Vittana, a US-based nonprofit that raises funding for microloans for higher education in developing countries, has received a USD 250,000 grant from US-based internet and software company Google to expand its work over the course of two years [1]. Vittana funds its loans via its website, which allows individuals to loan as little as USD 25. Lenders do not earn interest. From 2009 to 2011, Vittana disbursed approximately USD 1.2 million to 1,600 students in partnership with 19 microfinance institutions in 12 countries [2].
Vittana CEO and co-founder Kushal Chakrabarti was quoted as having said, “We’re honored by Google’s recognition of Vittana’s role in helping fight global poverty through education and technology. Google’s innovation and mission make it a natural ally with Vittana: the world’s information is rooted in knowledge and education, and Vittana’s mission is to increase the world’s access to education.” [3]
Vittana reported a gross loan portfolio of USD 430,000 as of 2011. Vittana is aiming to reach 1 million students by 2015 [1].
By Kristha Abores, Research Associate
About Vittana: Vittana allows people to make loans via its website to support students wanting to complete a higher education. Individuals may lend as little as USD 25 via Vittana, but they earn no interest. As of 2011, Vittana has partnered with 19 microfinance institutions in 12 countries to disburse approximately USD 1.2 million to 1,600 students since its founding in 2009. It reported a gross loan portfolio of USD 430,000 as of 2011.
Sources and Additional Resources:
[1] “Vittana Awarded Google Grant to Increase Global Access to Education,” http://www.prweb.com/releases/2011/12/prweb9041063.htm
[2] “Vittana’s First 1,500 Student Borrowers,” http://www.vittana.org/pdf/Vittana-First-1500-Students.pdf
[3] “Google joins with Seattle angels to bankroll non-profit education microloan upstart Vittana,” http://www.geekwire.com/2011/google-joins-seattle-angels-bankroll-nonpro…
“TEDxBrussels – Kushal Chakrabarti – Literacy is not enough,” http://www.youtube.com/watch?feature=player_embedded&v=KN_1hJRgG3U
MicroCapital.org article, September 21, 2010, “MICROCAPITAL BRIEF: Microfinance Institutions (MFIs) Begin Exploring Student Loan Market,” https://www.microcapital.org/microcapital-brief-microfinance-institutions-mfis-begin-exploring-student-loan-market/
MicroCapital Universe Profile: Vittana, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Vit…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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