Direct microfinance -- which allows individuals to invest in microenterprises around the world -- seems to be catching on as a model of its own. Ebay just launched such a broker service this month: MicroPlace is "powered by eBay’s expertise in connecting people, creating marketplaces and processing online transactions" and aims "to significantly impact global poverty."

Other sites like Kiva and GlobalGiving have pioneered this model for microfinance and micro-philanthropy, respectively; the entry of a big player like Ebay is a significant step toward the mainstream. Ebay's user-pool, resources and reach might enable it to create a genuine marketplace for loans that would help cross mental boundaries between charity "over there" and business "over here."

That said, while MicroPlace has created an attractive site (see especially its helpful "how MicroPlace works" page), I think Kiva still owns the most useful interface -- the breadth of projects and funding options is extraordinary, and the progress bar included in the summary of each is a great way to show investors how (and how much) they are contributing to a larger cause alongside other investors.

There is still a long way to go. It's a testament to the difficulty of finding, vetting and servicing these microloans that MicroPlace, despite its powerful backer, offers a pretty small selection of options. And the investments available on both sites generally offer investors a return of 1.5% to 3.0% a year -- less than they would see in a simple savings account. Much of the return on investment is no doubt absorbed by the time-intensive vetting and servicing process. For the time being, MicroPlace and Kiva will sustain themselves mostly on the power of stories about changed lives and new livelihoods.

But even such small returns send a powerful message. It's no good complaining about the leaky bucket of foreign aid when the bucket comes back full.