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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The purpose of these programs is to use the developed group discipline as social collateral, and substitute it for the borrowers' lack of physical or μnancial collateral. Innovations in development institutions usually ×ow from the ...
considerations of a borrower's ability to run a successful business, which may depend on not only the person's management competency but also on exogenous factors such as the local, regional, or national economy.
... Mosley (1996)—namely, in the percentage of women borrowers in the two Bangladesh programs (tables 1.3 and 3.3 in Hulme and Mosley), and in the prior credit history of borrowers in Malawi (tables 3.7 and 16.23 in Hulme and Mosley).
Scale of Operation The difference in scale can also be seen in the number of borrowers or clients served by these programs. The Grameen Bank is the largest of all, with 1.4 million borrowers in 1996.3 The other two Bangladesh programs ...
developing-country programs, KREP and Mudzi Fund, have served 223 and 1,177 borrowers respectively in their 3 to 4 years of operation. The average number of clients served by the U.S. sample programs was just over 100, ...