World Music and Microfinance - A Match Made in Heaven?

First off, let me explain quite openly that I am mathematically... erm... challenged. I took three foreign languages in high school so I could get out of taking full 4-credit sequences of math and science (I got away with only 3 years of each). I balance my checkbook through a fancy method called "guessing" (it usually works, by some miracle). I bought four gallons of paint the last time I painted my living room, because somehow, in my head, 12 x 14 x 4 equaled seven million.

So when I first heard someone jabbering on about microlending, I was pretty much just confused, but I did hear a few words about "really making a difference in developing countries" and "an amazing way to essentially make charitable contributions, but you get all of your money back". I was pretty intrigued, so I did some research, and discovered that it's not so complicated after all. Basically, a businessperson in a developing country (usually using an intermediary such as Kiva.org) requests a small loan to, say, buy stock for their store or animals for their ranch. These loans tend to range from in the low hundreds to the low thousands. Folks in richer countries throw in a little bit of money. The loan is paid out, and as the businessperson makes money off of their investment, it is repaid to the lender. So simple, so cool, and so effective.

A few artistic groups have used microlending to make records, cover travel costs, or buy necessary gear, generally to very good effect. Brad Powell, the fella behind the fantastic world music website Calabash Music, has created an organization to really take this concept off the ground. It's called Tune Your World, and it puts fans of world music in a position to easily aid musicians around the world with recording, buying instruments, and doing all sorts of the other things that musicians need to do. From what I understand (remember how I'm bad at math, and also sometimes reading...), instead of getting your money back, you get music back. So instead of spending $20 on a CD at a cheesy corporate-owned record store (where the musicians who made the records only get a buck or so), you spend $25, get their full album (the one you helped fund!) via download, as well as other perks, not to mention being a very real part of the music community.

Even if you're short $25 at the moment, you can help out with this idea. IdeaBlob.com is sponsoring a contest for innovative business ideas. The winner gets $10,000 - and Tune Your World is a finalist! If they get the money, it could seed their initiative and allow them to expand the idea, and could, quite frankly, change the entire business model for world music, and music in general. I support world music, and I support microfinancing - I am totally down. If you agree, cast your vote or make your investment! And leave a comment telling us what you think of the concept... or just to mock me for my "guess my checkbook balance" game.