Milaap.org celebrates its 2nd anniversary!

June 16, 2012 - PRLog -- Milaap.org (www.milaap.org), the world’s first online platform to facilitate global microlending in India has turned two. Founded in June 2010, the team has grown from three co-founders in 2010, to nine members of staff in 2011, to sixteen in 2012.

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.

Through more than 2,000 lenders on the platform, Milaap has deployed over $250,000 as at June 2012 in loan capital to Indians in need, up from $50,000 in June 2011. The funds have helped create an impact on over 7,000 lives.

These loans have enabled over 100 artisans set up and expand their small manufacturing businesses, trained over 200 youth and gotten them job placements, given access to solar lighting to over 100 families and constructed over 500 water connections and toilets across India.

The purpose of Milaap remains the same as when it was started, to ensure that Indians who live below $2, which is almost 80% of the population, have access to affordable capital so as to improve their livelihoods.

Milaap also aims to target people who want to do good, and have access to the internet, to lend online to those in need. The loan can be as little as Rs 1,000 ($20). When one lends on Milaap, 100% of the money goes to the borrower chosen. When the borrower repays the loan, 100% of the money is returned to the lender. The lender can then withdraw the money, or re-lend the money to someone else in need, thereby by multiplying the impact. This process is completely open and sustainable.

To say thank you to its supporters, Milaap has a free $20 loan campaign ongoing. Anyone who signs up on the Milaap platform will be able to try out Milaap for free. To redeem the free $20 to make a loan, visit www.milaap.org/redeem and sign up. Once you do, enter the coupon code “milaap” and redeem Rs 1,000 ($20) in free credits, and make a loan to a borrower of your choice.

Milaap hopes to create more awareness about lack of essential amenities and ensure that as many people get access to basic needs. This will pave the way for more people to lead healthy, happy lives.