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User:Euwyn/Sandbox

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Wokai
FoundedMarch 2007
FounderCasey Wilson
Courtney McColgan
FocusEconomic development
Location
Area served
China
MethodMicrocredit
Key people
  • Casey Wilson (Chief Executive Officer)
    • Websitewww.wokai.org

    Wokai is an organization that allows people to contribute directly to microfinance institutions in China which in turn lend the money to entrepreneurs in rural China.[1] It is a 501(c)(3) non-profit organization based in Oakland, with core operations in Beijing, supported by individual donors, corporate sponsorships, fundraising events and grants.[1]

    How it works

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    Wokai allows accredited microfinance institutions in China, called "Field Partners", to post profiles of qualified local entrepreneurs on its website.[1] Lenders browse and choose an entrepreneur they wish to fund.[1] Wokai aggregates loan capital from individual lenders and transfers it to the appropriate Field Partners to disburse to the entrepreneur chosen by the lender.[1] As the entrepreneurs repay their loans, the Field Partners remit funds back to Wokai.[1] Once the loan is repaid, the Wokai lenders can re-loan it to another entrepreneur, up to a total of three loan cycles.[1]

    Donors' funds are transferred to Wokai through Google Checkout.[2] Wokai's Field Partners charge between 15% and 20% interest rates.[2] Field Partners use the interest from borrower loans to cover staff salaries, transportation, and operating costs.[2]

    Organization and team

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    Wokai was founded in March 2007 by Casey Wilson and Courtney McColgan after meeting while studying at Tsinghua University in Beijing.[1] It currently has 6 staff members and maintains 3 chapters of local volunteer representatives in New York, San Francisco and Seattle.[3]

    Publicity

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    Statistics

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    As of July 26, 2009, Wokai has raised $42,516 in loan capital from 424 contributors to distribute to 150 recipients.[4]


    Sample loans

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    Loan to buy straw as cattle feed

    • 47 year old seeks 4,000 yuan microloan to buy straw as cattle feed to expand cattle raising business

    References

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    1. ^ a b c d e f g h "About" on Wokai.org
    2. ^ a b c "Help Center" on Wokai.org
    3. ^ "Team" on Wokai.org
    4. ^ "Home" on Wokai.org

    See also

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    Category:Microfinance organizations Category:Non-profit organizations based in the United States Category:Peer-to-peer charities Category:Organizations established in 2007 Category:Organizations based in Oakland, California

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