Saturday, June 6, 2009

PROFILE: Wokai

I found out about Wokai from one of the volunteer coordinators at work. I mentioned my interest in microfinance and she said there is an up and coming organization that is similar to Kiva but with a focus on rural China. That was a couple of months ago and my involvement with Wokai has not progressed much other than joining their Facebook group. A couple of days ago I got an email from the group asking the members to blog about Wokai as part of a campaign called "Blogging For A Cause" by Zementa. So please check out Wokai, which translates to "I start" in Chinese, and its mission statement below:



What is Wokai?
Wokai delivers an internet microfinance platform that allows individuals to provide Chinese microentrepreneurs with loan capital. Our organization acts as an intermediary in this process, transferring funds from contributors abroad to microentrepreneurs in China through our field partners.

Who does Wokai support?
A typical Wokai microentrepeneur is a female rural inhabitant, living on less than $1/day. Her microfinance loan, ranging from $150-$300 dollars, provides her with the capital to start a small business. Her business varies by location, raising sheep in a rural grassland or operating a small fruit stand in a city center.

With her income, she accumulates savings, which allows her to allocate money towards long-term investments like education and health. By the end of her loan cycle, she has experienced increased financial independence, bolstered self-confidence, and a strengthened sense of community.

Learn more and contribute today at http://www.wokai.org.

This blog post is part of Zemanta's "Blogging For a Cause" campaign to raise awareness and funds for worthy causes that bloggers care about.

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