November 20, 2023 -- The Tripadvisor Foundation has announced a catalytic grant of $150,000 for lending nonprofit Kiva to improve financial access for refugees and displaced people working to rebuild their lives through entrepreneurship.
The grant funding will be directed toward matching loans made by Tripadvisor customers on Giving Tuesday, doubling the impact of each lending contribution directed toward refugees worldwide. Individuals can contribute to loans through the Tripadvisor page at Kiva.org beginning on Tuesday, November 28 to see their contribution matched 1-to-1.
Tripadvisor Foundation has been a long-time partner of Kiva, contributing $540,000 in impact since the partnership launched in 2021. Aligning with their focus on underserved communities, Tripadvisor Foundation is answering Kiva’s call to support refugees, joining the Commitment to Action announced earlier this fall during the 2023 Clinton Global Initiative Meeting that will seek to unlock financial opportunities for 75,000 refugees by 2026.
Kiva began lending to refugees in 2016 after assessing that traditional financial service providers were reluctant to lend to this population due to misconceptions that they were too risky. Funding from Kiva has helped dispel this myth, with demonstrated repayments rates of 97%, on par with other populations funded on Kiva.org. Nearly 100 million people worldwide have been forced to leave their homes due to human and natural disasters and this number is forecast to increase to over 1 billion people by 2050, making the need for support and capital even more critical.
Kiva’s success and passion for creating greater opportunity for refugee communities alongside value-aligned partners like the Tripadvisor Foundation ensures support for this underserved community will continue to scale and make a meaningful difference.
“Catalyzing change is at the core of Tripadvisor Foundation's mission. We are grateful for the opportunity to provide a $150,000 grant to Kiva, reinforcing our enduring partnership aimed at empowering refugees through entrepreneurship,” said Tali Golan, Senior Director of Social Impact at Tripadvisor.
“By doubling the impact of loans made by our traveler community on Giving Tuesday, we are amplifying opportunities for displaced individuals to rebuild their lives. This initiative underscores our belief in the resilience and potential of under-resourced communities once given the opportunity to succeed. Together with Kiva, we are challenging stereotypes, fostering hope, and driving positive transformation in the lives of refugees worldwide."
Over the past 17 years, Kiva has deployed over $2 billion to 4.7 million borrowers globally, more than any other crowdfunding platform. More than 80% of Kiva loans go to women, with a 96% repayment rate.
“Kiva is thrilled to partner once again with The Tripadvisor Foundation and have their support as we scale our work with refugee communities together through life-changing loans,” said Louisa Daly, Senior Director of Strategic Partnerships at Kiva.
“When corporations and foundations join alongside Kiva in our efforts to tackle global challenges, the result is thousands more individuals being reached through life-changing financial access, demonstrating the collective power of organizational partnerships. We are grateful to The Tripadvisor Foundation for its long-term partnership and for joining our CGI Commitment to Action to advance refugee financial inclusion for 75,000 individuals.”
Kiva is a global nonprofit, founded in 2005, with a mission to expand financial access and help underserved communities thrive. Kiva unlocks capital for borrowers through crowdfunded loans supported by individuals around the world. With as little as $25, you can support entrepreneurs and small business owners in the U.S. and across the globe with critical access to funding. Over two million people have invested $2 billion in real dreams and real opportunity, spanning more than 90 countries and 4.7 million borrowers.
About Tripadvisor Foundation
The Tripadvisor Foundation is the corporate philanthropic arm of Tripadvisor Group. Since 2010, the Foundation has donated more than $46 million to nonprofit organizations around the world - including over $15 million to organizations supporting displaced populations.
Tripadvisor, the world's largest travel guidance platform*, helps hundreds of millions of people each month** become better travelers, from planning to booking to taking a trip. Travelers across the globe use the Tripadvisor site and app to discover where to stay, what to do and where to eat based on guidance from those who have been there before. With more than 1 billion reviews and opinions of nearly 8 million businesses, travelers turn to Tripadvisor to find deals on accommodations, book experiences, reserve tables at delicious restaurants and discover great places nearby. As a travel guidance company available in 43 markets and 22 languages, Tripadvisor makes planning easy no matter the trip type. The subsidiaries of Tripadvisor, Inc. (Nasdaq: TRIP), own and operate a portfolio of travel media brands and businesses, operating under various websites and apps, including the following:
www.bokun.io, www.cruisecritic.com, www.flipkey.com, www.thefork.com, www.helloreco.com, www.holidaylettings.co.uk, www.jetsetter.com, www.niumba.com, www.seatguru.com, www.singleplatform.com, www.vacationhomerentals.com, www.viator.com.
* Source: SimilarWeb, unique users de-duplicated monthly, September 2023
** Source: Tripadvisor internal log files