Given at affordable rates, we have seen through our borrowers’ stories how microloans can transform lives and spur economic activity. Milaap is based in India, so we are on the ground with our partners and able to see the impact of your loans first hand. We share these stories of change with you via emails, youtube videos, and photo updates. Over the past two years, we have raised over $600,000 and impacted 14,000 and we are just getting started!Join us
How is Milaap different from other microlending platforms? Milaap offers unique loans that focus on high impact areas and sustainable income for our borrowers. Our product offering targets the areas of entrepreneurship, vocational training, artisans, solar energy, affordable private schools, water and sanitation and small to medium enterprise development loans.Join us Give a Loan
Can you Live Below the Line? This Spring, Milaap.org is partnering with the Global Poverty Project's Live Below the Line Campaign! We are challenging the American public to live below the poverty line, eating on just $1.50 a day to experience what it is like to live in extreme poverty and raise funds. Grab your friends, family, & peers and get ready for a week of learning, fundraising, and true empathy.
From April 29th to May 3rd thousands across the country will join in the challenge, and we want you to join them! Learn more here!
"Milaap.org is bridging the gaps in between haves and have-nots by providing an excellent opportunity of micro credit to those who date to dream it."
The idea for Milaap was born when Anoj, one of our co-founders, saw what a difference solar lighting made to underprivileged households in rural India while working at SKS Microfinance. He realized that one of the reasons such products failed to make a bigger impact was because loans for these were unavailable at low interest rates. He teamed up with Sourabh, who was looking to build a consumer-facing internet startup for social impact, and Mayukh, who was trying to build loan programs for small scale retailers, and started Milaap in June 2010.
Anand is a founding team member and Product Manager at Blue Jeans Network. He has also served on the Board of Directors of Asha for Education, as their President and CEO and as their National Director for Projects. He is based out of California and you can reach him at firstname.lastname@example.org or (415) 710-3083.
Mary McKenna graduated from the University of Notre Dame in 2012 with a BA in Political Science. Mary gained experience in the microfinance sector working at ACCION Chicago and is excited to be a part of the Milaap team. At Milaap, she is working on Field Partner communication in addition to U.S. Outreach.
Thomas Brown graduated from the University of Georgia in 2011 with a BA in Finance and minor in English. He became interested in social enterprise during a trip to Cape Town, South Africa will work with Milaap on the financial analysis and risk management of the loan portfolio in addition to U.S. Outreach.
We have raised over $600,000 and have touched over 14,000 lives. Milaap’s loans go out in a variety of areas and we are able to track impact for each loan category. Based on the information provided by our ground officers, we able to understand effects of the loan and ensure the well-being of the borrower. Across the board our loans have proven positive results and the best part is that when you recycle your funds to a new borrower your impact multiples!
Traditionally Milaap's borrower demographic includes people from low income households that require a loan of less than $1,000 in a year. Our borrowers are between 18 to 50 years-old and usually have multiple dependents. Many of our borrowers are members of Self Help Groups (SHG) or Joint Lending Groups (JLG). This demographic may occasionally vary according to the loan program and the field partner.
Milaap is a lending service that takes loans, not donations, made by you to impoverished borrowers across India. All loans made through Milaap are repaid by borrowers thus these loans are unlike charitable contributions that are not returned to the giver. For these reasons, Milaap’s loans are not tax- exempted. If you wish to make a tax-deductible donation you can do so through our partner Give 2 Asia here.
As the borrower repays the loan, your account on Milaap.org will be credited each month and you will receive an email alert with your repayments. You will be able to re-lend your credits to other borrowers as you are repaid. This allows a small amount of money to make an impact on multiple families in all areas of our loan programs.
Why does the borrower pay 6 to 12% interest on a return-free loan? Milaap and its field partners cover all of the costs/fees associated with the transactions involved in the crowd funding exerpience for its users. In addition, our administration incurrs operating costs that entails managing disbursements, monitoring and collection of loans and ensuring the quality of the loan programs benefitting the families. For this reason, borrowers are asked to part with a flat interest rate of 6 to 12%, with a portfolio average of 8%, which is nearly 50% cheaper than the current interest rates charged by existing microcredit loan services.
Milaap offers unique loans that focus on high impact areas and sustainable income for our borrowers. Upon completion of training courses, entrepreneurs are connected to markets at the national and local level to ensure steady lines of business. Our product offering targets the areas of entrepreneurship, vocational training, artisans, solar energy, water and sanitation and small to medium enterprise development loans. Additionally, we are on the ground with our partners and able to see the impact of our loans first hand.
You can call (415) 710-3083 or email us at email@example.com