Wokai: Difference between revisions

Revision as of 03:37, 30 July 2009

Revision as of 12:41, 30 July 2009

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'''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.<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">[http://worldblog.msnbc.msn.com/archive/2009/07/28/2012055.aspx "Role-reversal: Americans provide loans to Chinese - World Blog - msnbc.com"]</ref> It is a [[501(c)|501(c)(3)]] [[non-profit organization]] based in [[Oakland]], with core operations in [[Beijing]], supported by individual donors, corporate sponsorships, fundraising events and grants.<ref name="About">[http://www.wokai.org/f/about/index.php "About" on Wokai.org]</ref>

==How it worksHistory==

Wokai was founded in March 2007 by Casey Wilson and Courtney McColgan after meeting while 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> ItAs currentlyof July 2009, it has a staff of 6 and maintains 3 chapters of local volunteer representatives in New York, San Francisco and Seattle.<ref name="Team">[http://www.wokai.org/f/about/index.php?page=team "Team" on Wokai.org]</ref> and has raised $42,516 in loan capital from 424 contributors to distribute to 150 recipients.<ref>[http://www.wokai.org/ "Home" on Wokai.org]</ref>

==Purpose==

Wokai allows accredited [[microfinance]] institutions in China, called "Field Partners", to post profiles of qualified local [[entrepreneur]]s on its website.<ref name="SF Chronicle"/> 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 farmers 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 is repaid, the Wokai lenders can re-loan it to another entrepreneur, up to a total of three loan cycles.<ref name="About"/>

Donors' funds are 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 charge between 15% and 20% interest rates.<ref name="HelpCenter"/> Field Partners use the interest from borrower loans to cover staff salaries, transportation, and operating costs.<ref name="HelpCenter"/>

==Organization and team==

Wokai was founded in March 2007 by Casey Wilson and Courtney McColgan after meeting while 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> It currently has a staff of 6 and maintains 3 chapters of local volunteer representatives in New York, San Francisco and Seattle.<ref name="Team">[http://www.wokai.org/f/about/index.php?page=team "Team" on Wokai.org]</ref>

==Publicity==

* Melinda Liu: [http://blog.newsweek.com/blogs/chinacalling/archive/2009/04/01/facebook-for-china-s-farmers.aspx China Calling: Facebook for China's Farmers]

* Jamila Trindle: [http://www.cibmagazine.com.cn/html/Print/Show.asp?id=306&amp;amp;amp;amp;rural_revolution.html Rural Revolution]

==Statistics==

As of July 26, 2009, Wokai has raised $42,516 in loan capital from 424 contributors to distribute to 150 recipients.<ref>[http://www.wokai.org/ "Home" on Wokai.org]</ref>

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==Sample loans==

[http://www.wokai.org/f/contribute/b.php?id=124508508214523 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==

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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]

*Videos:

**[http://www.youtube.com/watch?v=dqhZoCp0UCgNWuXSMUG0-Y VIDEOVideo: GoogleWorld Tech TalksBusiness: Changing China One Loan AtFacebook Afor TimeFarmers]

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

[[Category:Microfinance organizations]]

[[Category:Non-profit organizations based in the United States]]