About this project
We're seeking $600 to fund a microloan for Wan Qinbi, a lady in rural China who recently suffered a devastating loss as a result of a 2008 earthquake and is looking to rebuild her home and business.
100% of the money raised through Kickstarter will be passed to Wan Qinbi and be perpetually used as loan capital. Due to China's financial sector regulations, your contribution will be recycled as loan capital year after year, unlike with our friends at Kiva, where your loan is returned at the end of a year. Go to Wokai.org to learn about and fund other rural Chinese microentrepreneurs.
Wan's Story, in her own words.
My name is Wan Qingbi, and I live on Zhouhe Street. I am 41 years old. There are four people in my family. My husband and I are involved in a plastic and steel window frame installation business. We life we used to lead wasn't too bad. However, the earthquake in 2008 destroyed our home, and our house collapsed, burying the raw materials as well as finished window frames. Our family’s happiness was also ruined by the earthquake. Although there are no words to describe how much my husband and I worry, our two children will start school, and our family needs to survive. If we want to prosper in the future, we can’t give up now. Reconstructing our home will likely exhaust all the income we earned from our window frame business. With the support of friends and family, our business is still barely enough to support us, and far from as successful as it once was. In order to make our business more prosperous, I need to borrow 4,000 yuan to bring in raw materials and supplies.
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Funding Canceled
Funding for this project was canceled on April 28, 2011.
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Wokai (我开 - “I start” in Mandarin) is a 501(c)(3) nonprofit organization dedicated to helping individuals in rural China lift themselves out of poverty through microloans. Our platform connects you and other contributors around the world to individual farmers and microentrepreneurs who are in need of small loans.
Despite China's economic boom over the past decades, over 200 million rural Chinese still live on less than $1.25 USD a day. Inequalities have developed and are growing larger by the day. The "have nots" in rural areas continue to have limited access to basic financial services, healthcare, education and environmental education.
We at Wokai believe that the extensions of microloans in rural China is the best solution to correct these inequalities. Small loans offer a “hand up” and not a mere “hand out” to those in need—thus creating the right incentives for these farmers to work hard and learn how to help lift themselves out of poverty.
Over the past 6 months, we’ve raised more than $50,000 in loan capital from over 400 contributors. In addition, our executive team and full time staff in Oakland, CA and Beijing constantly monitor our on-site field partners to ensure that your contributions are properly directed. The extensive due diligence that we conduct on our field partners and that they, in turn, conduct on each recipient, has resulted in an over 98% repayment rate. Furthermore, because of our sustainable model, the money that you contribute will continue to be used as loan capital as long as our borrowers repay!
Make a difference right now.
Visit www.wokai.org and contribute today!
