While most college students know plenty about borrowing money, UofL College of Business students are discovering how to make a difference by loaning it.
     Not only are honors students in the spring Principles of Marketing class lending money, they are doing it to support entrepreneurs across the globe.

    In a hands-on exercise developed by professors Wayne Jones and Buddy LaForge to demonstrate social responsibility, students are connecting with global entrepreneurs through Kiva.org.
     Kiva.org. is a vehicle for international micro-lending. It focuses on connecting people who have available funds with entrepreneurs in economically depressed regions.   Featured by a variety of media, including the Oprah Winfrey Show, BusinessWeek, The Wall Street Journal, and Forbes and Fortune magazines, the website could not escape the professors’ notice.
     “When we became aware of kiva.org, we thought that instead of just talking about social responsibility, why don't we as a class engage in social responsibility by providing loans to entrepreneurs in developing countries,” said LaForge.
     Traditionally the course grouped students into five teams that competed in a marketing simulation for eight quarters, but the simulation did not address social responsibility issues.

      With the Kiva connection in place this spring, teams were selected, funds collected and loans were made.  Team members personally invested approximately 20 percent of their team’s $25 pool, with Jones and LaForge fronting the rest.  Then, teams logged on to kiva.org and searched through thousands of entrepreneur profiles by gender, sector, region or remaining loan needs and assessed which entrepreneurs seemed like the best investment.
     “With a zero-percent interest loan, the lesson is not about how to earn money,” said class member Kerry Griesinger. “It’s about impacting someone’s' life now, which could lead to that person impacting someone else's life in the future.”
      With an overall repayment rate of 99.88%, LaForge is positive the team loans will be repaid within the limits of the loan, leaving the next class money to reinvest and the opportunity to learn.  He is also hopeful some students may create their own kiva.org accounts or take their sense of social responsibility beyond the classroom.
      “We hope students become more aware of the importance of social responsibility in business and also understand how innovative approaches, like the kiva.org business