Africans now offering microloans to Americans

The concept of microloans and microcredit was developed to provide a mechanism to fund entrepreneurship in third-world countries. Now, in an ironic twist, microloans may be offered to Americans:

A Kenyan Internet entrepreneur is planning to make her first loan -- to an American she's never met. She's doing it through the online micro lending Web site Kiva.org, which grew famous serving the developing world and is now expanding to include the working poor in the U.S.

Recognizing that poverty is everywhere, Kiva is starting to offer loans to U.S. borrowers today, a plan that has been in the works for some time. It's testing the waters to see how the service is used and whether it will help Americans in the midst of a credit crunch find ways to fund small businesses such as beauty salons, nurseries and bakeries.

More at the link.