Below are some simple facts about the loans which are being given to these women entrepreneurs
- All loans are for a period of ONE YEAR.
- The repayments are monthly. (By the entrepreneurs to our field partner)
- 100% of your loan amount goes to the entrepreneur chosen by you. Milaap doesn't charge any fee to the lender for the pilot program.
- Expected date of repayment of the entire loan amount is July 30, 2011.
- All the people making loans now will automatically have their profiles created when the website gets launched.
- The borrowers to whom you make the loan now will automatically be shown in your account on www.milaap.org ( when the website launches in mid-August)
- As the monthly repayments come in, they'll be reflected in your Milaap account in the form of Milaap Credits.
- You can re-invest the Milaap credits by giving a loan to a new entrepreneur.
- Once the entire loan amount is repaid, you can choose to cash out your credits or lend it to another entrepreneur.
- Please note that lending to these entrepreneurs through Milaap involves risk of principal loss.
- Milaap does not guarantee repayment nor do we offer a financial return on your loan.
- Having said that, please be assured that all the Sakhis have been selected after a rigorous selection process where over 200 Sakhis profiles were analyzed, asked a detailed questionnaire to assess their capability to expand (and therefore earn more from) the business and their ability to repay the loan.
- PPI score (mentioned in the entrepreneurs' profiles) is a measurement tool to determine the poverty level of an entrepreneur ( living below $2/day/PPP). It is a globally accepted standard developed by Grameen Foundation.
