Rooted in the philosophy of crowdfunding and doing good, Bangalore-based Milaap, a social enterprise set up to fund low-income entrepreneurs is out with an interesting fundraising campaign, every day of the week. The campaign enables lenders to make their loans through Facebook itself, thereby making the process a lot more easy, personal and engaging. And in case, the borrower gets fully funded, the lenders would be receiving gifts. Talk about lending money and receiving goodies in return!
Milaap has used FundRazr, a crowdfunding and Facebook Fundraising enabler where you can get your projects funded from your family and friends on social media. Every day of the week, Milaap features a borrower and plans a day long funding campaign through the FundRazr Facebook app.
But, there is a theme to this, depending on which the lender would receive her gift. Beginning with ‘Karma Tuesday‘, if the featured borrower is fully funded, the lender gets a $25 Milaap gift card, which they can give to their friends for introducing them to Milaap. Then comes ‘Win Win Wednesday’. All the lenders who have made a loan to the featured borrower would receive a handmade gift from one of the rural artisans, making it a win-win situation. But the only catch is that the borrower should get fully funded.
Thursday is themed as ‘Thank You Thursday‘. All the lenders will get a Thank You note from the featured school that needed help for building a library, computer labs, classroom benches, etc., provided the project gets fully funded. Fridays are fun with ‘Fun Friday‘. All lenders will receive a caricature of themselves once they lend to the borrower, even if they are not fully funded. Remember this is Fun Friday, so this doesn’t need to specifically be fully funded. Once the lender makes a loan, she will be sent a caricature, no questions asked!
Alister D’Monte from Milaap says the response for this campaign has been great. “It’s more about how seamless and easy it can get for a lender(as an experience) to lend using social media as a platform.“
The featured borrower for the Facebook campaign is selected at random, from the list of borrowers uploaded on the website. And with the day long fundraising on Facebook, this method of funding works faster compared to traditional funding.
Social enterprises like Milaap are setting a good example on the usage of social media. Enabling lending through Facebook makes it so much easier and the added incentive for the borrower is like the cherry on the cake.