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China now has an exclusive crowdfunding network. Launched by Grow VC in collaboration with local partner C2I Ventures, the network is aimed at entrepreneurs and startup businesses in their early stages. Along with funding options, the network will also provide expertise with startup infrastructure.
China Network Follows India Crowdfunding Network
The China launch follows on the heels of a similar July 2010 launch in India. In only a short time following its launch, the India network has garnered 1,000 members and the support of IndiaCo Ventures and The Indian Angel Network. The Indian network is still growing.
The China venture will follow the same development plan – to hook up with local angel funding networks and other investors. According to C2I Ventures, the funding network is looking for entrepreneurs with initiative and interest in creating a sustainable business. Many startups succeed not only as a result of funding and investment, but in the mentorship and development advice that is provided by the network partners. In some cases, network partners will fill board seats for interested startups.
Over the coming weeks, Grow China VC will be featured at events throughout China, such as the China Mega Forum and the China Mobile Developers Conference. Agreements reached over the next few months with new local network partners will ensure the program’s survival and growth.
Microgiving supports international efforts that provide help and direction to those with an entrepreneurial spirit. Microgiving is dedicated to helping that same entrepreneurial spirit across our communities. If you can work with Microgiving to support crowdfunding ventures – or the needy – as a donor, or you may benefit from our help as a recipient, please visit our website.
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Women’s empowerment through a business micro loan may be losing its way in India. More and more women in business are accepting individual loans through non-banking micro finance companies (MFCs) operating in India. It should be noted that these lending programs are operating with the approval of the Reserve Bank of India (RBI).
A Micro Loan Becomes Difficult to Repay
Since the beginning of micro financing in 1994, approximately 80,000 groups representing one million business members have received micro funding. This lending program has been a success, to the extent that thousands of women have received much needed financial help. However, with many non-banking MFCs entering the market simply to create profitability through exorbitant interest rates, the increased lending is NOT good.
Micro financing occurring through non-banking MFCs comes at a higher interest rate, often as high as 39%. MFCs lend to multiple individuals within a business group or company, versus lending to the group, or business entity. These individuals often become mired in debt as they borrow from one MFC to pay another. Women applying for these loans may be borrowing from four to six lenders at a time, with an average loan of $200 to $600 per lender. This debt load causes desperation among the borrowers, especially when the loans are being made without real income generation to support the micro loan.
Micro loans were developed to bring the very poor out of poverty. Microgiving encourages borrowers to be aware of MFCs operating to make a fast profit at the expense of the most needy. Deal only with reputable lenders – or individual programs – that support micro financing for the purpose of helping the needy rather than creating the opportunity for profit. If you are in need of short-term funds and would be interested in a micro loan, or would like to join our list of donors to help others, please visit our website.
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Make A Difference. Give Online.
This week MicroGiving will be spotlighting three of our top members on our blog. Thanks to all of you who left encouraging feedback on our previous post where we shed the spotlight on last month’s featured recipient!
Today MicroGiving would like to acknowledge Rayhawk, our featured donor for the month of June! We felt Rayhawk deserved the spotlight for her exemplary charitable contribution last month!
For those of you who follow our blog regularly you may recall our previous post How To Use Micro Charity To Make A Macro Difference. Here we highlighted the importance of micro charity and the tremendous impact a small donation can make. Special thanks to Rayhawk for her compassion to help others, and for being an example in our community!
Why do you give online?
I gave as a child and never knew why. I would get myself into trouble giving away things my mother bought me to those who needed it more, but I felt the risk was worth it. When I was old enough to understand my own feelings I realized giving was simply natural. The entire earth is giving. The earth gives us vegetation, mothers give birth to children, animals bring prey back to share with their communities so all can eat. Even solitary animals leave the rest for scavengers, herds migrate and graze together so all can eat; giving, sharing, helping each other is simply natural. It just makes sense that all living beings should only take what they need and give all else to those who do not have enough. I’m simply doing my part – it’s natural, and if I didn’t do it I would not feel like a part of the earth.
How does it feel to give online and help someone in need?
It feels like I truly belong as a living being on earth. Helping another brings you together with that person and sometimes their family. You walk together for a little while and when they reach their goal you share in that relief, if they don’t reach it you share in that sorrow too. I give as much as I can so I can share in the relief of having met a goal because I know how horrible it feels to stumble and fall…even worse if you fall alone with nobody there to care.
What makes Microgiving unique and special to you?
Identification is a requirement on MicroGiving as well as verification of need. I like screening processes that discourage scamming. I prefer to get to know the recipients who have provided ID verification and will discuss their situation. I prefer to evaluate the evidence myself and MicroGiving has the blog, bookmark and email feature that allows me to learn about the recipient by asking questions. That personal communication allows me to make an informed decision.
I don’t donate to a profile or application, I donate to the person and the tools that MicroGiving provides allows you to know the person behind the profile.
Other sites require no ID verification at all, some have no blog or email feature to allow you to communicate with the recipient and ask questions. MicroGiving has it all and I feel that what I have to share is going to someone who truly does need it and it’s not being used irresponsibly.
Stay tuned this week as we reveal our featured Charity! And don’t forget, online giving is for everyone!
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A couple of months ago our very own John Ferber decided to go for a ride and grab a quick bite. On his way back from Burger King he noticed a man on the side of the road, the man was homeless, and asking for anything one could spare. So John, with a few dollars left over decided to pull over and give it to the hungry man. Of course he was delighted with Johns generous gesture. As John pulled away he glanced in his mirror to see where the man was, but to his surprise he didn’t see him anywhere. John stopped and looked around but there was no sign of him anywhere, so John decided just to go home and enjoy his burger. As John started to drive away he was stunned with what he saw, the car in front was barreled into by another car. If he hadn’t stopped to give to the homeless man, that could have very well been him that was hit. Some people don’t believe in what goes around comes around, but not John, not after that experience. We may not have a lot to give, but we all have some way we can help. Maybe it’s just a few dollars, maybe it’s your time, or maybe it’s just a simple compliment to stranger who looks sad. If everybody just spreads a little bit more love and positivity it will make everyone’s day just a little bit better, after all we are all in this together. And feel free to report to the forum and report what you did to make someone’s day a little bit brighter, we’d love to hear the story.
Thanks,
The MicroGiving Team
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