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people the financial tools they need to create or grow healthy businesses. The domestic Accion programs started in
Brooklyn, New York, and grew from there to become the first nationwide network microlender. 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 recipients escaped poverty within five years. On average, their household assets grew by nearly $ 16,000 during that period; the group's reliance on public assistance dropped by more than 60%. Several corporate sponsors including Citi Foundation and Capital One launched Grameen America in New York. Since then the financial outfit—not bank—has been serving the poor, mainly women, throughout four of the city's five boroughs (Bronx, Brooklyn, Manhattan, and Queens) as well as Omaha, Nebraska and Indianapolis, Indiana. In four years, Grameen America has facilitated loans to over 9,000 borrowers valued over $ 35 million. It has had, as Grameen CEO Stephen Vogel notes, "a 99 percent repayment rate".
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unavoidable. The result is that the traditional approach to microcredit has made only limited progress in resolving the problem it purports to address: that the world's poorest people pay the world's highest cost for small business growth capital. The high costs of traditional microcredit loans limit their effectiveness as a poverty-fighting tool. Borrowers who do not manage to earn a rate of return at least equal to the interest rate may actually end up poorer as a result of accepting the loans. According to a recent survey of microfinance borrowers in Ghana published by the Center for
Financial Inclusion, more than one-third of borrowers surveyed reported struggling to repay their loans. In recent years, microcredit providers have shifted their focus from the objective of increasing the volume of lending capital available, to address the challenge of providing microfinance loans more affordably. Analyst David Roodman contends that in mature markets, the average interest and fee rates charged by microfinance institutions tend to fall over time.
465:. Another internet-based microlender, United Prosperity (now defunct), uses a variation on the usual microlending model; with United Prosperity the micro-lender provides a guarantee to a local bank which then lends back double that amount to the micro-entrepreneur. United Prosperity claims this provides both greater leverage and allows the micro-entrepreneur to develop a credit history with their local bank for future loans. In 2009, the US-based nonprofit Zidisha became the first peer-to-peer microlending platform to link lenders and borrowers directly across international borders without local intermediaries. From 2008 through 2014,
498:, but it has not necessarily increased incomes after interest payments. In some cases it has driven borrowers into debt traps. Some studies suggest that microcredit has not generally empowered women. Microcredit has achieved much less than what its proponents said it would achieve, but its negative impacts have not been as drastic as some critics have argued. Microcredit is just one factor influencing the success of a small businesses, whose success is influenced to a much larger extent by how much an economy or a particular market grows.
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to invest in small business or farm activities. Banks typically lend up to four rupees for every rupee in the group fund. In Asia borrowers generally pay interest rates that range from 30% to 70% without commission and fees. Nearly 1.4 million SHGs comprising approximately 20 million women now borrow from banks, which makes the Indian SHG-Bank
Linkage model the largest microfinance program in the world. Similar programs are evolving in Africa and Southeast Asia with the assistance of organizations like
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1586:- "U.S. 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 recipients escaped poverty within five years. On average, their household assets grew by nearly $ 16,000 during that period; the group’s reliance on public assistance dropped by more than 60%."
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solidarity lending unviable without subsidies. Microcredits have also been introduced in Israel, Russia, Ukraine and other nations where micro-loans help small business entrepreneurs overcome cultural barriers in the mainstream business society. The Israel Free Loan
Association (IFLA) has lent more than $ 100 million in the past two decades to Israeli citizens of all backgrounds.
303:, as the costs associated with monitoring loans and enforcing repayment are significantly lower when credit is distributed to groups rather than individuals. Many times the loan to one participant in group-lending depends upon the successful repayment from another member, thus transferring repayment responsibility off of microcredit institutions to loan recipients.
530:(production-oriented and management training, marketing support) and welfare-related services (literacy and health services, gender and social awareness training), the adverse effects discussed above can be diminished. Some argue that more experienced entrepreneurs who are getting loans should be qualified for bigger loans to ensure the success of the program.
251:, became the dominant ideology among microcredit organizations. The neoliberal model of microcredit can also be referred to as the institutionist model, which promotes applying market solutions as a viable way to address social problems. The commercialization of microcredit officially began in 1984 with the formation of Unit Desa (BRI-UD) within the
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One of the principal challenges of microcredit is providing small loans at an affordable cost. The global average interest and fee rate is estimated at 37%, with rates reaching as high as 70% in some markets. The reason for the high interest rates is not primarily cost of capital. Indeed, the local
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and tribes. Members save small amounts of money, as little as a few rupees a month in a group fund. Members may borrow from the group fund for a variety of purposes ranging from household emergencies to school fees. As SHGs prove capable of managing their funds well, they may borrow from a local bank
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tested an analogous peer-lending model in three locations in Canada during the 1990s. It concluded that a variety of factors—including difficulties in reaching the target market, the high risk profile of clients, their general distaste for the joint liability requirement, and high overhead costs—made
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and others, showed mixed results: there was no effect on household expenditure, gender equity, education or health, but the number of new businesses increased by one third compared to a control group. Some of this increase in the number of businesses can be due to 'informal intermediation' documented
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I never dreamed that one day microcredit would give rise to its own breed of loan sharks ... There are always people eager to take advantage of the vulnerable. But credit programs that seek to profit from the suffering of the poor should not be described as "microcredit," and investors who own such
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in 1978. Microcredit reached Latin
America with the establishment in Bolivia in 1986 of PRODEM, a bank that later transformed into the for-profit BancoSol. In Chile, BancoEstado Microempresas is the primary microcredit institution. Microcredit quickly became a popular tool for economic development,
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I made a public collection toward a lending stock for the poor. Our rule is, to lend only twenty shillings at once, which is repaid weekly within three months. I began this about a year and a half ago: thirty pounds sixteen shillings were then collected; and out of this, no less than two hundred and
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The impact of microcredit is a subject of some 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,
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catering to women exclusively. Pro Mujer also implemented a new strategy to combine microcredits with health-care services, since the health of their clients is crucial to the success of microcredits. Though
Grameen Bank initially tried to lend to both men and women at equal rates, women presently
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of microfinance include informal intermediation: some entrepreneurial borrowers may become informal intermediaries between microfinance initiatives and poorer micro-entrepreneurs. Those who more easily qualify for microfinance may split loans into smaller credit to even poorer borrowers. Informal
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to microcredit has generated much debate among scholars and development practitioners, with some claiming that microcredit bank directors, such as
Muhammad Yunus, apply the practices of loan sharks for their personal enrichment. Indeed, the academic debate foreshadowed a Wall-street style scandal
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is a nonprofit microfinance organization headquartered in New York, New York. It is the largest and only nationwide nonprofit microfinance network in the US. The Accion U.S. Network is part of Accion
International, a US-based nonprofit organization operating globally, with the mission of giving
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Microcredit organizations were initially created as alternatives to the "loan sharks" known to take advantage of clients. Indeed, many microlenders began as non-profit organizations and operated with government funds or private subsidies. By the 1980s, however, the "financial systems approach",
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charge average interest and fee rates of 35.21%. Rather, the principal reason for the high cost of microcredit loans is the high transaction cost of traditional microfinance operations relative to loan size. Microcredit practitioners have long argued that such high interest rates are simply
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In the United States, microcredit has generally been defined as loans of less than $ 50,000 to people—mostly entrepreneurs—who cannot, for various reasons, borrow from a bank. Most nonprofit microlenders include services like financial literacy training and business plan consultations, which
184:. Khan used the Comilla Model, in which credit is distributed through community-based initiatives. The project failed due to the over-involvement of the Pakistani government, and the hierarchies created within communities as certain members began to exert more control over loans than others.
357:, has provided over $ 450 million in microloans since 1991, with an over 90% repayment rate. One research study of the Grameen model shows that poorer individuals are safer borrowers because they place more value on the relationship with the bank. Even so, efforts to replicate Grameen-style
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make up ninety-five percent of the bank's clients. Women continue to make up seventy-five percent of all microcredit recipients worldwide. Exclusive lending to women began in the 1980s when
Grameen Bank found that women have higher repayment rates, and tend to accept smaller loans than men.
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propagated the notion that every person has the potential to become an entrepreneur. Yunus saw poverty eradication as being in the hands of the individual. Because of this, he promoted private ownership, and consequently, neoliberalism. The use of group-lending was motivated by
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Many microcredit organizations now function as independent banks. This has led to their charging higher interest rates on loans and placing more emphasis on savings programs. Notably, Unit Desa has charged in excess of 20 percent on small business loans. The application of
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and other early microcredit institutions initially focused on individual lending. (A solidarity circle is a group of borrowers that provide mutual encouragement, information, and assistance in times of need, though loans remain the responsibility of individuals.) Indeed,
78:. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans. As of 2009 an estimated 74 million people held microloans that totaled nearly US$ 40 billion.
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with hundreds of institutions emerging throughout the third world. Though the
Grameen Bank was formed initially as a non-profit organization dependent upon government subsidies, it later became a corporate entity and was renamed Grameen II in 2002. Yunus was awarded the
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Some argue that microcredit has not had a positive impact on gender relationships, does not alleviate poverty, has led many borrowers into a debt trap and constitutes a "privatization of welfare". The first randomized evaluation of microcredit, conducted by Mr.
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Even so, the numbers indicate that ethical microlending and investor profit can go hand-in-hand. In the 1990s a rural finance minister in Indonesia showed how Unit Desa could lower its rates by about 8% while still bringing attractive returns to investors.
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Many scholars and practitioners suggest an integrated package of services ("a credit-plus" approach) rather than just providing credits. When access to credit is combined with savings facilities, non-productive loan facilities, insurance,
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The principles of microcredit have also been applied in attempting to address several non-poverty-related issues. Among these, multiple Internet-based organizations have developed platforms that facilitate a modified form of
491:. They add that the money from loans may be used for durable consumer goods or consumption instead of being used for productive investments, that it may fail to empower women, and that it may not improve health or education.
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by Frithjof Arp and collaborators: Philanthropic, low-interest-rate microcredit fosters unintended entrepreneurship where some borrowers split loans they receive and on-lend to less-entrepreneurial borrowers.
109:. As of 2012, microcredit is widely used in developing countries and is presented as having "enormous potential as a tool for poverty alleviation." Microcredit is a tool that can possibly be helpful to reduce
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Though lending to groups has long been a key part of microcredit, microcredit initially began with the principle of lending to individuals. Despite the use of solidarity circles in 1970s Jobra,
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216:. Yunus began the project in a small town called Jobra, using his own money to deliver small loans at low-interest rates to the rural poor. Grameen Bank was followed by organizations such as
93:, which provides a wider range of financial services, especially savings accounts, to the poor. Modern microcredit is generally considered to have originated with the Grameen Bank founded in
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Nitin Bhatt, Gary Painter, and Shui-Yan Tang, 1999. “Can Microcredit Work in the United States?”, Harvard Business Review, November–December 1999 Issue. Retrieved March 06, 2018, from
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Tonelli M. and C. Dalglish, 2012. "Micro-Credit is Necessary but Not Sufficient for Entrepreneurs in Desperate Poverty", FSR Forum, Vo.14, Issue 4 (p. 16-21). ISSN 1389-0913
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wrote about the benefits of numerous small loans for entrepreneurial activities to the poor as a way to alleviate poverty. At about the same time, but independently to Spooner,
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Tonelli M. and C. Dalglish, 2012. “Micro-Credit is Necessary but Not Sufficient for Entrepreneurs in Desperate Poverty”, FSR Forum, Vo.14, Issue 4 (p.16-21). ISSN 1389-0913
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contribute to the expense of providing such loans but also, those groups say, to the success of their borrowers. One such organization in the United States, the
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in New York in April 2008. Bank of America has announced plans to award more than $ 3.7 million in grants to nonprofits to use in backing microloan programs.
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where a loan is not made in the form of a single, direct loan, but as the aggregation of a number of smaller loans—often at a negligible interest rate.
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The available evidence indicates that in many cases microcredit has facilitated the creation and the growth of businesses. It has often generated
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Yunus has sharply criticized the shift in microcredit organizations from the Grameen Bank model as a non-profit bank to for-profit institutions:
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Goetz, A.-M.; Sengupta, R. (1996). "Who Takes the Credit? Gender, Power and Control over Loan Use in Rural Credit Programmes in Bangladesh".
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This article is about small loans that are often provided in a pooled manner. For direct payments to individuals for specific projects, see
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reports that repayment success rates are between 95 and 98 percent. The first economist who had invented the idea of micro loans was
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Cheryl Frankiewicz. "Calmeadow Metrofund: A Canadian Experiment in Sustainable Microfinance", Calmeadow Foundation, April 2001.
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Critics say that microcredit, if not carefully directed, may not increase incomes, and may drive poor households into a
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Harper, A. ( 1995). Providing women in Baltistan with access to loans – potential and problems. Lahore, AKRSP Pakistan.
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Institution's objective is to offer financial services on a self-sustaining yet efficient basis to microentrepreneurs.
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212:. The Grameen Bank, which is generally considered the first modern microcredit institution, was founded in 1983 by
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The origins of microcredit in its current practical incarnation can be linked to several organizations founded in
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programs should not be allowed to benefit from the trust and respect that microcredit banks have rightly earned.
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Roodman, David. "Due Diligence: An Impertinent Inquiry Into Microfinance." Center for Global Development, 2011.
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microfinance organizations that receive zero-interest loan capital from the online microlending platform
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Many microfinance institutions also offer savings facilities, such as Banco Palma in Brazil, shown here.
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UK and Canada, it is argued that microcredit helps recipients to graduate from welfare programs.
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386:(SHGs). SHGs comprise twenty or fewer members, of whom the majority are women from the poorest
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intermediation ranges from casual intermediaries at the good or benign end of the spectrum to
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101:. Many traditional banks subsequently introduced microcredit despite initial misgivings. The
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Examples of platforms that connect lenders to micro-entrepreneurs via Internet are
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Lending to women has become an important principle in microcredit, with banks and
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Vittana Applies The Kiva Model To Help Finance Education In Developing Countries
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Ideas relating to microcredit can be found at various times in modern history.
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is the oldest and probably best-known microfinance institution in the world.
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allowed peer-to-peer lending for student loans in developing countries.
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founded the first cooperative lending banks to support farmers in rural
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in developed countries have generally not succeeded. For example, the
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The European Union Project "Credit Cooperatives – Russian Federation"
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began a microcredit scheme in 1746. His journal on 17/1/1748 records:
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at the professional and sometimes criminal end of the spectrum.
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Helping ensure egalitarian access to needed financial services.
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inspired the Irish Loan Funds of the 18th and 19th centuries.
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2222:
2199:Microcredit Regulatory Authority, MRA
1616:from the original on February 2, 2017
1486:from the original on December 4, 2022
1368:
1272:from the original on October 19, 2012
1210:from the original on November 7, 2017
944:The Commercialization of Microfinance
941:
748:from the original on January 18, 2018
187:
27:Small loans to impoverished borrowers
2020:. University Press Ltd, Dhaka, 1996.
1443:
1762:McFarquhar, Neil (April 13, 2010).
1695:
735:
709:
306:
51:State-funded Utkal Grameen Bank in
24:
1977:Microfinance and Poverty Reduction
1917:
1826:from the original on July 26, 2012
1774:from the original on June 12, 2017
1516:from the original on July 25, 2009
1425:from the original on March 7, 2018
1369:Dewan, Shaila (October 29, 2013).
775:from the original on April 6, 2012
736:Arp, Frithjof (January 12, 2018).
25:
2497:
2248:
2147:
1991:Fighting Poverty with Microcredit
1456:from the original on May 11, 2018
1383:from the original on May 11, 2018
972:. Cambridge, Mass: The MIT Press.
441:Peer-to-peer lending over the Web
107:International Year of Microcredit
2037:& Laurence Lehmann-Ortega, "
1975:Johnson, Susan and Ben Rogaly.
1677:from the original on May 4, 2020
1556:. Retrieved March 9, 2011, from
836:from the original on May 4, 2020
426:
284:
165:
2174:Omidyar-Tufts Microfinance Fund
1968:Hulme, David and Paul Mosley.
1884:
1838:
1812:
1755:
1689:
1628:
1598:
1589:
1569:
1546:
1528:
1498:
1468:
1437:
1406:
1395:
1362:
1342:
1314:
1293:
1284:
1248:
1222:
1192:
1172:
1159:Microfinance - Healthy Clients
1153:
1122:
1082:
1044:
1011:
1008:, retrieved on 13 February 2012
991:
976:
908:
62:is the extension of very small
2440:Alternative financial services
1232:. June 5, 2014. Archived from
1131:"Wat is een minilening ?"
881:
848:
787:
729:
679:Why Doesn't Microfinance Work?
627:
512:
13:
1:
2127:10.1016/s0305-750x(98)00105-3
1986:. Accion International, 2004.
1958:. Grameen Bank, Dhaka, 1992.
970:The Economics of Microfinance
620:
332:
232:
2374:Tax refund anticipation loan
2264:Annual percentage rate (APR)
2097:10.1016/0305-750x(95)00124-u
2011:Small Enterprise Development
1749:10.1016/0305-750x(95)00124-u
1024:Cosmopolitan Civil Societies
968:Armendariz, Beatriz (2005).
914:Deutscher Raiffeisenverband:
610:The Women's Development Bank
156:Friedrich Wilhelm Raiffeisen
7:
2269:Effective annual rate (EAR)
2070:The microfinance revolution
1972:. Routledge, London, 1996.
1951:Grameen Trust, Dhaka, 1993.
1673:. UNCTAD/DIAE/IA/2017D4A8.
1371:"Microcredit for Americans"
832:. UNCTAD/DIAE/IA/2017D4A8.
553:
327:
10:
2502:
2188:"Microfinance in the U.S."
1979:. Oxfam, Oxford UK, 1997.
1796:. Kiva.org. Archived from
1641:Transnational Corporations
1446:"Microfinance in America?"
1064:"BRI-Unit Desa, Indonesia"
888:Spooner, Lysander (1846).
800:Transnational Corporations
476:
169:
125:
38:. For small payments, see
29:
2430:
2387:
2336:
2282:
2256:
2068:Robinson, Marguerite S.,
1563:November 5, 2016, at the
722:October 21, 2006, at the
717:Microcredit, microresults
677:Bateman, Milford (2010).
397:Opportunity International
147:In the mid-19th century,
113:in developing countries.
2176:, a partnership between
2075:Mauri, Arnaldo, (1995):
2051:. Public Affairs, 2003.
1965:. ITDG Publishing, 1988.
1944:. Kumarian Press, 2001.
1937:. Kumarian Press, 2002.
892:. Boston. Archived from
744:. World Economic Forum.
405:Compassion International
401:Catholic Relief Services
369:
2167:Journal of Microfinance
2139:Mutalima, I. K., 2006,
1970:Finance Against Poverty
1906:March 26, 2010, at the
1820:"How Kiva works - Kiva"
1419:Harvard Business Review
1355:April 20, 2017, at the
1305:March 18, 2009, at the
1004:August 9, 2018, at the
942:Drake, Deborah (2002).
704:Food First Backgrounder
502:Unintended consequences
351:The Accion U.S. Network
149:Individualist anarchist
111:feminization of poverty
2471:Bangladeshi inventions
1989:Khandker, Shahidur R.
1709:Cite journal requires
1582:March 7, 2018, at the
1166:July 14, 2015, at the
528:enterprise development
522:
265:
247:and propagated by the
201:
145:
56:
2003:Rutherford, Stuart.
1998:Microfinance Handbook
1996:Ledgerwood, Joanna.
1728:Goetz; Gupta (1996).
1185:May 28, 2008, at the
1037:10.5130/ccs.v4i2.2715
565:Count Me In (charity)
520:
479:Impact of microcredit
477:Further information:
473:Impact of microcredit
260:
253:Bank Rakyat Indonesia
195:
140:
50:
2481:Pakistani inventions
2007:. ASA, Dhaka, 1995.
1858:on December 18, 2011
1653:10.18356/10695889-en
1236:on February 22, 2018
812:10.18356/10695889-en
463:Microloan Foundation
448:peer-to-peer lending
363:Calmeadow Foundation
355:Accion International
270:neoliberal economics
2413:Personal bankruptcy
2065:, OECD, Paris 1991.
2061:Germidis D. et al.,
2054:Padmanabahn, K.P.,
1940:Rhyne, Elizabeth.
1482:. August 27, 2009.
1402:Accion U.S. Network
1300:Svivatomehet.org.il
1206:. October 6, 2010.
1204:Wall Street Journal
1129:Minilening uitleg.
987:. pp. 221–251.
896:on October 25, 2012
580:Flat rate (finance)
560:Cooperative banking
434:Accion U.S. Network
238:Economic principles
2445:Financial literacy
2047:Yunus, Muhammad.
1956:The Grameen Reader
1540:2010-02-28 at the
1444:Bayrasli, Elmira.
1376:The New York Times
1348:Nimal A. Fernando:
1329:on October 4, 2013
1096:on January 6, 2009
921:2007-08-10 at the
698:2012-01-16 at the
605:Solidarity lending
600:Project Enterprise
523:
359:solidarity lending
315:such as BancoSol,
301:economics of scale
202:
188:Modern microcredit
178:Akhtar Hameed Khan
105:declared 2005 the
57:
2453:
2452:
2400:Credit counseling
2215:official web site
2115:World Development
2085:World Development
2035:Moingeon Bertrand
1954:Gibbons, David.
1800:on August 3, 2009
1737:World Development
1512:. June 22, 2009.
227:Nobel Peace Prize
208:, especially the
84:The Very Reverend
18:Microcredit banks
16:(Redirected from
2493:
2476:Irish inventions
2435:Personal finance
2350:Home equity loan
2292:Credit card debt
2243:
2236:
2229:
2220:
2219:
2182:Tufts University
2130:
2100:
1911:
1897:
1891:
1888:
1882:
1881:
1875:
1867:
1865:
1863:
1857:
1851:. Archived from
1850:
1842:
1836:
1835:
1833:
1831:
1816:
1810:
1809:
1807:
1805:
1790:
1784:
1783:
1781:
1779:
1759:
1753:
1752:
1734:
1725:
1719:
1718:
1712:
1707:
1705:
1697:
1693:
1687:
1686:
1684:
1682:
1664:
1632:
1626:
1625:
1623:
1621:
1602:
1596:
1593:
1587:
1573:
1567:
1552:Rao. L. (2010).
1550:
1544:
1532:
1526:
1525:
1523:
1521:
1502:
1496:
1495:
1493:
1491:
1472:
1466:
1465:
1463:
1461:
1441:
1435:
1434:
1432:
1430:
1410:
1404:
1399:
1393:
1392:
1390:
1388:
1366:
1360:
1346:
1340:
1338:
1336:
1334:
1325:. Archived from
1318:
1312:
1311:
1297:
1291:
1288:
1282:
1281:
1279:
1277:
1271:
1264:
1252:
1246:
1245:
1243:
1241:
1226:
1220:
1219:
1217:
1215:
1196:
1190:
1176:
1170:
1157:
1151:
1150:
1148:
1146:
1126:
1120:
1119:
1113:
1105:
1103:
1101:
1092:. Archived from
1086:
1080:
1079:
1077:
1075:
1070:on June 28, 2022
1066:. Archived from
1060:
1051:
1048:
1042:
1041:
1039:
1015:
1009:
997:Nobel Prize.org:
995:
989:
988:
980:
974:
973:
965:
948:
947:
939:
926:
912:
906:
905:
903:
901:
885:
879:
878:
876:
874:
869:on March 4, 2016
868:
862:. Archived from
861:
852:
846:
845:
843:
841:
823:
791:
785:
784:
782:
780:
764:
758:
757:
755:
753:
733:
727:
713:
707:
689:
683:
682:
674:
651:
650:
648:
646:
641:on June 29, 2013
637:. Archived from
631:
384:self-help groups
337:Grameen Bank in
307:Lending to women
152:Lysander Spooner
119:Abhijit Banerjee
21:
2501:
2500:
2496:
2495:
2494:
2492:
2491:
2490:
2456:
2455:
2454:
2449:
2426:
2404:Management plan
2383:
2332:
2278:
2252:
2247:
2150:
1920:
1918:Further reading
1915:
1914:
1910:, 2 August 2009
1908:Wayback Machine
1901:Business Weekly
1898:
1894:
1889:
1885:
1869:
1868:
1861:
1859:
1855:
1848:
1846:"Archived copy"
1844:
1843:
1839:
1829:
1827:
1818:
1817:
1813:
1803:
1801:
1792:
1791:
1787:
1777:
1775:
1760:
1756:
1732:
1726:
1722:
1710:
1708:
1699:
1698:
1694:
1690:
1680:
1678:
1633:
1629:
1619:
1617:
1604:
1603:
1599:
1594:
1590:
1584:Wayback Machine
1574:
1570:
1565:Wayback Machine
1551:
1547:
1542:Wayback Machine
1533:
1529:
1519:
1517:
1504:
1503:
1499:
1489:
1487:
1474:
1473:
1469:
1459:
1457:
1442:
1438:
1428:
1426:
1411:
1407:
1400:
1396:
1386:
1384:
1367:
1363:
1357:Wayback Machine
1347:
1343:
1339:, July 26, 2013
1332:
1330:
1321:
1319:
1315:
1309:
1307:Wayback Machine
1298:
1294:
1289:
1285:
1275:
1273:
1269:
1262:
1254:
1253:
1249:
1239:
1237:
1228:
1227:
1223:
1213:
1211:
1198:
1197:
1193:
1187:Wayback Machine
1177:
1173:
1168:Wayback Machine
1158:
1154:
1144:
1142:
1127:
1123:
1107:
1106:
1099:
1097:
1090:"Archived copy"
1088:
1087:
1083:
1073:
1071:
1062:
1061:
1054:
1049:
1045:
1016:
1012:
1006:Wayback Machine
996:
992:
981:
977:
966:
951:
940:
929:
923:Wayback Machine
913:
909:
899:
897:
886:
882:
872:
870:
866:
859:
853:
849:
839:
837:
792:
788:
778:
776:
765:
761:
751:
749:
734:
730:
724:Wayback Machine
714:
710:
700:Wayback Machine
690:
686:
675:
654:
644:
642:
633:
632:
628:
623:
556:
548:Yale University
515:
496:self-employment
481:
475:
443:
429:
372:
345:launched their
335:
330:
309:
287:
240:
235:
196:Nobel laureate
190:
174:
168:
128:
53:Bargaon, Odisha
43:
28:
23:
22:
15:
12:
11:
5:
2499:
2489:
2488:
2486:Muhammad Yunus
2483:
2478:
2473:
2468:
2451:
2450:
2448:
2447:
2442:
2437:
2431:
2428:
2427:
2425:
2424:
2415:
2410:
2397:
2391:
2389:
2385:
2384:
2382:
2381:
2376:
2371:
2365:Car title loan
2362:
2357:
2342:
2340:
2334:
2333:
2331:
2330:
2325:
2320:
2318:Signature loan
2311:
2306:
2301:
2300:
2299:
2288:
2286:
2280:
2279:
2277:
2276:
2274:Credit history
2271:
2266:
2260:
2258:
2254:
2253:
2246:
2245:
2238:
2231:
2223:
2217:
2216:
2210:
2202:
2196:
2191:
2185:
2178:Pierre Omidyar
2171:
2163:
2157:
2149:
2148:External links
2146:
2145:
2144:
2137:
2134:
2131:
2110:
2107:
2104:
2101:
2080:
2073:
2066:
2059:
2052:
2045:
2042:
2031:Yunus Muhammad
2028:
2021:
2014:
2008:
2001:
1994:
1987:
1980:
1973:
1966:
1959:
1952:
1945:
1938:
1931:
1928:
1919:
1916:
1913:
1912:
1892:
1883:
1837:
1811:
1785:
1768:New York Times
1754:
1720:
1711:|journal=
1688:
1627:
1597:
1588:
1568:
1545:
1527:
1497:
1480:The Daily Tell
1467:
1436:
1405:
1394:
1361:
1341:
1313:
1292:
1283:
1247:
1230:"U.S. Network"
1221:
1191:
1171:
1152:
1121:
1081:
1052:
1043:
1010:
990:
975:
949:
927:
907:
880:
847:
786:
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625:
624:
622:
619:
618:
617:
612:
607:
602:
597:
592:
587:
582:
577:
575:Crowd sourcing
572:
567:
562:
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552:
514:
511:
474:
471:
442:
439:
428:
425:
371:
368:
334:
331:
329:
326:
308:
305:
296:Muhammad Yunus
286:
283:
243:influenced by
239:
236:
234:
231:
214:Muhammad Yunus
198:Muhammad Yunus
189:
186:
176:In the 1950s,
170:Main article:
167:
164:
132:Jonathan Swift
127:
124:
103:United Nations
99:Muhammad Yunus
87:Jonathan Swift
76:credit history
32:Micropatronage
26:
9:
6:
4:
3:
2:
2498:
2487:
2484:
2482:
2479:
2477:
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2396:
2395:Consolidation
2393:
2392:
2390:
2386:
2380:
2377:
2375:
2372:
2370:
2366:
2363:
2361:
2358:
2355:
2351:
2347:
2346:Mortgage loan
2344:
2343:
2341:
2339:
2335:
2329:
2326:
2324:
2321:
2319:
2315:
2314:Personal loan
2312:
2310:
2307:
2305:
2302:
2298:
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2294:
2293:
2290:
2289:
2287:
2285:
2281:
2275:
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2267:
2265:
2262:
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2259:
2255:
2251:
2250:Consumer debt
2244:
2239:
2237:
2232:
2230:
2225:
2224:
2221:
2214:
2211:
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2206:
2203:
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2111:
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2081:
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2071:
2067:
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2060:
2057:
2053:
2050:
2046:
2043:
2040:
2036:
2032:
2029:
2026:
2022:
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2015:
2012:
2009:
2006:
2002:
1999:
1995:
1992:
1988:
1985:
1981:
1978:
1974:
1971:
1967:
1964:
1960:
1957:
1953:
1950:
1946:
1943:
1939:
1936:
1932:
1929:
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1750:
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1716:
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1692:
1681:September 30,
1676:
1672:
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1638:
1631:
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1276:September 25,
1268:
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1259:
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1000:
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924:
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917:
911:
895:
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884:
865:
858:
851:
840:September 30,
835:
831:
827:
822:
817:
813:
809:
805:
801:
797:
790:
774:
770:
763:
747:
743:
742:Global Agenda
739:
732:
725:
721:
718:
712:
705:
701:
697:
694:
688:
680:
673:
671:
669:
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663:
661:
659:
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640:
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630:
626:
616:
613:
611:
608:
606:
603:
601:
598:
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586:
583:
581:
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571:
568:
566:
563:
561:
558:
557:
551:
549:
545:
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531:
529:
519:
510:
508:
503:
499:
497:
492:
490:
485:
480:
470:
468:
464:
460:
456:
451:
449:
438:
435:
427:United States
424:
422:
418:
414:
410:
406:
402:
398:
394:
389:
385:
381:
377:
367:
364:
360:
356:
352:
348:
347:US operations
344:
340:
325:
322:
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210:Grameen Bank
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91:microfinance
80:Grameen Bank
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36:Microfinance
2418:Foreclosure
2354:credit line
2328:Microcredit
2323:Moneylender
2309:Payday loan
1804:October 10,
1620:February 2,
1610:EurekAlert!
1520:October 28,
1490:October 25,
1310:(in Hebrew)
1214:January 30,
946:. Kumarian.
900:January 30,
873:January 30,
752:January 18,
544:Dean Karlan
513:Improvement
507:loan sharks
275:Compartamos
136:John Wesley
60:Microcredit
2460:Categories
2408:Settlement
2388:Management
2379:Pawnbroker
2360:Remortgage
2208:Bangladesh
1450:forbes.com
1135:Minilening
715:Gina Neff:
621:References
615:Oikocredit
590:Microgrant
542:Professor
461:, and the
339:Bangladesh
333:Bangladesh
233:Principles
206:Bangladesh
95:Bangladesh
72:collateral
68:microloans
2304:Overdraft
2284:Unsecured
2091:: 45–63.
1510:@alliance
779:April 17,
489:debt trap
411:, APMAS,
321:Pro Mujer
1904:Archived
1872:cite web
1862:July 23,
1830:July 23,
1824:Archived
1772:Archived
1675:Archived
1671:73558727
1614:Archived
1580:Archived
1561:Archived
1538:Archived
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1484:Archived
1454:Archived
1429:March 7,
1423:Archived
1381:Archived
1353:Archived
1333:July 26,
1303:Archived
1267:Archived
1208:Archived
1183:Archived
1164:Archived
1139:Archived
1110:cite web
1100:July 30,
1002:Archived
919:Archived
834:Archived
830:73558727
773:Archived
746:Archived
720:Archived
696:Archived
554:See also
417:Tearfund
328:Examples
2352: (
2338:Secured
1460:May 10,
1387:May 10,
1240:May 19,
1074:May 16,
645:May 16,
467:Vittana
459:Zidisha
160:Germany
126:History
1669:
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595:M-Pesa
388:castes
378:, the
319:, and
1856:(PDF)
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546:from
413:Oxfam
376:India
370:India
64:loans
2180:and
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1878:link
1864:2012
1832:2012
1806:2009
1780:2017
1715:help
1683:2017
1622:2017
1522:2009
1492:2009
1462:2018
1431:2018
1389:2018
1335:2013
1278:2012
1242:2015
1216:2012
1147:2016
1116:link
1102:2014
1076:2012
902:2012
875:2012
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781:2012
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536:Kiva
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419:and
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218:BRAC
2123:doi
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