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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... developing-country programs, the majority of borrowers had not borrowed from informal credit institutions. This can have two meanings. One meaning is that the borrowers are not creditworthy. But the generally low delinquency rates ...
All but one of them charged real interest rates between 7 and 15 percent, which is lower than the rates for alternative ... Developing-country informal credit market interest rates may run as high as 3 to 4 percent a month (Wai 1992).
The selected developing-country and U.S. programs are similar in their real interest rates and loan performance. Developing- country program loans relative to various measures of income are equal to or larger than U.S. program loans.
The Grameen Bank's widely quoted 98 percent loan repayment rate has been regarded as the benchmark for similar programs. The arrears rate measures the proportion of loans that are late in regularly scheduled repayments.
The original Hulme-Mosley deμnition of the arrears rate is actually closer to the deμnition of the default rate used in my survey, ... Accordingly, the default rates for the U.S. average, Working Capital, and the NCRC would be 4.7, 3.2, ...