The Seattle branch of YMCA last month launched an online peer to peer lending platform Ymicro – www.ymicro.org. Ymicro.org is being tested and is currently in a beta pilot phase from July to December 2011
Ymicro initially plans to channel small donations to make micro loans to more than 30 entrepreneurs selected by YMCA’s in Colombia, Gambia, Liberia and Sri Lanka. After the loans are repaid, the funds will be used to make new loans to other small-business owners.
As Ymicro grows, YMCA’s branches around the globe will either be collaborating with a local MFI (microfinance institution) or making loans directly to vulnerable populations around the globe.