It took us a year to sign the partnership agreement with HDFC Bank, but it is well worth it as HDFC lends to both large and small MFIs unlike most of the other banks that lend to only a few large MFIs. Many of the MFIs United Prosperity will work with in India will be working in the less developed states of India and our partnership with HDFC will be crucial in making sure that microcredit reaches the people who need it the most.
We also signed our partnership agreement with Ajiwika, an MFI working in the state of Jharkhand. Ajiwika is the first MFI in Jharkhand State in India. Ajiwika is operating in one of India’s poorest regions where over 80% of potential clients are un-served and where only a few MFIs operate. From my interactions with Ajiwika over the last one year I have been impressed by their commitment to social goals and their willingness to put the needs of the poor entrepreneurs first.
Looking back at the last 20 months in setting up United Prosperity, I am proud of our various achievements. Building a complex website in a very short time, putting together the legal documents for partnerships with banks and MFIs, analyzing the regulatory aspects in the US and website terms, setting up the partnership with HDFC bank, working with Ajiwika to upload and create entrepreneur profiles on our website, setting up the basic accounting processes – each of these tasks came with their own challenges.
I would like to thank each of our supporters – Cognizant, UC Berkeley Law School, O’Melveney & Myers, Hanson Bridgett, Tempus Law, NetSuite and Books2Taxes for their early and sustained support.
We are extremely fortunate to have a great team of nearly 50 people with experience, expertise and dedication to work with us and advise us. We would not have been at this point without their timely and invaluable contributions.
I greatly appreciate the initiative of our first partners, HDFC Bank and Ajiwika, in adopting the unique guarantee model of United Prosperity.
I would like to thank our numerous well wishers who have used their personal and professional connections to help us in this endeavor and my wife Shubha, who has been a constant source of support and encouragement.
Thank you very much once again.