MYC4 is a Danish company, an online service through which investors can provide microloans to small businesses in developing countries in Africa .
| MYC4 | |
|---|---|
| Base | 2006 year |
| Founders | Mads Kier, Tim Wang |
| Location | Copenhagen  Denmark |
| Industry | |
| Number of employees | |
| Website | myc4.com |
History
MYC4 was founded in 2006 by the Honorary Consul of Denmark in Ethiopia and the Executive Director of Kjær Group Mads Kj Кr and his business partner Tim Wang [1] . The company’s head office is in Copenhagen , and MYC4 also has a regional office in the capital of Kenya, Nairobi .
To obtain a loan using MYC4, a businessman from a developing country needs to contact one of the local organizations working with the Internet service that checks it for suitability to participate in the project (preference is given to social entrepreneurship organizations and companies requesting a loan of less than $ 1,000) [2] [3] . Later, investors using the site choose a business suitable for them, the loan amount is determined during the Dutch auction [4] . Loan repayment periods are usually from 6 to 12 months. MYC4 charges a fee for its services.
During the work of MYC4, about 20 thousand investors from 115 countries invested about 15 million euros in 8,300 small businesses in seven African countries [5] .
Notes
- ↑ Mads Kjaer . Schwab Social Entrepreneurship Fund . Date of treatment May 12, 2015.
- ↑ How does MYC4 work? (eng.) . MYC4. Date of treatment May 12, 2015.
- ↑ Tom Watson. Opportunity Africa: How One Social Venture Is Crowdsourcing the For-Profit Finance Model . Forbes (September 10, 2012). Date of treatment May 12, 2015.
- ↑ Max Foster. Online matchmaker fights poverty by funding businesses . CNN (January 25, 2011). Date of treatment May 12, 2015.
- ↑ Catherine Riungu. East Africa: Easy Loans - Internet Firm Comes to the Rescue of Small Business . AllAfrica (July 13, 2009). Date of treatment May 12, 2015.