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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They need to establish legally recognized businesses with proper documentation, accounting, insurance, and other business practices. Developing-country microentrepreneurs do not need to go through as many steps in setting up their ...
It stems from formal-sector housing μnance systems, practices, and regulatory structures that have been speciμcally adapted to low-income households. • It may involve community-based partnerships (e.g., community development ...
Thus, our deμnition of microμnance for housing in emerging-market nations spans both of these sets of descriptors: either or both of these approaches to microμnance are now being practiced in many emerging-market nations.
Following from microenterprise μnance, the market-based approach has gained some acceptability, and often microμnance loans for housing are priced at roughly the same levels as those for microenterprise. Practices vary, however.
Large banks may not have the ability to tailor their lending practices in a manner that meets the needs of relatively small number of borrowers with potentially unique needs (Canner and Passmore 1995).