ShareChange seeks to provide as much of the loan to the borrower as possible to make the most impact. To be able to further our mission, we require a 6.5% platform fee 🛠 to cover our administrative costs. While sometimes overhead costs are looked down upon when donating to charities, having a well-funded organization is important so we can make the most impact.
Platform fees go to the ShareChange Opportunities Foundation, mainly to cover payment processing, 🌐 wire transfers, 📲 software fees, and employee compensation. A portion also goes to ShareChange Inc. to improve the product and and reach more people!
Of course, it’s important that social enterprises are prudent and efficient with funds. Still, we believe it’s important to have adequate funding to attract talented, motivated individuals and technology to innovate, and ultimately, maximize our impact. 🦋