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The domestic Accion programs started in Brooklyn, New York, and grew from there to become the first nationwide network microlender. [30] [circular reference] US microcredit programs have helped many poor but ambitious borrowers to improve their lot. The Aspen Institute's study of 405 microentrepreneurs indicates that more than half of the loan ...
The Microcredit Summit Campaign was founded by Muhammad Yunus, Sam Daley-Harris, and John Hatch on a principle that emphasized a citizen-led approach of establishing and meeting a collective global goal. The Campaign represents more than a single organization and is a social movement that aims to advance the microfinance field and foster a ...
Many microcredit programs are offered to groups of women who share "group liability", meaning that all members of the group are responsible for repaying the loans if one of the members defaults. Group liability has been promoted by Nobel Prize winner Muhammad Yunus as the best way to ensure high repayment rates. [ 23 ]
Village banking is a microcredit and saving methodology whereby financial services are administered locally in a community bank rather than in a centralized commercial bank. Village banking has its roots in ancient cultures and was most recently adopted for use by micro-finance institutions (MFIs) as a way to control costs.
Solidarity lending takes place through 'solidarity groups'. These groups are a distinctive banking distribution channel used primarily to deliver microcredit to poor people. Solidarity lending lowers the costs to a financial institution related to assessing, managing and collecting loans, and can eliminate the need for collateral.
Some argue that microcredit empowers women. In the US and Canada, it is argued that microcredit helps recipients to graduate from welfare programs. Critics say that microcredit has not increased incomes, but has driven poor households into a debt trap, in some cases even leading to suicide. They add that the money from loans is often used for ...
A study in Bangladesh showed that microcredit increases dowries, with women forced at times to take microcredit loans as the only means to pay these increased dowries for their daughters. [27] The first randomized evaluation of the introduction of microcredit, carried out in Hyderabad in India, found no impact on women's decision-making. [5]
RESULTS is a US non-partisan citizens' advocacy organization founded in 1980. The organization aims to find long-term solutions to poverty by focusing on its root causes. It lobbies public officials, does research, and works with the media and the public to fight hunger and poverty. RESULTS has 100 U.S. local chapters and works in six other ...