Santa Clara, California (PRWEB) December 03, 2012
Milaap raises funds to help the poor get access to essential needs such as clean drinking water, sanitation, education, and energy apart from livelihood opportunities through their website http://www.milaap.org. These funds are disbursed as loans, rather than donations. Anyone with an Internet connection and the desire to perform a good deed can lend to the borrowers on the site, starting with as little as $25. Once a lender has selected a beneficiary, 100% of the money goes to the chosen borrower, and when the loan is repaid, this amount is returned to the lender. Then, the lender can choose to withdraw the money, or re-lend it to someone else in need, thus multiplying the impact.
Micro lending or microcredit is the extension of small loans to the poor who have no access to banking facilities or have no collateral to borrow money. Microfinance institutions bridge this gap by lending small sums of money without collateral to those at the bottom of the economic pyramid. Typically, microfinance programs focus on livelihood generation, but Milaap goes beyond just loans to micro entrepreneurs and raises funds for basic needs for those at the bottom of the pyramid.
As friends and family gather for the Holiday Season, Milaap is urging people to include the underprivileged sector as part of their celebrations. The loans for solar lighting will serve villages on the Eastern coastal parts of India, like West Bengal. Households that live without electricity often rely on kerosene lamps for light.
The Indian government subsidizes kerosene for domestic use, but the rationed quantity is hardly sufficient. Therefore, families have to rely on the black market and end up paying up to three times the price. Additionally, the burning of kerosene contributes to indoor air pollution posing health risks. Installing solar panels at home will mean that a one-time investment can help them save an immense amount of money spent on kerosene in the long run and prevent potential health hazards from this unclean source of energy.
Because it is the Holidays, Milaap will give every lender a free $25 gift card for a friend or family member. A $25 loan can bring clean water to a child for life, so Milaap lenders will be able to spread the joy of changing a life at no extra cost. For more details, go to http://www.milaap.org/holiday.