CARE International has created a website to help boost lending to entrepreneurs in the developing world.
The website invites people to lend 15 pounds (nearly USD24) or more to entrepreneurs in 70 countries to help finance projects such as putting up market stalls and tailoring businesses. Once the loan is repaid, lenders can loan the money again or donate it to CARE.
Tracey Holder, head of donor marketing at CARE, expects the initiative to attract new supporters who would not have given donations but would be willing to lend money, Third Sector reports.
“It’s potentially more sustainable than donations, because the money can be lent again and again,” Holder said.
CARE was not the first international charity that launched a microlending site. In May, World Vision unveiled a microfinance website, which aims to connect U.S. donors to poor entrepreneurs in Kenya, Mexico, Rwanda and the Philippines, as Devex reported.