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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. 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.

    How it works

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

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

    Organization and team

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

    Publicity

    Statistics

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


    Sample loans

    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

    1. ^ "About" on Wokai.org
    2. ^ "Help Center" on Wokai.org
    3. "Team" on Wokai.org
    4. "Home" on Wokai.org

    See also

    External links

    Categories: