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Nuru Energy is a global social enterprise dedicated to providing subsistence level households with access to clean energy. Nuru Energy has developed an easy-to-use, portable pay-as-you-go (PAYG) recharging platform, the Octopus Charger, that uses both solar and human energy to recharge any USB device, including mobile phones, tablets and lights. Village-level entrepreneurs (VLEs) use the Octopus Charger to operate a recharging business, recharging their community's mobile phones and lights for a fee. Nuru collects a portion of the VLE's recharge revenue, thereby allowing the VLE to pay down their Kiva loan. Kiva lenders? funds will be used to supply VLEs with solar panels and POWERCycles. This Kiva loan will thus be used to provide borrowers with needed goods or services, as opposed to cash or financial credit. Kiva loans will be provided to Nuru VLEs at 0% interest.
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
A Lending Partner's average loan size is expressed as a percentage of the country's gross national annual income per capita. Loans that are smaller (that is, as a lower percentage of gross national income per capita) are generally made to more economically disadvantaged populations. However, these same loans are generally more costly for the Lending Partner to originate, disburse and collect.
Kiva loans are facilitated through 2 models, partner and direct, that enable us to reach the greatest number of people around the world.
For partner loans, borrowers apply to a local Lending Partner, which manages the loan on the ground. Lending Partners are responsible for screening borrowers, disbursing loans, posting borrowers to the Kiva website for funding, collecting repayments and otherwise administering Kiva loans on the ground to borrowers.
For direct loans, borrowers apply through the Kiva website and may or may not be endorsed by a Trustee. Unlike Lending Partners, Trustees don't handle any financial transactions or have any duty to repay loans on behalf of their borrowers. Instead, Trustees take the role of providing support and business advice to their borrowers throughout the term of the loan.
A Lending Partner's average loan size is expressed as a percentage of the country's gross national annual income per capita. Loans that are smaller (that is, as a lower percentage of gross national income per capita) are generally made to more economically disadvantaged populations. However, these same loans are generally more costly for the Lending Partner to originate, disburse and collect.
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