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 majority of the programs (59 percent) were less than 5 years into their operation at the time of the survey. The international difference in program origin is parallel to the size of μnancial resources.
... million 66 58 55–100 94 12 25 22 82 $24,000 $15,000 43% less $418 than $10,000 n.a. n.a. n.a. $115 $26,980 $26,980 $26,980 $240 Few Few Few 2/3 rural credit BRAC, TRDEP, Mudzi Fund, Feature Bangladesh Bangladesh KREP, Kenya Malawi.
Developing-country program rules prescribe more demanding joint liability, more frequent group meetings, and less training than do U.S. programs. Rules regarding allowing family members in peer group, loan collection guidelines, ...
Poverty alleviation means helping program clients become less reliant on public assistance. Programs with a poverty alleviation focus often found it necessary to help a borrower resolve personal life issues before focusing on putting ...
Thus, U.S. peer- group lending programs have much less room than their developing-country counterparts to raise interest rates to cover program costs. Table 8.3 indicates that the average size of loans granted in the U.S. programs was ...