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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... a proportionally larger segment of its whole economy than that of an industrial country such as the United States. Higher population density in these developing countries also means that the pool of potential clients or borrowers is ...
Because U.S. programs do not restrict bankruptcy clients from participation, they need to assess these potential borrowers' postbankruptcy creditworthiness. Full disclosure of μnancial information seems to be warranted.
The absence of previous borrowing of business loans suggests, however, that these potential borrowers may be creditworthy in their willingness to repay a loan (low character risk) but not in their ability to re- pay by generating enough ...
The relatively small U.S. peer-group lending loans, as a percentage of per capita GNP, may not be attractive enough for potential borrowers. All developing-country and U.S. programs use step or progressive loans—initial loans are small ...
Table 8.4 summarizes the credit-risk management potentials of peer group lending programs in the United States and developing countries. A combination of program structure (strong version of the joint-liability rule, frequency of ...