- Potential funders register at the www.mpowr.org site.
- At any time, potential funders may browse the site and view businesses seeking funding by country, type of business, or other criteria to determine businesses they would like to fund.
- The registered funder deposits money to his/her online mPOWR account via Paypal.
- Funder chooses a business to “mPOWR” as a charitable contribution or as an interest-bearing loan. The amount per business can be as little as $25 or as much as you desire.
- Businesses are given a 60 day period of time to be fully funded by a joint group of lenders/donors on the mPOWR website. Once a business is fully funded, the funds are transferred from mPOWR to the mPOWR field partner for the business venture.
- After funds are submitted to the business, loans are repaid and returned to the lender over a 12 month period of time. As monthly payments are submitted from the borrower, mPOWR then returns the funds to the lender’s mPOWR account. The lender then has the option of re-issuing the funds into a new business opportunity or withdrawing the funds from mPOWR into his/her paypal account.
- Funds sent via charitable donation are still given to the business owner as a loan. These funds, when repaid to the field partner, are reallocated to new business ventures in the same community for even greater impact.
- Funds sent via charitable donation will be acknowledged by the field partner organization’s 501(c)3 organization with a tax-deductible receipt to the donor.
- Regardless of whether the funds were submitted as an interest bearing loan or as a charitable donation, regular updates will be posted on the website for funders to view and track progress of the business and its impact in the surrounding community for the duration of the loan period.
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