MetLife Foundation Provides More Than One-Quarter Million U.S. Dollars to Fund Entrepreneurs
July 18 2018 - 2:56AM
Business Wire
Close to 60% of MetLife Asia employees
participated to decide how the fund should be allocated
A partnership between MetLife Foundation and Kiva, a global
non-governmental organization, to support low-income entrepreneurs
around the world saw thousands of employees from MetLife Asia
directing micro loans worth USD 263,350. In some of the markets,
the ‘Take Action’ campaign saw 100% participation from
MetLife employees.
MetLife Foundation made a contribution to Kiva to enable each
MetLife employee to direct USD 25 to an entrepreneur who has no
access to traditional financing to start, sustain and grow their
businesses. MetLife Asia employees directed their USD 25 loan token
to help entrepreneurs in the following areas:
Categories
Percentage USD allocation
Women 35.6% 93,825 Agriculture
24.2% 63,600 Youth 17.6%
46,325 Green 22.6% 59,600
The Kiva team is currently in the process of disbursing the
loans to entrepreneurs in the four categories. With a 96% loan
repayment rate, Kiva projects that MetLife Foundation’s original
contribution will help many entrepreneurs.
Steve Goulart, executive vice president and chief investment
officer, MetLife Inc., and interim president of Asia, said: “What
our people have done with MetLife Foundation and Kiva truly
expresses the heart of MetLife’s great culture and our heritage of
helping people and communities. I could not be more proud of our
people, and excited that our more than ten thousand loans will play
a part in creating opportunity for so many who otherwise would not
have had the financial access needed to make a better life for
themselves or their families.”
MetLife Foundation’s mission is to improve financial lives of
low income people around the world by partnering with innovative
organizations that promote, create, and expand opportunities for
financial health. In 2013, MetLife Foundation committed USD 200
million over five years. In Asia, MetLife Foundation has committed
more than USD 50 million in Financial Inclusion grants since 2013
reaching more than 3.8 million low income individuals.
Since its launch, Kiva has directed more than USD 1 billion in
microloans by connecting a growing global community of 1.6 million
lenders to 2.6 million entrepreneurs across the world with 81%
being women. As Kiva borrowers repay their loans, the money can be
reinvested so that additional entrepreneurs can receive support
further helping increase financial inclusion. (this data is from
Kiva website)
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s
long tradition of corporate contributions and community
involvement. Since its founding through the end of 2017, MetLife
Foundation has provided more than $783 million in grants and $70
million in program-related investments to organizations addressing
issues that have a positive impact in their communities. In 2013,
the Foundation committed $200 million to financial inclusion, and
our work to date has reached more than 6 million low-income
individuals in 42 countries. To learn more about MetLife
Foundation, visit metlife.org.
About Kiva.org
Kiva is a non-profit organization working to alleviate poverty
by connecting people around the world through microlending. With as
little as a $25 loan, anyone can help a borrower create new
opportunities for themselves and their family. Together with more
than 890,000 Kiva lenders and a worldwide network of microfinance
institutions, Kiva has created economic opportunity for more than
975,000 borrowers. Since its inception in 2005, Kiva lenders have
funded more than $390 million in loans with a 98.9% repayment rate.
Visit www.kiva.org for more information.
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MetLife AsiaPooja Garg Khan, +852 61210086
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