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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, an American non-profit organization, started as an effort to bring together microcredit practitioners, advocates, educational institutions, donor agencies, international financial institutions, non-governmental organizations and others involved with microcredit around the goal of alleviating world poverty through microfinance.
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 ]
The research center was early on championed by MIT president Susan Hockfield, who promoted it to MIT's pool of donors. [4] In 2005, it was endowed by Mohammed Jameel of Saudi Arabia's Abdul Latif Jameel Corporation, and renamed the "Abdul Latif Jameel Poverty Action Lab (J-PAL)". [ 4 ]
Under the Build, Operate and Transfer (BOT) program, the Trust directly implements the projects to respond to the need for immediate and rapid implementation of poverty focused microfinance programs. Grameen Trust hosts the Grameen Global Network (GGN) and publishes the Grameen Dialogue newsletter to promote the cause of microcredit movement. [5]
SEEP members represent a diverse mix of over 100 organizations active in 150 countries in Africa, Latin America, Asia, and the Middle East. Members include international development organizations and consulting firms; relief and humanitarian aid organizations; research, monitoring and results measurement agencies; and microfinance associations.
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 ...
Lamiya Morshed is a Bangladeshi social development professional, known for her work in the fields of microcredit and social business. [1] On 14 August 2024, she was appointed as the principal coordinator for Sustainable Development Goals (SDGs) at the Chief Adviser's Office in Bangladesh.