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 sponsors, 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 16volunteers, 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., London, Singapore, Bristol, Dallas and Atlanta (with upcoming chapters in Brussels, Chicago, Kunming, Taipei and Vancouver).<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 has raised almost $380,000 in loan capital through over 6,800 contributions from 55 countries in order to distribute 504 loans.<ref>[http://www.wokai.org/ "Home" on Wokai.org]</ref>

<ref name="Wokai's Blog">[http://www.wokai.org/blog]</ref> Found on the company website, featuresfeatured 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.<ref name="Wokai Blog">[http://www.wokai.org/blog]</ref>

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 [http://www.mixmarket.org/mfi/czwsda 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 low-income entrpreneursentrepreneurs 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 redistribute 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]]

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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=k3slooRBxMc Video: Google Tech Talks: Wokai: Microfinance and the Future of China]

*[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]]