User:Euwyn/Sandbox

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. It is a 501(c)(3) non-profit organization based in Oakland, with core operations in Beijing, supported by individual donors, corporate sponsorships, fundraising events and grants.

How it works
Wokai allows accredited microfinance institutions in China, called "Field Partners", to post profiles of qualified local entrepreneurs on its website. Lenders browse and choose an entrepreneur they wish to fund. Wokai aggregates loan capital from individual lenders and transfers it to the appropriate Field Partners to disburse to the entrepreneur chosen by the lender. As the entrepreneurs repay their loans, the Field Partners remit funds back to Wokai. Once the loan is repaid, the Wokai lenders can re-loan it to another entrepreneur, up to a total of three loan cycles.

Donors' funds are transferred to Wokai through Google Checkout. Wokai's Field Partners charge between 15% and 20% interest rates. Field Partners use the interest from borrower loans to cover staff salaries, transportation, and operating costs.

Organization and team
Wokai was founded in March 2007 by Casey Wilson and Courtney McColgan after meeting while studying at Tsinghua University in Beijing. It currently has 6 staff members and maintains 3 chapters of local volunteer representatives in New York, San Francisco and Seattle.

Publicity

 * Melinda Liu: China Calling: Facebook for China's Farmers
 * Jamila Trindle: Rural Revolution

Statistics
As of July 26, 2009, Wokai has raised $42,516 in loan capital from 424 contributors to distribute to 150 recipients.

Sample loans
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