Premal Shah Honored as Crowdfunding Champion of Change

Date:   Monday , July 01, 2013

The President and Co-Founder of, Premal Shah, an Indian American was honored as Crowdfunding Champion of Change at a recent event at the White House. The Champions event focused on entrepreneurs who exemplify the promise of crowdfunding to fuel the growth of startups, small businesses, and innovative projects across the nation.

Donation-based crowdfunding has already empowered many entrepreneurs, while investment-based crowdfunding platforms will soon be facilitated by the bipartisan Jumpstart Our Business Startups Act, which President Obama signed last year and the SEC will implement.

The Champions of Change program was created as an opportunity for the White House to feature groups of Americans—individuals, businesses and organizations—who are doing extraordinary things to empower and inspire members of their communities.

Almost eight years ago, Kiva launched a global experiment to crowdfund microloans to help alleviate poverty and expand economic opportunity. It leveraged every new technology it could get its hands on to bring crowdfunding and microlending into the mainstream. Today, more than one million budding small business entrepreneurs in 30 American cities and 65 countries have received loans crowdfunded on

In total, more than $440 million in loans have been crowdfunded by a global community of 940,000 people lending $25 at a time to the entrepreneur of their choice.
Premal Shah, with has started something of a revolution with his crowdfunding initiative. With 98 percent repayment rate, the money lent is truly a loan and not a donation. It is a proof of a successful mission and a sustainable model that can perhaps go on to be the premier mode of funding in a near future.