Micro finance and sustainable development
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Source : http://www.microfinancegateway.org
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1 comments
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last activity : 07 06 2010 20:18:04 +0000
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Microfinance is a scheme that helps people to start their mini businesses.
To start a businesses is definitely a problem. The funds arrangement holds the major part of the problem.
Sometimes the task become too tedious when the loans issue becomes a problem.
There has started a new scenario when the students organizations are formed and they finance microfinance businesses.
There is an incident when When Larry Thomas could not get a bank loan for his struggling construction business, he turned to Yale University students less than half his age. Elmseed Enterprise Program is the first microfinance program in the United States which is run by college students. It provides small loans and intensive technical support primarily to low income and other disadvantaged entrepreneurs. The program has inspired a similar initiative by Harvard University students, while Georgetown University students are planning a program in Washington D.C. Rutgers University in New Jersey and others such as the University of Rochester in New York are also considering starting similar programs.
Elmseed is funded with federal grants and donations from banks, foundations and individuals. It was founded in 2001 by four Yale undergraduates who were inspired by the microcredit model used in the developing world and by similar initiatives in the United States. A board of directors comprised of banking executives and other experts gives final approval to loans. Instead of collateral, Elmseed relies on peer pressure. Borrowers join a group in which everyone must be current on their loan payments in order for the next borrower in the group to receive a loan. More than 90% of clients repay their loans. Elmseed has given out 22 loans, totaling US$46,000, said Heather Soleau, a Yale freshman who handles Elmseed's public relations.
The programs are not affiliated with universities, but give students hands-on experience in working with struggling businesses. The students work as volunteers. This eliminates labor costs and helps the program be self-sufficient.
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