Thanks to your support, we fully funded the previous loan to BMI that was approximately $80,000 in value. This gave us the confidence to sign up new partners in India and we also agreed to fund the subsequent loan of BMI of approximately $400,000 ($200,000 in guarantee) over the next one year.
The last few months we have been working vigorously with our partners to have new loans on the website. As a result, we have a much bigger loan for BMI in Sri Lanka, we have signed up Prayas in India and we are in the process of signing up Mahashakti Foundation in India.
In our journey we have met several milestones and also dealt with several formidable challenges along the way:
- We launched in the middle of 2009 and pioneered the online guarantee model that doubles impact and builds local credit history for our partners.
- The microfinance crisis in India paused our operations and we recovered by launching Sri Lanka in late 2012.
- In August 2013, we launched the lending model in India because we could not work with the guarantee model due to the extreme caution shown by banks after the microfinance crisis in India. We did not give up.
- We have raised in-kind support for software development, marketing, website hosting and accounting.
To grow above and beyond where we are today, we have three challenges:
- Run operations and raise funds offline for it: Our operations are quite lean and our current monthly operating budget is less than $2000. We raise donations offline, and we find that donors are most often willing to donate provided we are able to show growth in families we have impacted.
- Expand partnership with banks and microfinance institutions: In our experience this is a relatively slow and bureaucratic process but with time we are confident of doing this.
- Fulfill loans online with the help of lenders: This is the most urgent need right now. If we are able to do this, we are confident that will be able to take care of the other two.
Overall we need to raise approximately $60,000 every month to support the entrepreneurs. To achieve this, we need many more new lenders lending on United Prosperity. Most of our new lenders have joined through our existing lenders who have encouraged their friends and family members to join. So we need your help in encouraging other lenders to join.
There are several ways you can encourage other lenders to join such as giving a gift certificate, sharing on facebook / twitter, email your friends, share on forums. You will also find more ideas here: http://www.unitedprosperity.org/us/get_involved_individuals.
So please help us meet the unfulfilled need and encourage other lenders to join.
Thanks once again for your support.