I am now on Twitter as SarahTheEntwife. If you are on Twitter and would like to be “followed”, I would be happy to do so :-) I am mostly doing this as a professional development tool, since the library world tends to glom onto new social networking tools with all the enthusiasm and finesse of a poorly housetrained puppy. But sometimes awesome things result. My tweets will most likely consist of announcements that I have made popovers or jam or afghan squares.
I’ve now loaned (or in one case, tried to) through all of the microfinance groups I posted about in my last entry (click on the “microfinance” tag to find it), so I thought I’d post a quick update on general ease of use, since it will be quite a while before I have any confirmation of how often I get updated, whether I get the money back, etc.
MicroPlace: Very easy to use. The sorting feature is a bit counterintuitive at first for me, but allows you to search by a number of useful features, such as level of poverty, focus on women, fair-trade, repayment term, interest rate, etc. You get to see the entire 20-40 page loan prospectus, so in terms of transparency they’re golden so far. A little overwhelming, but golden. The “my account” feature is easy to understand, with a nice little table of when and how much each loan will repay. As part of the registration, they ask for approximate income and investment experience, and have helpful notifications to make sure that you aren’t investing more than you can afford and that you realize the investments are risky. (Individually, microfinance clients have an extremely high repayment rate. They’re just often in areas that have a higher chance of, say, descending into civil war at the drop of a hat or getting swept away by a hurricane.)
Lend For Peace: Easy to use, but only allows you to lend to one entrepreneur at a time — you have to go through the whole payment process again to lend to someone else. I’m going to contact them and ask about it; I may well have just clicked on the wrong button.
United Prosperity: Very easy to use. You can lend as little as $10 to each client, which let me lend to several to spread my funds around nicely.
Wokai: Very nice loan writeups — much more detail than any of the other sites. Selecting loans went very smoothly. Like United Prosperity, you can lend as little as $10. They also tend to have smaller loan amounts than some other sites, so it feels like my money’s going further. But they don’t seem to allow payment through Paypal, which messes up my “recycle Kiva funds” plan somewhat (Kiva credit can only be repayed through Paypal), and I had a glitch with Google Checkout. I’ve asked them about it, and I’ll try again later.
I have ice pop molds! Starburst shapes and big flat shapes and rocket-ship shapes :-) With reusable sticks and handy drip guards. I now have six starburst lemon-flavored unsweetened ice pops.
And of course it’s much less hot today…
But the convenient thing about heat waves in late August is that by now the stores have decided that summer is over and we’re now in back-to-school season. This means that cute little oscillating desk fans are half-off. :-) And I’m waiting for the ice pop molds I got on Amazon to arrive. I don’t handle heat quite as well as I thought I did. Maybe my metabolism’s shifted after all, either from the not-having-a-thyroid or from moving to New England or both. But now I’m much more prepared…I may also get some of those freezer gel headband thingies, especially since they double as microwave gel thingies for winter.
And we got a cantaloup in our CSA share yesterday. Mmm…cantaloup. I was nice and saved Ben a piece for when he gets back from PiCon tonight. Since there were no services this week, once I got back from the farm I really had no reason to do anything yesterday other than sit under the ceiling fan eating chilled cantaloup and reading things that do not require brain. I hope things cool off in two weeks when my classes start.
I’m thinking of crocheting a lace cotton tallit for summer. The silk one is translucent, but is still silk, which is deceptively warm. This is actually resulting in me not praying in the morning because it would require putting on more clothing than absolutely necessary. Sigh.
Highs in the 90s today and tomorrow…stormy and only slightly cooler for the rest of the week. Blech. These temperatures should not exist without copious quantities of foliage sheltering me from the blazing sun. Preferably foliage involving mangos. It required a substantial effort of will to go to work this morning instead of sitting under the ceiling fan all day eating popsicles. Also, we’re out of popsicles. I really need to get a popsicle mold…even just ice with a little lemon juice in it with a convenient handle would be fine; I don’t need all that sugar. And then I could make frozen coconut milk with honey and cardamom. Mmmm…
There will be much socializing this week, which should force me out of the apartment. Rosh Chodesh tomorrow, gaming on Wednesday, and probably Science Museum either Thursday or Friday.
I’ve been making a *lot* of yarn. I’m going to crochet a baby blanket for “afghans for Afghans“. It’s one of the few warm-fuzzies-for-charity places I’ve found that actually wants wool (machine-washability is a bit less of an issue there). I found a great pattern for using small bits of a lot of colors, and I’ve ordered some black alpaca at a really good discount to use as the background color.
I vacuumed most of the apartment and swept the kitchen. And I put the purple fleece blanket over the couch, because its scuzziness was starting to bug me. Our couch is a giant block of upholstered foam, that folds out to be a surprisingly comfy couch-bed. Its invertebrateness is convenient because it means it’s very light, but it was already second-hand from Ben’s previous roommate, so it’s getting kind of past its use-by-date. But with the purple fleece thing, it magically becomes a pretty purple couch!
I also made some delicious body scrub stuff with salt, sugar, oil, and honey (yum!). I used olive oil, because that’s what we had. It makes my skin unpleasantly oily for about two hours, and then it stays soft for *days*.
We have a new coworker who is quite awesome. But my other coworker and our supervisor were both on vacation last week, so it was kind of weird. I didn’t get much done; I was feeling really drained last week. My classes don’t start until September 8 — yay! I’m taking two Thursday classes, then working Sundays to make up for it. But then I also now have to work Wednesday evenings and two Saturdays this semester. Blech. I do not want to work on Shabbat. And I really don’t think I’ll be much use working until 9pm…at least I don’t have to start until 2. I ended up not applying for the Eric Carle Museum job. I updated my resume and wrote a cover letter, which was a useful exercise, but after the initial excitement died down, I realized that no really, I can’t move to Amherst on 2 weeks notice, couldn’t really live there without a driver’s license anyway, and can’t commute that far while still living here.
There won’t be any more happy Kiva borrower posts for the foreseeable future. Kiva has been adopting new policies that I’ve become leery of (such as asking lenders to assume part of the risk of currency devaluation without giving any idea of how often or how seriously this is likely to affect one’s portfolio — see http://www.kivafriends.org for an obsessively-detailed discussion of this and more)…at first, I kept re-lending repaid loans because none of the changes affected the fact that I loan money and it gets to the borrowers, who can make very good use of it. And that still hasn’t changed. But now they’ve decided to “test” putting up some loans in the original language untranslated, because it’s more “efficient”. (For these languages, they’ve always included the original French/Spanish/Russian along with the translation, so this still doesn’t help native speakers of those languages, who are going to have to deal with the nuts and bolts of the site being in English anyway).
Kiva’s business plan is inherently inefficient. That’s kind of the point. There are ways they can streamline it somewhat, and I’ll happily applaud anything that actually results in a win-win situation for Kiva, the borrowers, and the lenders. But their whole gimick is that they are a person-to-person lending platform where someone has to put in a lot of time and resources tracking down borrowers in rural Peru to ask them their life story and business plan and take their picture, and then other people (including a lot of volunteer effort) have to translate and post the profiles and check to make sure the borrower in the picture is probably the borrower in the profile and make sure there’s a note if it’s another family member instead (which is allowed). There’s only so much you can streamline this model before it stops actually being the model Kiva promises.
If they’ve decided that they have reached a threshhold of popularity where they can ask borrowers to accept a less personalized lending platform in exchange for being able to reach a wider number of borrowers at less cost, great. I’d be totally willing to do that. I’d also be willing to be required to donate some percentage of the amount loaned to Kiva for administrative expenses, or pay a yearly membership fee, or participate in a fundraising drive, or something like that if they find that they’re not taking in enough donations to expand the way they want to. But Kiva now seems to want to have their cake and eat it to…they’re steadily taking away my connection to the individual borrowers, and making the “loans at no interest” look an awful lot more like “donations” given that it’s less and less likely that I’ll get all of it back. And they’ve done all this without changing their terms of service, mission statement, or cute little “how it works” diagrams. That is not ok by me. I’ll be active to some degree on Kiva for at least another year until my loans are paid off, and the KivaFriends site is a really great community, so I’ll stick around until I run out of loans in the hopes that they get their act together. Kiva staff seem to genuinely be a smart and well-meaning group of people, and they’re actively soliciting opinions from the KivaFriends community, but then they seem not to understand why everyone’s upset. I hope things turn around.
And meanwhile, microfinance is a steadily growing industry, so there are plenty of places for me to test out my newly-repaid Kiva credits in:
Microplace: I actually already put a good bit of money here last month after withdrawing Kiva credit, since they’re a well-established organization. Microplace works on a “save the world while investing money” tagline rather than the “reusable donation” message of Kiva and some similar organizations. You loan to an MFI (or sometimes several MFIs in an umbrella organization) rather than to a specific borrower. At first I was leery of the being-paid-interest thing, as I don’t want to be a further drain on the borrowers’ bank accounts, but the interest paid to lenders is generally 1-2% (though sometimes as much as 6%), and discussions comparing it to the Kiva model estimate that between the increased expense of creating borrower profiles and the increased expense of paying interest to lenders, it’s probably actually about a wash. And I intend to recycle the interest right back into more lending anyway.
Wokai: A “Kiva clone” focusing on lending to China. They balance the expense of creating profiles by making loans explicitly donations — you can recycle your loans through three repayment cycles, then they go into a general loan pool controlled by Wokai that loans straight to the MFIs. This also means that donations to Wokai are tax-deductable since you don’t get them back. They’re quite young, so I wouldn’t donate very much until I got a feel for whether they were likely to stick around and Not Be Evil(TM).
United Prosperity: another startup, this one still in beta-testing. They loan to India, which has all sorts of complicated financial restrictions on international lending that I don’t really understand, which is why Kiva hasn’t been able to lend there. But there are much looser restrictions on putting up collateral for a loan, which is what UP does. You finance the collateral, not the loan itself (which comes from other funding sources available to the MFI), and get it back when the loan is repaid. UP allows the smallest amount to be lent at a time of any of these organizations; I’ll probably put a small amount on several loans and see if they get off the ground.
Whoops — forgot one that I’d meant to add!
Lend For Peace: Another Kiva-type startup, this joint Jewish-Palestinian effort aims to promote peace in the West Bank through microlending with two Palestinian MFIs. They have an impressive lineup of advisors and grants, and their very localized focus makes me think that they’re unlikely to bite off more than they can chew. You have the option to either get your money back once the entrepreneur repays or to lend as a donation to their “revolving” lending pool.