Our mission is to bring student loans to the developing world through the power of person-to-person micro-lending.
Highlights of the briefing also included the SBA's plans to incorporate a micro-lending mechanism to address the particular needs of truly small business owners and entrepreneurs as well as a reinforced commitment to supporting STEM education and awareness initiatives.
Over the past five years, I've been amazed again and again at how micro-lending can help both women and men across the globe.
When I interviewed Oscar-winning actress Natalie Portman, who serves as the Ambassador of Hope for the organization FINCA International which promotes micro-lending to empower women in poor countries, she talked emotionally about being dramatically transformed and greatly enriched by her time traveling the globe working with and assisting these women in developing countries.
Access to capital is crucial to the growth of new firms and micro-lending is especially important to help bolster the self-employed.
For example, a recent WSJ article highlighted micro-finance and community lending happening right
here in the U.S. as opposed to what many people think of when micro-lending comes up: impoverished people in developing nations taking out small loans for things like the purchase of a cow or a sewing machine.
There has been such an explosion of microlending in the state and across southern India that some analysts have been concerned the region was heading towards a micro-lending debt crisis with too many microfinance companies competing to lend too much to unqualified borrowers.
They also zeroed in on the stats that showed micro-lending to women leads to their reinvesting of profits into their families, villages, and districts.
Through UNRWA micro-lending Palestinian men and women have received 220,000 loans worth over $250 million to help them achieve dignity and self sufficiency.
When ignored, they lead to such things as reported abuses in "micro-lending" -- perhaps the best known such scheme, too frequently overburdening the needy with scandalous practices and, in some cases, usurious interest rates from social enterprise charities and unconscionable ones from commercial entities.
Category: Payday loans