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The impact of microcredit is the study of microcredit and its impact on poverty reduction which is a subject of much controversy. Proponents state that it reduces poverty through higher employment and higher incomes. This is expected to lead to improved nutrition and improved education of the borrowers' children.
Some argue that microcredit empowers women. In the US, UK and Canada, it is argued that microcredit helps recipients to graduate from welfare programs. [37] Critics say that microcredit, if not carefully directed, may not increase incomes, and may drive poor households into a debt trap. They add that the money from loans may be used for durable ...
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 ]
In 2011, Kiva launched Kiva U.S., a 0% interest peer-to-peer lending pilot program for entrepreneurs in the United States, as part of efforts to "cut lending costs through technology". [32] The loans posted to Kiva U.S. are often from borrowers who have been rejected for loans by traditional banking institutions, but on Kiva U.S. they do not ...
There are three primary types of microgrants; one is a small sum of money (~US$50–500) granted to an individual to start an income-generating project, another is a small grant (~$2,000–$10,000) to a community for an impact-oriented project and a third is a small grant to an individual for any cause they see fit.
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 ...
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.