Replicating Microfinance in the United States
"With the publication of this volume, knowledge and understanding of the practices of delivering micro-credit reach a new level of consolidation, and the stage is set for important further steps."—from the Foreword by Richard P. Taub, University of Chicago
Microfinance was pioneered in the developing world as the lending of small amounts of money to entrepreneurs who lacked the kinds of credentials and collateral demanded by banks. Similar practices spread from the developing to the developed world, reversing the usual direction of innovation, and today several hundred microfinance institutions are operating in the United States.
Replicating Microfinace in the United States reviews experiences in both developing and industrialized countries and extends the applications of microlending beyond enterprise to consumer finance, housing finance, and community development finance, concentrating especially on previously underserved households and their communities.
Contributors include Nitin Bhatt, Robert M. Buckley, Bruce Ferguson, Elinor Haider, Chi-kan Richard Hung, Sally R. Merrill, Jonathan Morduch, Gary Painter, Sohini Sarkar, Mark Schreiner, Lisa Servon, Ayse Can Talen, Shui-Yan Tang, Kenneth Temkin, Andres Vinelli, J. D. Von Pischke and Marc A. Weiss.
Replicating Microfinance in the United States is based on papers commissioned by the Fannie Mae Foundation and findings from an October 2001 conference jointly held by the Fannie Mae Foundation and Woodrow Wilson International Center for Scholars in Washington, D.C.
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... geographic discrimination (either from “redlining” or lack of access), and μnancial barriers, such as lack of credit history, poor credit history, variable income, or lack of experience with the μnancial sector.
LMI housing μnance has its origins largely in the traditional μnancial sector, whereas microlending for housing has stemmed more directly from microenterprise lending. Together, these constitute microμnance for housing, broadly deμned, ...
Various types of μnancial institutions, realizing that housing loans can be a good business, have made inroads in many nations. All countries struggle to deμne what type of housing can be afforded for various income groups.
In the United States, LMI households may face barriers in obtaining credit due to a poor credit history, no formal credit history, or no experience with the μnancial sector. They may also be subject to racial or geographic ...
African Bank seeks to develop appropriate μnancial products, correctly priced on a risk-adjusted basis. It has recently been merged with three other low- income LMI lenders and microlenders and has formed a partnership with one of the ...