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Unitus Microcredit Loans

Lessons, impressions, and thoughts that I have about the powerful poverty-fighting tool of Microcredit and how Unitus is accelerating the growth of Microfinance around the globe.

Saturday, October 01, 2005

Unitus Announces $2.7 Million Grant from Omidyar Network

This is an incredible step forward for Unitus! The grant will enable Unitus to expand operations and hire key staff members in its Redmond, Wash., and Bangalore, India, offices. With the additional support in place, Unitus plans to form partnerships with at least four new microfinance institutions, and to reach an additional 1 million clients by the end of 2006. By 2015, Unitus expects to be helping 10 million clients in India alone work their way out of poverty.

Unitus is so fortunate to have received such a generous grant from Omidyar Network and to have their trust and confidence. Here is some info about who the Omidyar Network from the press release:

Omidyar Network is a mission-based investment group committed to fostering individual self-empowerment on a global scale. Established in June 2004 by Pierre and Pam Omidyar, the Network is founded on the simple core belief that every individual has the power to make a difference. Because we believe issues are best addressed by the people who face them, we focus on the how, not the what. Therefore, we fund citizen-driven models that enable individuals to pursue what matters most to them. The Network seeks out scalable for-profits,nonprofits, and public policy efforts that promote: equal access to information, tools and opportunities; openness and transparency; collaboration around shared interests; and a sense of ownership for participants. To date, we've invested in areas such as microfinance, bottom-up media, open source projects, and transparency in government. Omidyar Network intends for its diverse portfolio to foster individual self-empowerment across the economic, political, and social realms, and to catalyze a new breed of business for which social impact directly drives profitability. We invite you to learn more about us and the organizations we've funded at http://www.omidyar.net


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