Give2Asia, a leading U.S. philanthropic services nonprofit, and Qifang, the Chinese micro-lending company, today announce a fiscal sponsor partnership, which will enable U.S. donors to support college scholarships, financial literacy programs and social entrepreneurship.
San Francisco, CA (PRWEB) April 8, 2010 -- Give2Asia, a leading U.S. philanthropic services nonprofit, and Qifang, the Chinese micro-lending company, today announce a fiscal sponsor partnership, which will enable U.S. donors to support college scholarships, financial literacy programs and social entrepreneurship.
Qifang is a financial platform within China offering peer-to-peer lending for college loans. According to statistics from the Chinese government, only 24% of eligible students in China enroll in college, while more than 60% of students cannot afford tuition. Student loan programs have been in place for ten years, but only around 4.3 million students (15% of students) have been able to borrow from these national loan programs. Recognized by the Clinton Global Initiative and the World Economic Forum, Qifang enables people anywhere within China to make peer-to-peer loans online to students who otherwise are unable to attend school.
“Many in China lack access to higher education and the opportunity it brings, even as China's growth contributes to the global economic recovery,” said Ray Klinke, CFO & Interim CEO of Give2Asia. “We are excited by the promise Qifang has shown in helping to create these opportunities, and our partnership will make it possible for U.S. donors to support additional services that are critical to Qifang's success.”
“We are working toward becoming a sustainable, growing business that will help more and more people out of poverty,” said Calvin Chin, founder and CEO of Qifang. “By partnering with Give2Asia, we are building a bridge to our U.S.-based supporters who want to expand our impact.”
U.S. donors can make tax-deductible donations to Give2Asia in support of Qifang at www.give2asia.org/qifangfund, or by making donations to Give2Asia of cash, securities or other assets.
Qifang (www.qifang.com) is an open platform and online community with the single purpose of giving everyone a way to pay for their education. Leveraging the latest in web and community technologies, Qifang efficiently brokers data and relationships through a transparent platform built on trust to connect and assist everyone involved in education finance. Qifang is committed to maximize social benefits through a sustainable business model.
Qifang focuses on the tuition needs of students at Chinese three- or four-year universities, colleges and post-graduate training programs. Any Chinese undergraduate who has received an admission letter or valid student ID can post their needs at Qifang. Lenders are banks, companies, non-government organization, non-profit organizations, philanthropists and individuals seeking investment returns. In the future, and in strict adherence to relevant national laws and regulations, Qifang will support other education types and other education-related expenses with funding from a broad array of sources.
Give2Asia (www.give2asia.org) promotes charitable giving by providing personalized philanthropic services for individuals, foundations and corporations. Founded by The Asia Foundation, with more than 50 years of grantmaking experience in the Asia-Pacific region, Give2Asia helps overcome the common challenges associated with giving overseas and has made possible more than US$130 million in giving since launching in 2001, including US$43 million in giving to China.
Give2Asia’s Fiscal Sponsorship services help approved Asia-based charitable groups establish a U.S. presence, provide professional donor stewardship, and make possible tax-deductible support for Asia-based groups. Give2Asia currently provides fiscal sponsorship to over 100 charitable institutions across the Asia-Pacific region.