In September my good friend janeway sent me a link to Heidi Swanson's 101 cookbooks which has in the region of one million visitors a month. Heidi had decided to set up a Kiva Lending Team and invited her readers to join her in lending to entrepreneurs in developing countries. An excellent idea.
Then, only a day or two later, I spotted a post on Carl Galloway's blog to say that he was having great difficulty in finding an entrepreneur who needed a loan. He did eventually manage to find one refreshing constantly.
I found it hard to believe, but sure enough a day or two later (speedy is my middle name) I went to the Kiva site and saw this.
All loans funded! One loan made every 24 seconds!
Whether this was the impact of an influx of new members on the 101 Cookbooks team, I really don't know. I do know that for a few weeks I was seeing widgets displaying 100% funded around the blogs I was visiting.
Then things changed again. As I write this there are 12 people looking for loans of various sizes, though at the current rate of one loan every 29 seconds, it won't take long for them to be filled. Nevertheless the rate of lending has decreased and there seem to be more people with loans not yet filled.
I'm wondering about the timing of this. Were people put off by the fact that there loans are being filled so easily? New projects are being continuously added, so it shouldn't be an issue. But could it be the economic situation? I hope not.