Wokai: Difference between revisions

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{{Infobox Non-profitorganization

| Non-profit_namename = Wokai

| Non-profit_logologo = [[File:Wokai.gif|alt=Logo of Wokai]]

| founded_date = March 2007

| founder = Casey Wilson<br />Courtney McColgan

| ___location = [[Oakland, California]], [[United States]]<br />[[Beijing]], [[China]]

| key_people = <li>Casey Wilson ([[Chiefchief Executiveexecutive Officerofficer]])

| area_served = [[China]]

| focus = Economic development

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}}

'''Wokai''' iswas an organization that allowsallowed people to contribute directly to [[microfinance]] institutions in China, which in turn lend the money to entrepreneurs in rural China.<ref name="SF Chronicle">[http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/13/BACB16VUFE.DTL Tiny loans, big difference at Bay Area Web site]</ref><ref name="MSNBC">[https://web.archive.org/web/20090729214003/http://worldblog.msnbc.msn.com/archive/2009/07/28/2012055.aspx "Role-reversal: Americans provide loans to Chinese - World Blog - msnbc.com"]</ref> It iswas a [[501(c)|501(c)(3)]] [[non-profit organization]] based in [[Oakland, California]], with core operations in [[Beijing]], supported by individual donors, corporate sponsorshipssponsors, fundraising events and grants.<ref name="About">[http://www.wokai.org/f/about/index.php "About" on Wokai.org]</ref> As of May 2012, Wokai concluded operations due to funding roadblocks and the need for a new CEO.<ref name="Announcement">{{cite web |url=http://en.wokai.org/announcement |title=Wokai - Microfinance in China |website=en.wokai.org |url-status=dead |archive-url=https://web.archive.org/web/20120502062209/http://en.wokai.org/announcement |archive-date=2012-05-02}} </ref>

==History==

Wokai was founded in March 2007 by Casey Wilson and Courtney McColgan after meetingthey whilemet studying at Tsinghua University in Beijing.<ref name="Newsweek">[http://blog.newsweek.com/blogs/chinacalling/archive/2009/04/01/facebook-for-china-s-farmers.aspx China Calling : Facebook for China's Farmers]</ref> AsWokai ofgrew Novemberto 2010,a itleadership hasteam of five, a staffboard of 8directors, and maintainsan 11Investment chaptersCommittee in addition to numerous volunteers, part of localchapters in volunteercities representativesincluding in Beijing, Boston, Hong Kong, Los Angeles, Nanjing, New York, San Francisco, Seattle, Shanghai, Toronto and Washington, D.C., (with upcoming chapters in AtlantaLondon, BrusselsSingapore, ChicagoBristol, Dallas, Kunming, London, Singapore, Taipei and Vancouver)Atlanta.<ref name="Team">[http://www.wokai.org/f/about/index.php?page=team "Team" on Wokai.org]</ref> andWokai hasalso almostmaintained $380,000a infellowship loanprogram capitalcalled through"Wokai over 6Fellows",800 contributionswhich fromallowed 46selected countries in orderindividuals to distributework 504directly loans.<ref>[http://www.wokai.org/ "Home" on Wokai.org]</ref>with Asone of November, 2010, Wokai's isfield stillpartners the only online, P2P microfinance platform servicingin rural China.

Wokai's blog featured updates from the field through Wokai Fellows, profiles of Wokai volunteers from around the world, personal glimpses of rural Chinese life, and commentary about current developments in rural China and the microfinance sector.

In May 2012, Wokai announced that it was concluding operations due to a variety of factors.

==Activities==

Wokai allowsallowed accredited [[microfinance]] institutions in China, called "Field Partners", to post profiles of qualified local [[entrepreneur]]s on its website.<ref name="SF Chronicle"/> Wokai had two Field Partners, the Association for Rural Development of Yilong County (ARDY), which is based in Sichuan, and Chifeng Zhaowuda Women's Sustainable Development Association (CZWSDA), in Chifeng, Inner Mongolia. Lenders browse and choose an entrepreneur they wish to fund.<ref name="SF Chronicle"/> Wokai aggregates loan capital from individual lenders and transfers it to the appropriate Field Partners to disburse to the entrepreneur chosen by the lender.<ref name="About"/> The average loan is around $300 and is used by farmerslow-income entrepreneurs to invest in simple business improvements such as adding additional livestock or buying new products for dry goods stores.<ref name="MSNBC" /> As the entrepreneurs repay their loans, the Field Partners remit funds back to Wokai and the lender is alerted of this repayment.<ref name="About"/><ref name="AsianWeek">[http://www.asianweek.com/2009/07/13/bay-area-microfinance-reaches-rural-chinese/ "Bay Area Microfinance Reaches Rural Chinese : AsianWeek"]</ref> Once the loan iswas repaid, the Wokai lenders cancould re-loanredistribute it to another entrepreneur, up to a total of three loan cycles.<ref name="About"/>

Donors' funds arewere transferred to Wokai through [[Google Checkout]].<ref name="HelpCenter">[http://www.wokai.org/f/about/index.php?page=questioncenter "Help Center" on Wokai.org]</ref> Wokai's Field Partners chargecharged interest rates between 15% and 20% interest rates.<ref name="HelpCenter"/> Field Partners useused the interest from borrower loans to cover staff salaries, transportation, and operating costs.<ref name="HelpCenter"/>

==Shutdown==

As of May 1, 2012, Wokai is no longer in business. The organization sent letters to all the donors and posted a message on its website detailing the reasons for the shutdown. These included funding road blocks and an unmet need for a new CEO.

==See also==

{{Portal|Sustainable development}}

* [[Microcredit]]

* [[Social entrepreneurship]]

* [[Kiva (organization)]]

==References==

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==External links==

*[http://www.wokai.org Wokai] - Official web site.

*[http://www.youtube.com/watch?v=dqhZoCp0UCg Video: Google Tech Talks: Changing China One Loan At A Time]

*[http://www.youtube.com/watch?v=NWuXSMUG0-Y Video: World Business: Facebook for Farmers]

[[Category:Microfinance organizations]]

[[Category:Non-profit organizationsCharities based in the United StatesCalifornia]]

[[Category:Peer-to-peer charities]]

[[Category:Organizations established in 2007]]

[[Category:Organizations based in Oakland, California]]

[[Category:Foreign charities operating in China]]