in need, enhancing the cost and quality of financial services while addressing barriers to financial access globally.
In his remarks at the Labasa office opening, McDonagh illustrated the impact of these loans, stating that they enable students to finance their education, empower women to start businesses, allow farmers to invest in essential equipment, and help families afford emergency medical care.
Since Kiva’s inception in 2005, it has funded over $4 billion in loans through its platform, benefiting 5.1 million borrowers across nearly 100 countries worldwide.