As the head of Pinnacle Hotels USA, Bharat Lall, MD, is dedicated to providing excellent customer service at his accommodations. Dr. Bharat Lall donates to several charitable causes, including the Kiva nonprofit lending service.
Founded in 2005, Kiva uses the crowdfunding principle to arrange affordable loans for people in some 88 countries. Intended to lift people out of poverty, Kiva has lent to over 2 million borrowers to help them start businesses, pay for education, or set up clean energy sources.
Getting a loan is straightforward. Borrowers apply either on their own or through Kiva field partners–local nonprofits or micro-lenders who visit prospective recipients and administer loans. The application goes through a due diligence process in which community members and field partners vet the borrower.
Approved loans are translated and listed online, where interested lenders anywhere in the world can provide funds in amounts of $25 or more. Over the years, borrowers have repaid some 97 percent of their obligations.
Neither lenders nor borrowers receive or pay interest. Field partners are allowed to charge a small fee for their administrative costs. Loan disbursals take place through the field partner or through PayPal.