Reid Hoffman Put Up $1 Million To Fund Entrepreneurs In Developing Nations

Reid Hoffman LinkedIn


This post originally appeared at Inc.Want to lend money to a struggling entrepreneur in a developing nation without using any of your money? I did, and for a little while longer, you can too.

Here’s how. Recently LinkedIn co-founder Reid Hoffman put up $1 million to fund 40,000 individual $25 dollar loans through the microlending platform Kiva.

“The most successful ventures depend on that initial spark from angel investors,” Hoffman says. “Kiva’s model gives us all the ability to connect and make change possible for entrepreneurs around the world who have opportunity but lack capital.”

According to Premal Shah, Kiva president, in 2011 Kiva lenders funded nearly 125,000 loans totaling $90 million, with the average loan funded in just over 5 days.

Read the rest of this story at Inc. >

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