10 AP Economic students from Sage Hill School hear a presentation about an organization named Kiva. These ten students decide to create a team and open a chapter as their service learning project for their senior year. SagEcon is born. Those students, James Chai, Andrew Dorne, Alex Jimenez, Cyrus Khoyilar, Charlie Schumacher, Usamah Simjee, Brad Slaughter, Sky Stearns, AJ Wolfson, and Jesse Xiao are all male seniors class of 2010.
In order to understand what we signed up for, we had to learn about what Kiva is. Kiva is an organization that allows the average person to microlend, for as little as $25, to entrepreneurs in countries with emerging economies. From that, we had to figure out what a microloan is. We discovered that a microloan is a loan that is typically under $2000. Microloans are too small to be profitable for the conventional banking process. This is where we come in. Individuals in a first-world country now become the bankers.
Want to learn more? Visit www.kiva.org for any additional questions you might have.