Carl Zaycosky recently spoke to the Wilmington Rotary Club, which meets at the Clinton Memorial Hospital conference center at noon on Tuesdays.

Zaycosky stated that KIVA is a non-profit based in San Francisco dedicated to expanding financial access to under-served communities.

The Wilmington Rotary became involved in 2008. The program works like crowd sourcing. The club gathers $20 contributions from members and accumulates those for issuing $100 loans.

Needy borrowers apply to KIVA. Zaycosky is able to review potential borrowers and lend for help with their businesses.

Over the years, only one loan has ended in default – it was loaned to an investor in the U.S. Most are repaid and then the funds reinvested.

Interest rates are high on loans due to processing fees and currency exchange rates.

Most loans are made in eastern Europe. Fifty-nine percent are to females and 41 percent to males.

Projects funded run the gamut of agriculture, retail and transportation.

The Wilmington Rotary Club has put $1,200 on deposit at KIVA. With the “Kiva Effect,” they currently have $12,850 available to lend.

The Wilmington Rotary Club is in the 99th percentile of KIVA donors.

Zaycosky said the club is doing good work and making a difference.