Milaap (www.milaap.org) was founded in June 2010, and it has been an eventful two years since then. It has grown from 3 co-founders in 2010, to 9 members of staff in 2011, to 16 in 2012. It remains the first and only online platform that enables people from both within and outside India to lend to India’s poor.
We have grown from 0 to over 2,000 lenders on our platform, and deployed over $250,000 as at June 2012 in loan capital to Indians in need, up from $50,000 in June 2011. We have impacted over 7,000 lives, and our loans have enabled over 100 artisans to set up and expand their small manufacturing businesses.
These loans have also enabled over 100 artisans set up and expand their small manufacturing businesses, trained over 200 youth and gotten them job placements, given access to solar lighting to over 100 families and constructed over 500 water connections and toilets across India.
The purpose of Milaap remains the same as when it was started, to ensure that Indians who live below $2, which is almost 80% of the population, have access to affordable capital so as to improve their livelihoods. Our loans so far have been for piped water connections, solar energy, building toilets, vocational training and loans to set up or expand small businesses, mainly to artisans.
On the other hand, we target people who want to do good, and have access to the internet, to lend to these people online. The loan can be as little as Rs 1,000 ($20). When one lends on Milaap, 100% of the money goes to the borrower chosen. When the borrower repays the loan, 100% of the money is returned to the lender. The lender can then withdraw the money, or re-lend the money to someone else in need, thereby by multiplying the impact. This process is completely open and sustainable.
This week, we want to say thank you to all who have supported us, and made all this impact possible. Anyone who signs up on our platform this week will be able to try out Milaap for free. All you have to do is visit www.milaap.org/redeem and sign up. Once you do, enter the coupon code “milaap” and redeem Rs 1,000 ($20) in free credits, and make a loan to a borrower of your choice.
Let us continue to change the world one loan at a time!