MicroPlace: little loans as a business model

eBay has launched MicroPlace, a for-profit low-interest microloan site, aiming to provide funding to very small third world business owners, who historically repay their loans at a 98%+ clip, according to Tracey Turner, the site's founder who sold it to eBay last year.

"What gets me out of bed in the morning is the idea that when you invest in a person it really honors them and enhances their dignity as a human being," Turner said. "Which is different than a hand out."

MicroPlace follows on the heels of Kiva, a no-interest microloan site that has exploded in popularity, particularly since such pop luminaries as Oprah and Bill Clinton have touted the site.

(article source: Yahoo! News, photo credit ncassario)