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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... received external subsidies that ranged from $1.5 million (Mudzi), to $1.7 million (TRDEP), to $9.4million (KREP), to $29.1 million (BRAC), 45 percent of the U.S. sample programs had loan funds of less than $500,000.
Government-directed, heavily subsidized Much of the material for this chapter stems from an Urban Institute study prepared for the U.S. Department of Housing and Urban Development (HUD), which includes case studies of LMI lending in the ...
These households are bankable only if the traditional rules are changed: They may not have an adequate down payment and may require subsidy assistance to supplement a housing loan, in addition to facing the types of access or credit ...
It may be combined with government or charitable subsidies, often together with the savings program. In contrast, LMI lending for housing has its roots in traditional formal- sector housing μnance, and may involve formal institutions ...
It may be mandated with legislation or public-private partnerships and may be combined with government subsidies. Thus, our deμnition of microμnance for housing in emerging-market nations spans both of these sets of descriptors: either ...