Washing machine rental – Is your idea this good?

November 30, 2011 in Business Start-Up with 16 Comments

In September of last year I made a small loan to a lady in Columbia.  Although I don’t know Yaneris Canate Rios personally, she made an application for $1,125 through Kiva.org.  In Yaneris’ tiny community of El Milagro the ladies still all washed their clothes by hand.  She wanted to purchase 5 washing machines to rent to her neighbors.  I provided the last $50 to complete her loan.  Each month I would see tiny payments come on – averaging about $3.84 as a repayment on that loan.

This morning I received a note from Kiva:  Success!! The loan was 100% repaid.  Yaneris was set up on an 18
month repayment schedule but completed it in 13.

This is an actual picture of this lady with her washing machines.  I find this totally exciting – to see a lady in poverty create a plan to improve her own life and that of her neighbors.

I am now looking at other projects in which to invest that same $50.  I never take it out – just look for another interesting business to participate in.

Okay – what’s your idea and plan?  What could you do with a $1,125 loan where you could repay it in 13 months and be providing ongoing income for your family?  Is it convincing enough to get 23 people to loan you $50?

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  • http://twitter.com/NathanAndersonJ Nathan J. Anderson

    This is really cool! 

    • Anonymous

      Nathan – thanks for your comment.  I was talking with your brother Tim a couple nights ago and he told me more of your story.  I’m delighted you’re part of this community.  Thanks for your ongoing contributions to the discussions here.

  • Mary Kathan

    I loaned a lady $25 through Kiva after I heard about it sometime ago from you.  She buys bananas and wood (for fires I guess) and sells it to people in her town (South America).  Pretty cool program – I keep getting notices from Kiva and it sounds like she is doing well with it.

    • Anonymous

      Mary – isn’t that fun to help someone with so little and see it change their life?

  • http://twitter.com/MarianneClement Marianne Clements

    Dan,

    What a cool story!  Thanks for sharing.  It’s so exciting to see people thinking outside the box.

    Have a Victorious Day!
    Marianne Clements

  • http://thelifeofjesusstudy.com Cam

    Very Cool. Thanks for sharing!

  • http://www.MamaSaysNamaste.com NamasteMamaRose

    I just checked an my Kiva lady, Priscilla, is $0.23 away from repaying my loan to her – she is 98% repaid!  http://www.kiva.org/lend/203138

    I love reading the great ideas, and yes, I just keep $50 flowing there from entrepreneur to entrepreneur!

    • Anonymous

      Ashley – isn’t it amazing to be able to share so little and yet see it begin to change someone’s life?

  • http://TeamEagleRevolution.com Bryan Hart

    Uh oh…you didn’t tell Dave did you? ;-D

    • Anonymous

      Ha – I don’t think Dave would have a problem with this.  And when it comes to generosity Dave leads the field.

  • http://www.jmlalonde.com Joe Lalonde

    Awesome. My wife and I participate with Kiva. It is amazing to help those in situations like that. So far we have had most of the loans paid back.

  • Joe

    Dan this a truly great program.  Thanks for sharing your success story with us all.

  • Tclark135

    I think you mean Colombia in South America

    • Anonymous

      Yeah this would not be Columbia, Tennessee

  • Mrscwd

    Absolutely love it!

  • Billie

    That is so cool!! And she did something great for her neighbors. It’s difficult washing clothes by hand and then those ladies can do other things too. It’s a gift that gives to everyone.