Trustee: Bayou Microfund
- Why are you interested in becoming a Trustee?
- I have been passionate about Kiva and when Kiva Zip was launched, I wanted to be part of it. I first started off by personally becoming a trustee , but after seeing the interest and University of Houston Micro finance program, I decide I have to built an organization to make this happen. Bayou Microfund is that organization partnering with Kiva Zip to ignite micro lending in Houston
- What is the mission of your organization?
- To incubate micro-entrepreneurs and fund them with interest-free loans.
Borrower Due Diligence
- How will you decide who to endorse as a borrower? What due diligence will you conduct?
- For the first few rounds, I will be the decision maker. We hope to built up a volunteer base to do the other rounds. The borrowers are very carefully evaluated, and then selected by a pitch and then an interview. We are looking for a) Will this business be a success? b) The entrepreneur behind the business, can he make it? c) Track record, credit and character We have a fairly good process in place The entrepreneur has to attend a weekly 3 hour class for 3 months, run by the University of Houston Micro-finance Dept on 1. Skill for living: How to manage your personal finance 2. How to run a business 3. Planning and launching your business After they graduate, they are allowed Pitch for funding. We have, in the first round, seen some very good candidates for funding.