Wokai, a microfinance organization based in Oakland, CA, has announced the winding down of its operations due to the inability to find a suitable CEO and unexpected funding roadblocks. Over the past 5 years, Wokai has raised over $450,000 in loan capital, funding over 1,500 micro-loans to help micro-entrepreneurs in China lift themselves out of poverty.
Despite the closure, Wokai's Field Partners have committed to using the loan capital contributed to date to provide ongoing support to micro-entrepreneurs in China's rural Sichuan and Inner Mongolia Provinces, with the aim of empowering over 9,000 individuals and their communities to escape poverty in the next decade.
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