A web platform that provides zero-interest loans to entrepreneurs and small business owners who would otherwise be unable to obtain them from traditional financial sources such as banks. Before posting the loan application, up to $5,000 without interest, they must convince 15 people they know to support their project, so if they do not return the loan their reputation is at stake.
- It started in the United States and Kenya, and in only three years has generated nearly $4 million in loans to 4,000 small businesses.
- It has a success rate of 95% for borrowers to reach their funding goal in 45 days.
- In 2014, 33,218 lenders provided $2,727,400 in loans to 574 small businesses with the aim of having a positive impact on the community.