PRZOOM - /newswire/ -
Bangalore, Karnataka, India, 2012/09/11 - Milaap.org, the world's first online platform to allow online microlending to India both from inside and outside India, has a new field partner, Safe Hands Cooperative Society (SHCS) - Milaap.org.
Milaap.org, the first online platform to facilitate global micro-lending to India, is proud to announce their new program for affordable financing of vocational training and education; they have launched a partnership with Safe Hands Cooperative Society (SHCS), Hubli as a field partner.
Milaap raises funds to help the poor get access to essential needs such as clean drinking water, sanitation, education, clean energy apart from livelihood opportunities through their website. These funds are disbursed as loans, rather than donations. Anyone with an internet connection and the desire to do good can lend to the borrowers on the site, starting with as little as Rs. 1000 or US$25. 100% of the money goes to the borrower chosen, and when the borrower repays the loan, 100% of the money is returned to the lender. The lender can then choose to withdraw the money, or re-lend it to someone else in need, multiplying the impact.
Milaap has now added Safe Hands Cooperative Society to its list of field partners. Safe Hands is a cooperative society that provides financing to students for educational loans and personal loans as well. Through Safe Hands, Milaap will provide loans to students to enable them to participate in the Kautilya vocational training program. This program will train students in various courses such as accounting, banking, taxation and operations management. The courses are provided by the Deshpande Education Trust in the state-of-the-art Deshpande Centre for Social Entrepreneurship in Hubli, Karnataka, India.
Speaking about the program, Milaap’s co-founder and Head of field partnerships, Mayukh Choudhury said,“Once they graduate from this program, the students will have the practical hands-on accounting and banking skills as well as training in using accounting software. It will also help students to polish their English speaking and communication skills to prepare them for the competitive job market and help launch their careers.”
Apart from loans for basic necessities, Milaap continues to lay emphasis on livelihood and income generation programs because they are sustainable and play a role in improving the earning potential of borrowers.
Milaap (milaap.org) is an online platform that enables you to lend to India's working poor so they can get access to education, clean water, energy and more. It’s a loan, not a donation, which means that you get your full loan amount back once your borrower repays it. We believe that while donations can create great impact, they have a relatively short life-span. By giving someone a loan, you’re giving them a hand up; you’re encouraging borrowers to be judicious and enterprising. What’s best is that the same amount you lend to a borrower can be repeatedly used to fund more borrowers as soon as it is fully repaid! That way, small amount of money goes a long, long way.