About 10,000 micro loans in Fiji worth over $15 million were funded through crowdfunding during the seven years of strategic partnership between Kiva Microfunds Asia Pacific Investment and the South Pacific Business Development.
Kiva Microfunds Asia Pacific Investment Manager Mark McDonagh highlighted this while speaking during the opening of the South Pacific Business Development branch in Labasa.
McDonagh says Kiva’s role in this partnership has been to provide funding and technical assistance to support SPBD in its strategic objectives.
He says they want to expand their financial access to help underserved communities through crowdfunding loans and unlocking capital for small businesses.
The Manager further says their partnership with SPBD has resulted in over 50,000 loans being fundraised for businesses across the five-country network for a total of USD $42.5m and counting.
He adds it’s a great opportunity to now continue serving people in Labasa and the surrounding northern region of Vanua Levu.
