UnitedProsperity.org

United Prosperity is an organization that allows people to guarantee loans to a Micro Finance Institution (MFI) in a developing country who will then disburse micro loans to entrepreneurs. Based out of Pleasant Hill, CA United Prosperity is a U.S. non-profit organization which operates through support from donations and various institutions.
History
Founded in April 2008 by Bhalchander Vishwanath whose specialty lies in the area of technology, specifically, building software systems for financial institutions. Moving to the United States from India in 2000 Bhalchander came up with several startup ideas, none of which came to be realized. It wasn't until 2006 when he was working for Mortgage Insurance Company PMI, that the idea for United Prosperity blossomed. At PMI borrowers with poor credit scores and unable to raise the 20% down payment would not be able to get a mortgage. However the bank would be willing to make the loan under the condition that the borrower or the bank buy mortgage insurance from PMI. Bhalchander quickly realized the adaptability of the model and soon sought to use the idea to help the extreme poor in securing small loans. After counseling with countless different people and a head full of answers and suggestions it came down to the advice of his former Professor - Dr.R.Srinivasan: "Just do it". Since that time United Prosperity has grown tremendously with help from groups in various fields such as law, IT, and consulting.
Mission
United Prosperity mission is to eliminate extreme or absolute poverty in the world, supporting entrepreneurs that are living on close to $2 a day. In addition the mission statement states its aims as "eradicating poverty" and to "engage in any other charitable, scientific, literary and educational programs".
Loan Guarantee Model
United Prosperity is the world's first Person-to-Person loan guaranteeing website in which they utilize the model to assist in making micro loans to entrepreneurs. When sufficient collateral is raised United Prosperity pools the guarantees together to issue a cash-secured guarantee on behalf of the MFI partner who then lends to the selected entrepreneurs using the bank loan.
The foreign exchange rate is greatly reduced since the loan from the Bank to the MFI, and from the MFI to the entrepreneur are in local currency.
Currently (August 2009) United Prosperity is partnered with field partner Ajiwika an MFI with 19 branches operating in Jharkhand and Bihar state.

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