UnitedProsperity.org Revolutionizes Giving to Help Poor Entrepreneurs Get Microloans
Summary
Based on factors including the MFIs credit record, the bank decided to provide the full loan of $1052, if UnitedProsperity.org would guarantee the repayment of $578.Based on factors including the MFIs credit record, the bank decided to provide the full loan of $1052, if UnitedProsperity.org would guarantee the repayment of $578.The UnitedProsperity.org website profiles poor entrepreneurs who need a microloan, often less than $200 each, to buy raw materials, upgrade rudimentary manufacturing equipment, buy farm supplies, or increase inventory for small shops and stores.A microloan guarantee means that a group of UnitedProsperity.org contributors agree to pay the local lending institution if the impoverished borrower doesnt.Microcredit, pioneered by 2006 Nobel Peace Prize winner Muhammad Yunus, generally has repayment rates in excess of 95%.From the Founding to the FutureThe founder of UnitedProsperity.org, Bhalchander Vishwanath said, "Nearly 2.5 billion people in the world live in extreme poverty.Plans call for an expansion soon to other countries to serve more entrepreneurs like Farida living in extreme poverty.About UnitedProsperity.org:UnitedProsperity.org is a 501(c)(3) non-profit, charitable organization registered in the State of California, USA.