Micro Lending / 0% Interest Update

[boring]

Sorry screwed up my reply above...

 

Nope, I don't have anyone asking for anything from me here. I actually spend most of my time working from my office so don't get out much  :)

[OnMyWay]

Here is the issue... there are millions of poor looking for a handout. Not really a canidate. It is labor intensive to find a canidate / family who are not drunks or in debt past their eyeballs. The money is for starting or expanding a small business. Not a handout to pay their past due bills.

 

When I originally posted about this a few weeks ago, it was for members who already know possible canidates so they are prescreened... Less labor that way and then forum member is like an on site auditor to help them with any questions.

 

The original charity that does this only works through OTHER charites such as mine and do not deal with the applicants directly.

 

giversleague.org is their website.   

 

Boring, you might consider Kiva.org.  I have done some loans through them.  They work similar to what Bruce said, but there is interest charged.  I am going to take a look at giversleague too.

[boring]

I'm looking at Kiva and Givers League now.

 

Thanks guys.

 

:)

[Thomas]

Kiva take a high interest (36% ?) 

but compared to the common 5-6 it's low, and Kiva include some basic business consultation.

Sorry screwed up my reply above...

 

Nope, I don't have anyone asking for anything from me here. I actually spend most of my time working from my office so don't get out much  :)

You need to get out more  :)

[JJReyes]

Kiva take a high interest (36% ?) but compared to the common 5-6 it's low, and Kiva include some basic business consultation.

 

The top tiered Kiva executives are highly compensated ($100K+ for their CEO, $90K for their software engineer) but they don't pay the same salaries for their field partners. It reminded too much of the scandal involving United Ways. The top guy paid himself a huge amount and purchased expensive condos for his mistresses. He also hired the mistresses as private secretaries to take dictations on a horizontal position.

 

In fairness, the Kiva executive salaries are paid out of a separate fund from donations by major corporations and foundations rather than from the small donors. Still, a large portion of revenues goes to executive salaries and administration. Similarly, my wife and I stopped supporting the American Red Cross after learning that Elizabeth Dole, wife of Senator Bob Dole, received a salary of over $350,000 a year as president. That salary was many years ago. It might be much higher now.

 

For Hawaii charities, we donate goods. My wife and I purchase 50 pounds of pasta and several gallons of tomtato sauce from Costco for the feeding of the homeless. This is whenever we do a large a large real estate transaction. In the Philippines, we financially support a shelter for street children located in Manila and donate household goods to Bruce's chartiy in Samar by sending a couple of balikbayan boxes a year.

 

As members of this forum, I would recommend to Boring and Thomas to work with Bruce. The main advantage is Bruce already has a local family supporting his effort.

[OnMyWay]

The top tiered Kiva executives are highly compensated ($100K+ for their CEO, $90K for their software engineer) but they don't pay the same salaries for their field partners. It reminded too much of the scandal involving United Ways.

 

JJR, I did a little bit of research into KIVA before I "invested" a small amount of money, and at the time, the expenses and interest rate seemed to be somewhat justified.  However, if there are better options, I am all for them.

 

Regarding the executive salaries, I would be surprised if the CEO was only making 100K+ and a software engineer only 90k.  Pay scales are very high in the San Francisco Bay area and even other areas.   Most middle management on up make over 100k at the company I retired from last year, even in the midwest.

 

Edit:  Removed off topic link so as to not hijack this thread!

Edited March 27, 2013 by OnMyWay

[JJReyes]

There are other worthwhile charities like "Save the Children" and "Second Harvest" which I hesistated to support after learning about their executive compensation. I forgot the name of the person who organizes medical missions for rural America. The organization relies of volunteer doctors, nurses and dentists. The medical suipplies are donated. The CEO got next to nothing. He lives in an abandoned school with permission and showers outdoors using a garden hose. The organization was featured on 60 Minutes. Within two weeks, they received small donations in the millions.

 

This is why I like Bruce's charity.

Edited March 27, 2013 by JJReyes

[Thomas]

As members of this forum, I would recommend to Boring and Thomas to work with Bruce. The main advantage is Bruce already has a local family supporting his effort.

Yes, I think of that IF that Givers league organisation don't make a Philippine "Cell" of a small Swedish "Help-to-selfhelp" organisation, which I have worked for - without salary :) -  since it started 1993. Because I think of starting some "Help-to-selfhelp" in the Philippines by myself when I have moved anyway.

[MikeB]

my wife and I stopped supporting the American Red Cross after learning that Elizabeth Dole, wife of Senator Bob Dole, received a salary of over $350,000 a year as president. That salary was many years ago. It might be much higher now.

It takes someone with considerable business acumen and, more importantly, contacts in all sectors to successfully run a huge organization, charity or not. They don't come cheap. But there are many sources that cite Mrs Dole's salary as President of the American Red Cross at $200k annually, except her 1st year when she accepted no salary. The salary of the president is much higher now.

[Thomas]

my wife and I stopped supporting the American Red Cross after learning that Elizabeth Dole, wife of Senator Bob Dole, received a salary of over $350,000 a year as president. That salary was many years ago. It might be much higher now.

It takes someone with considerable business acumen and, more importantly, contacts in all sectors to successfully run a huge organization, charity or not. They don't come cheap. But there are many sources that cite Mrs Dole's salary as President of the American Red Cross at $200k annually, except her 1st year when she accepted no salary. The salary of the president is much higher now.

That's crazy, having organisations where some get very high salaries and many others get no pay...   HIGH salaries are unfair to EVERYONE  :(

Aid organisation leaders need not just what you write, but suiting attitude too...

 

I'm NOT against aid workers geting pay, but only enough to live OK.

 

(E g Percy Barnewik (a retired successful stock market company CEO) working as one of the leaders in Hand-in-hand now, get NO pay. In opposite he has GIVEN around 5 mill USD   :lol:

I DON'T claim I'm in that league, but I have done volontary work 10-50 % of a full time as leader in small organisations during many years. I have never got any pay - except during weekends, when I have worked full time going away, then I have got free food and floor space to sleep at   :lol:    But if I would work full time, then I would demand enough pay to live OK,. so I can concentrate on that work.)