First, Debbie and I posted about the rationale behind choosing microlending over bubble-blowers, Hersey's Kisses, and the like. Also, we put a poll on this blog soliciting your contribution to the process. We were stunned by the number of views the blog had and by how many of you cast votes in the poll. Overwhelmingly, you chose that we lend to Africa's agriculture sector. In tandem with the next post we put up a poll asking which country appealed to you the most. Togo, by the narrowest of margins [one vote], edged out Senegal and (surprisingly) Mauritius. Here's where it comes off the tracks a little bit. Debbie and I sat down this evening to choose an entrepreneur using the criteria you all voted for in the polls, but unfortunately no more Togolese were seeking loans to aid in agriculture development. In fact, as of 1:00 AM Sunday morning, no entrepreneurs in Africa were seeking agriculture loans. Thus, in accordance with our contingency plan, we chose an entrepreneur that most resembles the criteria you all specified. That individual is...
Kodzo Adzaho of Wome, Togo
Mr. Adzaho's Kiva profile:
Kodzo Adzaho, age 30, is married and the father of one child. He owns a grocery store in Womé, a village located northwest of Lomé, the capital of Togo. His business is doing very well. With this loan, he wishes to resupply his store in order to meet customer demand. He counts on this opportunity to improve the standard of living of his family.Sure, this individual isn't a farmer nor a herder. But, without Mr. Adzaho's business, many of the Togolese living in Wome would not have access to the products he stocks. Further, the loan he's requesting is to be used to supplement his retail business, fully in-line with the libertarian underpinnings of this project. Mr. Adzaho's success is now in his hands, and we wish him the best of luck. Kind of makes you feel like a venture capitalist, doesn't it?
Being said, I hope you'll continue to follow this blog as we follow Kodzo's progress. We'll keep you in the loop with his fundraising, use, and repayment status, as well as any posts the Kiva field partner forwards on about this enterprise. Also, I'd like for you guys and gals to look into microlending, too. At Kiva, you can start for as little as $25, and you stand an excellent chance of making all that money back. There is also Grameen, Unitus, and many others. Please consider it.
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