Tuesday, October 30, 2007

New eBay site helps finance poor


Ebay, the world's largest online auctioneer, has launched a website that allows people to invest in loans that lift people out of poverty.

The website, called MicroPlace, acts as a broker between ordinary investors and microfinance organisations.

For as little as $100, US investors will be able to help entrepreneurs in poor countries, be they coffee sellers in Cambodia or hairdressers in Ghana.

The investments last between two and four years and offer a small return.

"We really wanted to make it accessible for small everyday investors," said Tracey Pettengill Turner, the founder and general manager of MicroPlace.

See full Article.