United Prosperity is a not-for-profit organization, founded by Bhalchander Vishwanath, that helps the poorest of entrepreneurs in the world. Something like who are in extreme poverty, which is roughly estimated by the World Bank as living on less than US $2 a day. United Prosperity profiles the poor entrepreneurs who seek micro-loans (What’s micro through our eyes?), often less than $200 each, to buy raw materials, upgrade manufacturing equipment, buy farm supplies, or increase inventory for small shops and stores.
Now, an individual who can standby as guarantor of the micro-loan can search through profiles of loan seekers in Jharkhand online and commit to guarantee any micro-loan amount to the bank just in case the borrower fails to repay. For every dollar guaranteed by you, the bank sponsors two dollars till the desired sum is reached. Pluggd.in congratulates UnitedProsperity as one of the most brilliant examples of how social internet is making a difference in the lives of the poor.
According to Bhalchander: “…having grown up in India, I had noticed on numerous occasions that the poor were borrowing money from their employers, friends, shopkeepers or others to meet their family needs. The amounts they borrowed used to be pretty small, e.g. Rs 500 ($12). This always puzzled me and I sometimes wondered why banks would not lend to them. So it struck me that if one can get a $500,000 mortgage with a guarantee, why cannot we make microloans available to poor entrepreneurs using a guarantee.”
UnitedProsperity has been benefited by open-source technology (RoR), MySQL (DB) web-services and cloud based data storage on Amazon S3 which ensures their own expenses to less than 10 cents a day. Is there better use of technology than this?
And to those young IIT – IIM graduates out there, check out the profiles of the team involved:
Bhalchander Vishwanath, Founder & Chief Executive Officer: 14 years’ experience in information technology, finance, insurance and a B.Tech from IIT-Bombay and an MBA from IIM-Bangalore.
Ashok Parameswaran, Chief Financial Officer: 15 years’ experience in investment management and policy analysis and a BA from Duke University and an MPP from Harvard University
Chiradeep Vittal, Chief Technology Officer: 13 years’ experience in building complex software systems ranging from network operating systems to enterprise software and B.Tech from IIT-Bombay and an MS in Computer Science from the University of Alberta.
Ramaswamy Iyer, Managing Director – International: 14 years experience in Financial Services and Information Technology and a B.Tech. from IIT-Bombay and an MBA from IIM-Lucknow.
#Pi readers do give UnitedProsperity a look and help in anyway you can.