A collaboration between crowdfunding platform Kiva and South Pacific Business Development (SPBD) Fiji has led to the funding of nearly 10,000 micro loans totaling over $15 million. The announcement was made by Mark McDonagh, Kiva Microfunds’ Asia Pacific investment manager, at the opening of SPBD Fiji’s new office in Labasa.
McDonagh highlighted that after seven years of partnership, the loans have amounted to $7.1 million (approximately F$15.6 million). He expressed optimism for continued growth and innovation between the two organizations.
Kiva has raised $93 million to support more than 50,000 loans for clients in SPBD’s five-country network across the Pacific region. The partnership dates back 18 years, starting with lending to SPBD Samoa in 2006. Following the successful establishment of a sustainable lending model, SPBD expanded to Tonga in 2009 and Fiji in 2010, among other locations.
Mr. McDonagh noted that SPBD is recognized as a sustainable, mission-driven microfinance institution in the Pacific. Kiva aims to broaden financial access for underserved communities through crowdfunding, enabling students to afford tuition, women to start businesses, farmers to purchase equipment, and families to secure emergency medical care.
Since its inception in 2005, Kiva has funded over $4 billion in loans via its website, serving 5.1 million borrowers in nearly 100 countries worldwide.