Thousand Times, a business owner, music producer, and artist has decided to continue his philanthropic tradition of supporting entrepreneurs on his birthday. As he begins his 34th year, he shifts his focus from an unlimited grind to unlimited giving.
The Society For Human Advancement
Thousand Times has launched an initiative called ‘The Society For Human Advancement,’ which aims to support entrepreneurs across the planet. He has partnered with Kiva, a non-profit organization providing an online microfinance platform. Through Kiva, individuals and businesses can lend money to low-income entrepreneurs and individuals in developing countries.
Kiva’s mission is to connect people through lending to alleviate poverty. The organization works with more than 300 microfinance institutions, social impact businesses, schools, and non-profit organizations worldwide, called “Field Partners,” that post profiles of qualified local entrepreneurs on the Kiva website. Lenders browse borrower profiles on kiva.org and choose an entrepreneur they wish to fund. The lenders transfer their funds to Kiva through credit card processing or PayPal, which waives its transaction fee in these cases. Lenders can loan money in increments of $25.
How Kiva Works
Once Kiva receives lenders’ money, it aggregates loan capital from the individual lenders and transfers it to the appropriate Field Partners, which disburses the loan to the borrower. Kiva does not charge interest on the capital sent to Field Partners, but often Field Partners do charge some level of interest to borrowers to cover administration costs. Interest is typically higher on loans from microfinance institutions in developing countries than interest rates on larger loans in developed countries because of the administrative costs of overseeing many tiny loans and the increased risk.
As the entrepreneurs repay their loans with interest, the Field Partners remit funds back to Kiva. As the loan is repaid, the Kiva lenders can withdraw their principal or re-lend it to another entrepreneur. Kiva helps entrepreneurs grow their businesses, create jobs, and improve their communities by providing access to capital.
The Impact of Philanthropy
Thousand Times’ philanthropic efforts on his birthday will significantly impact the lives of entrepreneurs in developing countries. The funds raised through The Society For Human Advancement will provide entrepreneurs with access to the capital they need to grow their businesses, create jobs, and improve their communities.
Entrepreneurship is a powerful tool for economic development and poverty reduction. By supporting entrepreneurs, Thousand Times and Kiva are helping to create sustainable economic growth and lift people out of poverty. They also empower individuals to take control of their lives and build a better future for themselves and their families.
The Importance of Microfinance
Microfinance is an essential tool for supporting entrepreneurship in developing countries. Traditional banking systems are often inaccessible to low-income individuals, leaving them without access to the capital they need to start or grow their businesses. Microfinance institutions, such as Kiva’s Field Partners, provide an alternative by offering small loans to individuals who do not qualify for traditional bank loans.
Microfinance is not a solution to poverty alone but an essential part of the solution. By providing access to capital, microfinance institutions help to create economic opportunities and reduce poverty. In addition, microfinance encourages entrepreneurship, which can lead to the creation of new businesses and the development of new industries.
Thousand Times’ philanthropic efforts on his birthday are an inspiring example of how individuals can positively impact the world. By supporting entrepreneurship through The Society For Human Advancement, Thousand Times and Kiva are helping to create sustainable economic growth and lift people out of poverty. Microfinance is an essential tool for supporting entrepreneurship in developing countries and initiatives like The Society For Human Advancement