Spring Break
Drexel MBA alumna uses microlending for good
Janhavi Purohit
Issue date: 10/12/07 Section: News
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With an undergraduate degree from Temple University, an MBA from Drexel University and course experience from Stanford University, Rupa Modi has the skills, prowess and knowledge to tackle just about any domain, but she has her eyes on just one prize - the success of founding organization Kiva.org.
Modi graduated from Temple in 2002 and worked in medical education for over three years before she began to feel the need for a change.
"After three-and-a-half years, I left and started my own company; it's called ModiaDesigns, and at the same time I wanted to pursue my MBA, and I didn't want to be on campus doing it. I think that's when the MBA Anywhere program started at Drexel, and I was part of the first class here, so that was really cool," she said.
In the midst of all her academic work, Modi found herself thrown into yet another project. Kiva.org is a web site that allows lenders to issue $25 amounts of working capital to entrepreneurs wishing to start up businesses in improvised countries.
"The cool part is, it's lenders, everyday people like you, going onto the web site, and the repayment rate is close to 98 percent," Modi said.
Modi came into the organization doing special projects and web design. Modi explained that she joined the group doing web design but saw the work quickly grow.
Modi attributes the sudden explosion of press attention to outward factors.
"In 2006, it just happened to be the year that Mohammed Yunus won the Nobel Peace Prize, and he's kind of the pioneer behind microcredit and microfinance in Bangladesh," she said. Modi says she feels that the win attracted interest in the field of microfinance, and by default towards Kiva.org.
Modi left California to complete her MBA in international business around this time. "It was really difficult for me to leave, because that was when we were soaring. We'd crossed many milestones -$1 million in 36 countries, then $2 million, to $3 million, and today we're at $12 million," Modi said.
Modi graduated from Temple in 2002 and worked in medical education for over three years before she began to feel the need for a change.
"After three-and-a-half years, I left and started my own company; it's called ModiaDesigns, and at the same time I wanted to pursue my MBA, and I didn't want to be on campus doing it. I think that's when the MBA Anywhere program started at Drexel, and I was part of the first class here, so that was really cool," she said.
In the midst of all her academic work, Modi found herself thrown into yet another project. Kiva.org is a web site that allows lenders to issue $25 amounts of working capital to entrepreneurs wishing to start up businesses in improvised countries.
"The cool part is, it's lenders, everyday people like you, going onto the web site, and the repayment rate is close to 98 percent," Modi said.
Modi came into the organization doing special projects and web design. Modi explained that she joined the group doing web design but saw the work quickly grow.
Modi attributes the sudden explosion of press attention to outward factors.
"In 2006, it just happened to be the year that Mohammed Yunus won the Nobel Peace Prize, and he's kind of the pioneer behind microcredit and microfinance in Bangladesh," she said. Modi says she feels that the win attracted interest in the field of microfinance, and by default towards Kiva.org.
Modi left California to complete her MBA in international business around this time. "It was really difficult for me to leave, because that was when we were soaring. We'd crossed many milestones -$1 million in 36 countries, then $2 million, to $3 million, and today we're at $12 million," Modi said.
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