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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After a few years of experimentation, both practitioners and researchers began to realize that transplanting these programs to low- income communities in North America requires more adaptation than once thought necessary (Nelson 1994; ...
The lender may also require a marketable asset to serve as collateral, to ameliorate character risk. The lender may also require a detailed business plan from the borrower to evaluate her project risk. Loans are usually granted to ...
... developed to help borrowers demonstrate or monetize their willingness and ability to repay a loan—for instance, through the history of credit card payments and their timeliness, or by requiring collateral guarantee in borrowing.
The strongest version of the joint-liability rule requires group members to repay a fellow borrower's delinquent loan ... All the developing-country programs require group members to put aside 5 to 20 percent of the approved loan to the ...
Implementing both the original and modiμed joint-liability rule requires striking a delicate balance between providing greater access to sustainable credit and fostering sufμcient intragroup cooperation. If the joint-liability rule is ...