Singapore-based startup media organization e27 has announced a partnership with Milaap for the establishment of an Entrepreneurship Development Fund in India. The fund is intended to provide micro-finance to viable projects by entrepreneurs who are otherwise having difficulty securing financing.
In the announcement, e27‘s Brian Koh cites the difficulty in finding money to run projects that are otherwise potentially profitable. Entrepreneurs would usually have to bootstrap or just forego with expansion even if their projects have the potential to make it big. The Fund aims to pool resources from contributors or backers, and then disburse these as low-interest loans to eligible microenterprises.
Milaap is a micro-lending organization that does fundraising from people like you and me, and disburses the funds as loans to businesses in India that need it. 100% of your loan goes toward helping a small business with a sustainable revenue model to grow, expand or get better equipment and training.
e27 and Milaap stress that the funds are loans and not donations. 100% of the money goes to the entrepreneur, and lenders are assured they will get their money back in 18 months’ time. Qualifying enterprises are selected by Milaap’s and e27′s team of “Super Angels” who have come on board to help improve the lives of entrepreneurs who need help.
As of writing, the project has raised SG$ 15,715 of its SG$ 50,000 target.
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