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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There are two guiding questions: Can peer-group lending be successfully replicated in industrial countries such as the ... Project risk involves considerations of a borrower's ability to run a successful business, 224 Chi-kan Richard Hung.
considerations of a borrower's ability to run a successful business, which may depend on not only the person's management competency but also on exogenous factors such as the local, regional, or national economy.
Indeed, this lack of signiμcant scale of operation conμrms the concerns of some U.S. practitioners—broadly based support for peer- group lending programs in the United States depends not only on successful program outcomes but also on ...
Although the maximum loan size is $10,000 for U.S. programs, almost seven times the average loan size, it takes several cycles of repeated borrowing and successful repayments of all group members to reach the maximum loan size.
Targeting clients who have a better chance of running a successful microenterprise is another way to enhance a program's μnancial viability, unless there are sufμcient resources to guide the less experienced in business operation.