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 they met 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 November 2010, Wokai hasto a leadership team of 5five, a Boardboard of Directorsdirectors, and an Investment Committee in addition to itsnumerous 11volunteers, chapterspart of volunteerchapters in cities 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>. Wokai also maintainsmaintained a fellowship program called "Wokai Fellows", which allowsallowed selected individuals to work directly with one of Wokai's field partners in rural China.

Wokai's hasblog raisedfeatured almostupdates $380,000from inthe loan capitalfield through overWokai 6Fellows,800 contributionsprofiles fromof 46Wokai countriesvolunteers infrom orderaround tothe distributeworld, 504personal loans.<ref>[http://www.wokai.org/glimpses "Home"of onrural Wokai.org]</ref>Chinese Aslife, ofand November,commentary 2010,about Wokaicurrent isdevelopments stillin therural onlyChina online,and P2Pthe microfinance platform servicing rural Chinasector.

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 currently hashad 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, InnterInner 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]]