Singapore company registration specialist Rikvin is happy to announce its participation in the Entrepreneurship Development Fund (EDF).
The EDF has been set up by Milaap in partnership with e27 to assist entrepreneurs who are little known, untouched by technology or unfunded in India. The EDF allows people from around the world to offer low cost loans to these entrepreneurs, thereby enabling them to scale their business, improve their standards of living and generate employment for others as well. According to Milaap CEO, Mr. Sourabh Sharma, this is the first time that such a model of capital raising – a fund by entrepreneurs for entrepreneurs – is employed.
In Singapore we’ve been incredibly lucky to have the infrastructure and support required to find meaningful jobs, start up businesses and pursue our own wealth. We also understand the extent of poverty that exists in India and it is only fair that we give back.
– Mr. Satish Bakhda
Explaining further, Mr. Mohan Belani, Co-Founder and Director of e27 commented, “An entrepreneur’s journey is full of ups and downs and it isn’t always an easy one. We hope that by initiating this fundraiser, we can encourage more lenders to see the value of Milaap’s loan model, and that a larger positive change can be effected. Rikvin coming onboard as a super angel has been a huge boost to this initiative. We hope that the generosity of Rikvin and all the other lenders can effect a positive change on the businesses that receive the loans and that it can inspire more angels to come forward.”
Echoing this sentiment, Mr. Sharma, said, “Having Rikvin on board helps us reach out to a lot more people and encourage them to help these entrepreneurs and thus increase the number of people who will ultimately benefit. Seeing Rikvin on board, we also hope to inspire other entrepreneurs who might want to do this as part of their own Corporate Social Responsibility as well.”
As a super angel, Rikvin will be matching every dollar, up to S$50,000, that is raised by Milaap. Commenting further on its participation, Mr. Satish Bakhda, Head of Operations at Rikvin said, “Milaap is a sustainable model for charitable organizations and we hope that more social enterprises can take cue from it in their efforts to contribute meaningfully to a larger global community. We are fully behind this project because firstly, it empowers and promotes self-sufficiency among people who are underprivileged but passionate to succeed in life.”
“Secondly, in Singapore we’ve been incredibly lucky to have the infrastructure and support required to find meaningful jobs, start up businesses and pursue our own wealth. We also understand the extent of poverty that exists in India and it is only fair that we give back. We also hope that this funding will help elevate the quality of our beneficiaries’ lives and propel them to pursue bigger dreams,” he added.
Rikvin urges its clients to be a part of the EDF. “Every gesture and dollar counts. The funds are disbursed as a loan, not a donation. This means that 100% of your contribution comes back to you at the end of 24 months. Even if you cannot loan any funds at this point, we would appreciate it if you spread the word and share this initiative with your loved ones,” affirmed Mr. Bakhda.
If you would like to do your part to contribute to the EDF, kindly visit http://milaap.org/e27.
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ABOUT MILAAP (Milaap.org)
Milaap.org has a unique model of giving loans to the poor instead of giving donations. Individuals all over the world can actually choose the people they want to fund for various things including funding working capital to help small business owners expand their businesses. Started in June 2010, Milaap.org has raised and deployed more than half a million dollars in loans with 100% on time repayments from the borrowers.
ABOUT e27 (e27.sg)
e27 was founded in 2006 and is a media company focused on growing Asia’s technology startup ecosystem. It reports on tech startup news, trends and personalities relevant to startup communities in Asia and also organizes the much-celebrated Echelon conference. Other community events include Founders Drinks, a monthly meetup in several cities around Asia and most recently, Echelon Ignite, a spin-off conference from Echelon to catalyze younger startup communities.