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Three Reasons To Donate To Lendwithcare
- Some people need just a little help in building a small business that has the capacity to support them and their families. Lendwithcare is there to provide this assistance. If you want to get involved in helping someone escape poverty and get the start they need, then you should make a donation.
- Feel good about yourself. If helping someone exit the vicious cycle of poverty doesn’t make you feel wonderful, then we don’t know what will.
- You will feel richer. It sounds a little strange, but making a small loan to a struggling entrepreneur that gives them the ability to build a business that is self-sustaining will make you fell richer as well. Maybe not in monetary terms, but wealth is a state of mind and doing good for someone else really will increase your wealth.
Lendwithcare in an online microfinance lending platform that is operated by the development charity CARE International UK. The website was launched in 2010 and allows individuals or groups to make small loans to would be business owners in developing countries, enabling them to work their way out of poverty. The charity supports entrepreneurs in South America, Eastern Europe, Asia and Africa, working with local microfinance institutions (MFI’s). Lendwithcare does not charge interest on any of the loans it makes, instead the MFI’s do. The programme has been incredibly successful. By 2015 more than £6 million had been loaned by more than 21,000 lenders to approximately 17,000 entrepreneurs.
Choose which entrepreneur to support
Lendwithcare partners with local MFI’s in countries which it operates. The local MFI will approve an entrepreneur’s idea or business plan and then offer them the initial loan requested. The local MFI will also work with the entrepreneur to build their profile for the Lendwithcare website. Lenders are then able to browse through a list of entrepreneurs on the site and learn about their businesses and understand the value of the loan that has been requested. The lender can finally make a choice over which entrepreneur to lend to.
Once a loan to an entrepreneur becomes fully funded, the cash is then transferred to the MFI and the lenders are updated with progress reports on their entrepreneur. The business owner will then start paying back their loan amount in accordance with a regular repayment schedule. The MFI transfers the repayments back to CARE International who passes on the payments to the lender. Lenders have the option of withdrawing the money from the lendwithcare accounts using PayPal, alternatively they can use the amount to make another loan.