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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... features of selected developing-country and U.S. programs. Finally, the simple framework is used to put the comparison in a larger perspective, and to address the issue of replicating peer- group lending in the United States.
Programs with a poverty alleviation focus often found it necessary to help a borrower resolve personal life issues before focusing on putting the microenterprise on the right footing. In general, participants in U.S. peer-group lending ...
The original credit-only approach of the Grameen model does not address the issue of project risk, presumably because of the low transaction costs of starting and running a microenter- prise in the informal economy of developing ...
In sum, many of these households cannot be accommodated with mainstream underwriting or mortgage-based loan products. Thus, much of the innovation in LMI lending and microlending in emerging economies addresses these issues.
advantage of the sophistication of Chile's market and is able to fund its LMI lending through bond issues. In poor countries such as Bangladesh and Ghana, niche lenders supply nearly the only housing μnance available to LMI households.