Lend4Health

Finalista del desafío

Esta presentción ha sido seleccionada como finalista del desafío
Designing for Better Health .

Lend4Health facilitates community-funded, interest-free, online micro-loans for the pursuit of optimal health.

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Ubicación

Project Street Address

8649 Dellway Lane

Project City

Vienna

Project Province/State

VA

Project Postal/Zip Code

22180

Project Country

Estados Unidos

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Year organization founded:

2008

Year initiative began:

2008

Service/activity focus:

Otro

If Service/activity focus is "other" please define in 1-2 words below:

Innovative health funding

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Name Your Project

Lend4Health

Describe Your Idea

Lend4Health facilitates community-funded, interest-free, online micro-loans for the pursuit of optimal health.

Innovación

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What is your signature innovation, your new idea, in one sentence?

Lend4Health facilitates community-funded, interest-free, online micro-loans for the pursuit of optimal health.

Describe what makes your idea unique--different from all others in the field.

Microfinance has traditionally been used for poverty alleviation in the developing world (i.e., Grameen Bank and Kiva.org). Lend4Health was inspired by Kiva.org, but takes online, collective microlending to a new area -- specifically, as a unique funding option for health-related pursuits. Furthermore, while several peer-to-peer lending websites exist and could potentially be used for health needs, they all charge an interest rate. Lend4Health is based on the Islamic finance concept of "qard hasan" or "the benevolent loan," which is interest-free.

Do you have any existing partnerships, and if so, how did you create them?

So far, partnerships with AutismActionPlan.org; IonSpa; and Orange County Integrative Medical Center; as well as two supplement-related companies (that have asked to remain anonymous). These partnerships were created very "organically" -- They heard about Lend4Health and asked how they could participate. These partners offer special deals (e.g., rebates, discounts, or free products) to Lend4Health families. Additionally, a well-known, international autism non-profit has requested a meeting in May 2009 with Lend4Health to discuss ways to collaborate/partner. Recently, Lend4Health became one of the Social Actions platforms (www.socialactions.com), enabling Lend4Health lending opportunities to be made available all over the web (not just on www.lend4health.org).

In which sector do these partners work? (Check all that apply)

Citizen sector (non profits, NGOs) , Private sector .

Impacto

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Provide one sentence describing your impact/intended impact.

Increased: (1) number of people who can seek treatment, (2) speed with which treatment can be sought, and (3) awareness and support of health issues.

Please list any other measures of the impact of your innovation.

Increased morale of lenders and loan recipients; decreased stress of treatment seekers.

Is there a policy intervention element to your innovation?

This field has not been completed. (500characters or less)

How many people does your innovation serve or plan to serve? Exactly who will benefit from your innovation?

To date, 40 families have benefited from Lend4Health's unique service. Currently, families who have children with Autism Spectrum Disorders benefit. In the future, other health issues (diabetes, cancer, MS, premature birth) is planned to be covered, and the number of people who could benefit would increase. This innovation can serve as many people as there are seeking creative options for funding their health-related needs.

What is the key decision that you are trying to influence through your innovation/design?

I am trying to influence two key decisions. For the loan recipients, it is the decision to seek treatment or not (or at least sooner rather than later). For the lenders, it is the decision to take an interest in somebody else's health and support treatment.

What have you learned about how people respond to your innovation/design?

To date, the response has been fantastic. Loan recipients are amazed and deeply touched by the generosity and caring of other (oftentimes strangers); lenders are happy to be able to help somebody directly and enjoy receiving updates on how their loan has made an impact in the families' lives; and non-profit/non-profit technology/health experts are intrigued by the Lend4Health concept and it's success, especially given the fact that it was "bootstrapped" using Blogger and PayPal.

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Sustenibilidad

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How is your initiative financed (or how do you expect your initiative will be financed)?

Currently, it is being financed through an interest-free loan from an Angel Investor. In the near-term, I am seeking sponsorships from the 'for-profit' autism community to cover costs. In the mid-term, I plan to seek foundation grants and other donations. In the long-term, I am working on an idea to establish a for-profit entity that would employ and benefit the Lend4Health community and also enable profits to be donated to the non-profit Lend4Health.

Fuente de financiamiento

Annual budget

To date (4/1/09), the primary operational expenses are the transaction fees charged by PayPal. For the ten months that Lend4Health has been operating, these fees have totaled $1,065.49.

Annual revenue generated

To date (4/1/09), $21,482 in interest-free loans have been collected on the site. ($8,325 has been repaid.) An additional $515 has been received in non-tax-deductible donations.

Number of staff (full-time, part-time, volunteers)

One full-time staff member. Approximately 20 people have offered to volunteer, but an organized way for volunteers to participate has not yet been established.

What are the main financial barriers, and how do you plan to address them?

(1) The site needs funding to support the full-time staff member. The short-term plan is to seek sponsorships to cover this amount. (2) The site currently uses PayPal to process transactions, and this carries a large overhead cost. The plan is to approach PayPal to have fee-free transactions. Otherwise, grant monies, donations, and sponsorships will cover these fees. (3) The site needs a new design to become more automated. A developer affiliated with MaRS in Toronto is working on this pro-bono.

Aside from financial sustainability, how do you plan to grow and scale the initiative?

(1) Outreach to the currently-served population to seek more loan requesters and lenders. (2) Outreach to relevant for-profit entities for partnerships and sponsorships. (3) Once the website becomes a "platform" enabling automated use, partnership with a non-profit organization serving the current population so that they can use the platform independently of the founder. (4) Outreach and negotiation with other non-profits in other health areas (e.g., cancer, MS) to expand the initiative.

La historia

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What was the motivation or defining moment that led to the creation of this innovation? Tell the story.

When my son was diagnosed with Sensory Processing Disorder in 2007, I sought information on treatment. I learned of the biomedical treatment of autism and learned that it was helping many autistic kids who also had sensory issues. I implemented biomedical treatment with my son and saw great improvement. Through this experience, I became part of an online community of other parents seeking answers and pursuing this treatment. I heard several times that cost of these treatments was a major issue (much is not covered under insurance), and I wanted to help. I thought of sending small amounts of money to these families using PayPal, but it wouldn't have the impact I wanted (nor could I afford it!). One night while I was thinking of this problem, I remembered Kiva.org, and the idea for Lend4Health was born! I sat down at my dining room table a couple of weeks later and started Lend4Health as a blog. And here I am 10 months later! At the beginning of 2009, I basically quit my job to focus on Lend4Health full-time. This was not an easy decision to make -- to leave a good paying consulting job in DC in the middle of a recession -- but I honestly felt it was my duty as the originator of the idea to be the one to move it forward. The community was benefiting, the lenders were happy, and the concept was gaining an impressive amount of support from the "who's who" within the non-profit sector.

Please name and provide a personal bio of the social innovator behind this initiative.

Tori Tuncan is 36 years old and lives in Northern Virginia with her husband of 11 years and her two kids (ages 7 and 4). She grew up in the suburbs of Chicago and was always known as a cheerful, creative optimist. She has a love for international travel and met her husband while an exchange student in Istanbul. For more than a decade, she was employed by various government consulting firms, providing communications-related support to clients including the Army and Department of Energy.

At what stage is this initiative?

Implementation and impact .

What resources would you need to take your initiative to the next stage?

(1) Access to web designers and developers. (2) Access to a lawyer to ensure legal compliance, including regarding SEC regulations. (3) Access to accountant to ensure proper accounting of loans vs. donations vs. income. (4) Funding to cover salary for full-time employee. Much of the rest can be handled by the creativity, hard work, generosity, and passion of the Lend4Health community!

How did you hear about this contest and what is your main incentive to participate? (Confidential)

I learned about this contest through two people I "follow" on Twitter - Lucy Bernholz (@p2173) and Ashoka employee @chloevdc. They both recommended I enter. I am participating because I am interested in receiving, considering, and responding to comments from the public, other Ashoka change-makers, and the judges, and because being a finalist would provide Lend4Health increased credibility and visibility.

AdjuntoTamaño
The Lend4Health Journey_ Documenting the Journey - Social Actions.pdf274.02 KB
The Lend4Health Journey_ The Spark - Social Actions.pdf300.54 KB
The Lend4Health Journey_ Why I'm Not KIVA - Social Actions.pdf296.01 KB
The Lend4Health Journey_ Angels Among Us - Social Actions.pdf310.08 KB
The Lend4Health Journey_ Seven Days - Social Actions.pdf358.06 KB
The Lend4Health Journey_ Full Circle - Social Actions.pdf351.25 KB
The Lend4Health Journey_ To Be or Not To Be - Social Actions.pdf556.09 KB
Support the Lend4Health Initiative! - The Petition Site.pdf218.41 KB
The Lend4Health Journey_ Who Gives.pdf684.96 KB
The Lend4Health Journey_ [beta] - Social Actions.pdf613.06 KB
152 weeks agoFran Holuba said: On May 11, 2009, the judges reviewed the entries for the Changemakers “Designing for Better Health” competition and would ... about this Competition Entry. - leer más >
156 weeks agoben's dad said: With all the knowledge us parents have accumulated since we first began our journey with our children, we have discovered a wealth of ... about this Competition Entry. - leer más >
157 weeks agoMichael Gresalfi said: As an active investor/donor in L4H - I have been very impressed with the organization and its founder (Tori). I plan on providing new ... about this Competition Entry. - leer más >
157 weeks agodory hubbard said: We used Lend4Health to help us see our DAN doctor sooner. If we hadn't been assisted by the generous supporters of this wonderful ... about this Competition Entry. - leer más >
157 weeks agoElizabeth Valdes said: Before I knew about lend4health I was in a position I'm sure many parents face. I had done as much as I could to help my 7 year old son ... about this Competition Entry. - leer más >
158 weeks agoLend4Health has been chosen as a finalist in Designing for Better Health.
161 weeks agoWayne Smith said: Hello Tori, I think that this is such a great idea and would like to help out in my spare time if possible. I'm also an entrant to ... about this Competition Entry. - leer más >
168 weeks agoTori Tuncan said: Chloe: I understand how Lend4Health might not fit the anticipated response to the "nudge" concept, but I believe that it does in two ... about this Competition Entry. - leer más >
168 weeks agoTori Tuncan said: Another idea I am looking into for longer-term (hinging upon increased scale/user base) is to facilitate microloans for more than just ... about this Competition Entry. - leer más >
168 weeks agoTori Tuncan said: In the near-term, my plan is to become a 501(c)(3) non-profit so that I have access to more contest prizes, grants, and donations than I ... about this Competition Entry. - leer más >