What is AIKIP?
AIKIP stands for "Alberta Ingenuity Kiva Investment Project" - The project consists of members of Alberta Ingenuity, but is not necessarily sponsored or supported by the organization. These members invest small monthly donations towards a united Kiva loan.
What is Kiva?
I was recently on the Time.com Best Websites page reviewing websites of interest. One of the websites listed was kiva.org. Kiva is a "unique peer-to-peer lending site that focuses on microloans, Kiva lets lenders pledge funds — from $25 and up — to entrepreneurs in developing countries."
How Did I Get Involved?
For our most recent anniversary gift, my wife and I decided to 'donated' $25 a month to the Kiva project. I quote 'donated' because even though the money is eventually returned (it is a loan after all), our plan is to continue to roll returned loans in to new loans. We don't expect to receive any portion this donation back and, should we discontinue our involvement with Kiva, we will donate the money to a cause similar to the projects Kiva is currently supporting.
How Is AIKIP Involved?
Ingenuity staff have been interested in donating money to this project as well and I have decided to initiate the "Alberta Ingenuity Kiva Investment Project".
After having a brief discussion with our CFO, I have decided to collect donations of between $1 and $20 to be used towards Kiva loans. I will keep track of each person's contribution and provide a monthly statement including information about new loans, existing loans and returned loans. If I can collect even one dollar from 25 people a month, that will be enough to make a Kiva loan and make the project personally worthwhile.
Money contributed to this project is donated. Even though people who receive Kiva loans will eventually pay the loans back, we will reinvest returned loan money in to new loans. Should the Kiva or AIKIP projects be discontinued, all invested money will be converted to a donation to an organization assisting people in developing counties (such as potentially World Vision)
The Kiva loans are 0% interest. The best return we can expect is to get our loan money back. :)
By the 10th of each month, I will provide all stakeholders with a "statement" including information on
- Additions to the fund (Total amount contributed that month)
- New loans describing the purpose of the loan and a bit of information regarding the borrower
- Loan repayments (as Kiva borrowers return money we will be informed of who and how much is being repaid)
- Existing Loans (information of how funded projects are proceeding)
- The number of shares you have invested and how many total shares are in the investment. (Shares will be measured, initially, as $1 per share.)
This blog will be used to share general information about the Kiva projects were are supporting and a monthly update of how the Investment is standing. Additionally, as emails come in from Kiva and the borrowers, I will provide updates here.
I appreciate the investments made by members already.