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Early Beginnings[ edit ] Ideas relating to microcredit can be found at various times in modern history, such as the Bankable business plan template Society. Jonathan Swift inspired the Irish Loan Funds of the 18th and 19th centuries. Khan used the Comilla Modelin which credit is distributed through community-based initiatives.
The origins of microcredit in its current practical incarnation can be linked to several organizations founded in Bangladeshespecially the Grameen Bank.
The Grameen Bank, which is generally considered the first modern microcredit institution, was founded in by Muhammad Yunus. By the s, however the "financial systems approach," influenced by neoliberalism and propagated by the Harvard Institute for International Developmentbecame the dominant ideology among microcredit organizations.
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. The use of group-lending was motivated by economics of scaleas the costs associated with monitoring loans and enforcing repayment are significantly lower when credit is distributed to groups rather than individuals.
Women continue to make up seventy-five percent of all microcredit recipients worldwide. Grameen Bank in Bangladesh is the oldest and probably best-known microfinance institution in the world.
For example, the Calmeadow Foundation tested an analogous peer-lending model in three locations in Canada during the s. 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 solidarity lending unviable without subsidies.
SHGs comprise twenty or fewer members, of whom the majority are women from the poorest castes 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 to invest in small business or farm activities. Banks typically lend up to four rupees for every rupee in the group fund.
Most nonprofit microlenders include services like financial literacy training and business plan consultations, which contribute to the expense of providing such loans but also, those groups say, to the success of their borrowers.
Network is a nonprofit microfinance organization headquartered in New York, NY.
It is the largest and only nationwide nonprofit microfinance network in the U. Network is part of Accion International, a U. The domestic Accion programs started in Brooklyn, NY, and grew from there to become the first nationwide network microlender. Among these, multiple Internet-based organizations have developed platforms that facilitate a modified form of peer-to-peer lending 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.
Examples of platforms that connect lenders to micro-entrepreneurs via Internet are KivaZidishaand the Microloan Foundation. Another WWW-based microlender, United Prosperityuses 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. Inthe US-based nonprofit Zidisha became the first peer-to-peer microlending platform to link lenders and borrowers directly across international borders without local intermediaries.
Impact of microcredit The impact of microcredit 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. They add that the money from loans is often used for durable consumer goods or consumption instead of being used for productive investments, that it fails to empower women, and that it has not improved health or education.
It has often generated self-employmentbut it has not necessarily increased incomes after interest payments. In some cases it has driven borrowers into debt traps. There is no evidence that microcredit has empowered women. In short, 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.TRU Group Inc are Consulting Engineers Management Consultants, Managers Strategic Planning Consultant in Manufacturing consulting technology-intensive Engineering, Due Diligence, Bankable Feasibility Studies: TRU Group Manufacturer Technology Industry Mining and Resource Consultants Globally TRU Group Inc USA Canada.
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