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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These programs extend loans to low-income individuals to start and maintain small businesses called microenterprises. ... Some micro- loans are group based—individual borrowers have to form groups in order The author thanks three ...
Loans are usually granted to individuals. One borrower's credit risk does not usually affect another borrower's credit risk and access to loans, unless there are massive defaults in the same credit market. The methodology of group-based ...
When individual group members were not available, information about peer groups was obtained from group chairpersons, or, if they were not available, from the program staff. 3. According to the Grameen Foundation World Wide Web site 226 ...
When individual client characteristics are discussed, such as prior loan history, any selection bias favors active participants in these U.S. programs—because only active program clients were available for the surveys.
... N (all borrowers or 650,000 25,000 1,177 223 clients)e Percentage femalee 75 29 51 82 Percentage with no 58 65 72 56 prior loanf Family incomeg $517 $1,138 $1,756 $655 Average individual $107 n.a. $217 $78 incomeh GNP per capita, ...