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Washing machine rental - Is your idea this good?

Guest post by: Dan Miller

Article Overview: 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.

Washing machine rental - Is your idea this good?

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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Article Tags: business, business start up, good investment, home business, income, invest, investing, investment, laoning, loan, small business, startup



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