How is work?
There is no tax deductible for your lending activity. The borrowers can be defaulted on their loans and lender's funds can be at risk if the borrowers cannot meet their payment obligation. Please consult with your legal advice before considering to lend your funds to micro-loan program.
When lender received all repayments from the borrower, lender can lend out again for different project; however if lender decide to donate these repayments to DANF's operating, this donation becomes tax deductible to lender.
Zero Percent Interest Micro-loan Program
Zero Percent Interest Micro-loan Program
In March 2015, the Pilot micro-loan program is designed and formed helping a start-up business to obtain a zero percent interest micro-loan.
All borrowers must qualify for the tier 1. When the borrower repays in full of his obligation, he can apply for the next tier.
Lending Parameters:
- Tier 1: from $US 20 to 100; term is 6 to 12 months
- Tier 2: from $US 101 to 250; term is 12 to 24 months
- Tier 3: from $US 251 to 500; term is 24 to 36 months
- Tier 4: from $US 501 to 1,000; term is 36 to 60 months
Borrowers' requirements:
- Vietnamese lives in Vietname or Ghanaian lives in Ghana
- Letter's recommendation from the Trustee
- m-Service's account holder
Trustee:
- A verifiable local authority who can be a Board of Director of a borrower's school, church, or business association
Lenders:
- Anyone resides from outside of Vietnam or Ghana
- Lend any amount of project amount
Volunteers:
- From lender side, anyone would like to donate his time for a good cause (NOT monetary)
- From borrower side, any would like to donate his time for a good cause (NOT monetary)
What is the procedure?
How do we keep our cost lowest? What technology tracking these loans and payments?
DAN Foundation
3592 Rosemead Boulevard - Rosemead - California 91770 Los Angeles - USA
Email: [email protected]
3592 Rosemead Boulevard - Rosemead - California 91770 Los Angeles - USA
Email: [email protected]