2 weeks Ago
BUFFALO, N.Y. — The International-Microloans of Buffalo at St.
Joe’s Collegiate School is on a mission to help entrepreneurs. It’s not only here in Western New York, but also around the world. It all started in 2012.
A couple of students had the idea to help entrepreneurs in need. Jim Roland is a moderator of the club. He said, "We want to help people out, and a good way to help them out is maybe we can do some small loans.
" Through the platform Kiva, students raise funds to provide the loans. Since 2012, they have served 61 countries and loaned out more than $280,000. Braun Borgese is in 11th grade.
He said, "you can help others and learn about things like finance and economics. It's a great opportunity I'm very lucky to be a part of. " In some cases, the students are helping turn business owners dreams into reality, one loan at a time.
Senior, Gabriel Pawelczyk, said "Most of the time it goes to farmers who are trying to get supplies so they can sell it and grow their business and become a bigger business than they were." The students are able to do research through Kiva to see who should receive the loans. As people pay back the money they owe, the funds continue to support more entrepreneurs.
Mike Stewart said it's a great opportunity for the students in the club to learn about finances, not only here in WNY, but also around the world. Stewart said, "It's just constantly moving. We're trying to help out as many people as possible.
As soon as we get money from a loan, we try to recycle it back through." They have given out more than 700 loans. Moderators of the club said there is a “99%” repayment rate.
.
