How long does it take to reflect in our bank account, once it’s approved?
For INR transfers, it’s transferred on the same day (or next working day for amounts greater than 2 Lac rupees) from date of approval. For USD transfer to an individual/NGO's FCRA bank a/c, it takes 3-5 working days.
How can I withdraw funds?
If you are fundraising on Milaap, visit your campaign page and Log in to your Milaap account using the email id (or Facebook login) used to create the campaign.
Click on “Withdraw Funds” on top right corner
Submit the KYC document (Any Govt ID proof) and bank account details of the recipient.
Post an update or provide any supporting documents available in the documents section.
All transfer requests placed will be reviewed by the very next day (Mon - Sat). Requests set up on Saturday will be reviewed by Monday.
Can donors get tax-exemption for this?
INR donations made by Indian tax payers can avail tax benefit if you contribute to a campaign towards an NGO which has 80G certificate. Look out for the Tax Benefits tag on the campaign page. Reciepts are usually issued once the campaign ends.
We are an organization. How can we work with Milaap?
If you are a marketplace and/or enabler for small businesses, esp those affected by downturn, we’ll assist you with your initiative based on the specific needs. Reach out to us via ajith@milaap.org We'll rely on you to identify those who need the assistance. Funds raised can be paid out directly from Milaap to respective bank accounts of beneficiaries. Alternatively, companies (and individuals) can also contribute towards matching grants for businesses of their choice, or ones that meet a certain criteria
What are matching grants available? How do they work?
Matching grants are provided to certain fundraisers that meet the criteria based on sponsor’s criteria. Once chosen for the same, For every Rupee you raise via crowdfunding, the sponsor will provide an additional % as a matching contribution. If you are a company or individual interesting in being Milaap Impact partner towards providing matching grants, please reach out to us via ajith@milaap.org
Do all campaigns qualify for this initiative?
While Milaap encourages all of us to raise money for the causes we care about, we’ll assess each and every campaign during our review process to check if it qualifies to be highlighted in this initiative. Some of the criteria includes:
Must be a micro/small business owned and operated independently. It should not have an annual turnover of above 5 Crores INR.
Should be able to furnish the necessary KYC documents at the time of carrying out verification:
Must not have any fraud reports made against it
Should not be nationally dominant in its field of operations
Please note that for personal fundraising campaigns, funds raised will only be transferred directly to the business owners stated in the page after their KYC and bank account verification.
Am I eligible if my business is located outside of India?
No, unfortunately we are able to verify and list only businesses and entrepreneurs registered and residing in India.
How much can each small business potentially receive. Is there any upper limit?
There are no upper limits on the funds you can raise through crowdfunding, as long as your goal amount and breakup of fund utilization is clearly explained.
Why is Milaap doing this?
Apart from the healthcare crisis, the economic impact/damage due to COVID-19 pandemic is similar (if not more) to ones usually seen during natural disasters. Over the last decade, Milaap has created a strong network to support small businesses with timely capital interventions, thus supporting over 1.5 Lakh micro and small-scale entrepreneurs across India in the process. While they wait for long-term relief, there is a crying need for some kind of immediate financial aid. With this in mind, we have come up with the initiative of the Small Business Relief Initiative, which will leverage our existing infrastructure in order to provide financial relief to these businesses Many of our donors have reached out to us for verified, credible avenues to express their support, and we believe supporting small and micro businesses to get back on their feet is one such avenue.
What is the Small Business Relief Initiative?
The Small Business Relief Initiative has been started by Milaap to help small and micro businesses that have been affected by the COVID-19 pandemic and the subsequent lockdown. Many of the economic activities have come to a grinding halt and small business owners, with little or no cash reserves, have been hit the hardest. Our goal is to help local small and micro business owners, especially in remote pockets, restart their businesses once the lockdown is slowly lifted. Funds raised from crowdfunding will go directly to these businesses’ for their immediate needs such as procuring raw material/goods, pay for utilities, offset employee cost/wages to name a few. Not a small business owner, but want to help? Donate to individual small businesses fundraisers for those affected by coronavirus.
How does the Small Business Relief Initiative work?
Small and micro businesses that have been negatively impacted by the COVID-19 outbreak can start a fundraiser on Milaap to meet essential needs for their business. We believe that small businesses matter most in their local communities and have a great chance of finding support in this network. With an online fundraiser you can not only share the fundraiser with your loved ones, local community members are also able to search amongst fundraisers on Milaap to find the small businesses they would like to support.