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 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 ...
Scale of Operation The difference in scale can also be seen in the number of borrowers or clients served by these programs. The Grameen Bank is the largest of all, with 1.4 million borrowers in 1996.3 The other two Bangladesh programs ...
developing-country programs, KREP and Mudzi Fund, have served 223 and 1,177 borrowers respectively in their 3 to 4 years ... Peer-group lending programs in developing countries serve a large informal sector, whereas the formal banking ...
... their distributions were far from the dominance shown at the Grameen Bank. In the U.S. sample, women constituted a clear majority of program clients (55–100 percent). At least two U.S. programs served only women.
The focus on serving the poor is re×ected in the Grameen Bank's maximum-asset requirement of 0.5 acre of land, with the. 8. The statement is based on the author's conversation with program ofμcers and a program executive's presentation ...