Nearly 10,000 microloans totaling over $15 million have been facilitated through a collaboration between the crowdfunding platform Kiva and South Pacific Business Development (SPBD) Fiji. This announcement was made by Mark McDonagh, Kiva Microfunds’ Asia Pacific investment manager, during the inauguration of SPBD Fiji’s new office in Labasa.
McDonagh highlighted that within seven years of their partnership, almost 10,000 loans have been crowdfunded, amounting to approximately $7.1 million USD (or $15.6 million FJD). He expressed his hope that both organizations would continue to expand and innovate together in the future, given the growth of SPBD Fiji over the years, which has coincided with increased funding from Kiva.
He noted that Kiva has raised $93 million to support over 50,000 SPBD loans for clients across SPBD’s network in five Pacific countries. The partnership with SPBD dates back 18 years, starting with lending to SPBD Samoa in 2006, which at that time was the only microfinance initiative for the group.
McDonagh explained that after refining their lending methodology and building a sustainable model, SPBD began to scale its operations, expanding to Tonga in 2009 and establishing itself in Fiji the following year by adopting the successful business model from Samoa. This was followed by expansions to the Solomon Islands and Vanuatu, making SPBD what he believes to be the only sustainable and mission-driven microfinance institution in the Pacific region.
As one of the first crowdfunding websites, Kiva’s mission is to enhance financial access for underserved communities, helping them thrive through the provision of loans that facilitate education, business development for women, equipment investment for farmers, and emergency healthcare solutions for families.
Since its inception in 2005, Kiva has funded over $4 billion in loans through its platform, benefiting 5.1 million borrowers in nearly 100 countries globally.