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.
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