American RadioWorks |
President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)

Goodbye, College Ratings (For Now)

The Obama administration recently declared that it would no longer pursue a college ratings system based on accessibility, affordability and student success. And college presidents everywhere breathed a sigh of relief.

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in collaboration with Spotlight on Poverty and Opportunity

Get banks to fund a microcredit program for poor in the United States

File under: income, microfinance, geneva global, opportunity international, HOPE International, mediamavens.com, enrichment.com

4 (1 votes)

From: Mike S., Ft. Lauderdale, FL

Microcredit (or microfinance) is working in developing countries. Poor, working people (primarily women) are given a small loan, funded by donors through an NGO (non-governmental organization), to operate a small business. This lifts them and their family out of intractable, chronic poverty.

Microcredit hasn't had a real launch in the United States, because the small loans would obviously have to be larger here than what they would be in the developing world.

Let a bank -- e.g., Bank of America -- sponsor a fund that would be targeted to poor, working people in each of the market areas of each branch bank. Monies to loan out would come in through bank customer donations (the bank could appeal to customers to give "x" dollars each month from their checking accounts), and through a percentage of the bank's own monies. The bank would work with one or more acknowledged microfinance agencies for distribution.

The public relations for the bank would be terrific; this could be a customer magnet for new accounts, far offsetting whatever the bank would be doling out.


Comments:

Tina W.
From Minneapolis, MN

Like with many things in the US I would be afraid it would be exploited. However it could work if the people "donating" the money got their money back when the borrower begins paying back the loan. This is how Prosper Marketplace, Inc works. But, I like this idea. Give everyone who wants it a reason to be proud of themselves, and feel good about giving back to their local economy. The biggest problem as I see it, is that you have to use people in order to get ahead these days. This is why I will never have enough to make ends meet. But a bunch of small local businesses who can even barter would be good. A little money is exchanged, a promise to help when needed, and the heart of our communities could be returned too.


American RadioWorks |
President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)

Goodbye, College Ratings (For Now)

The Obama administration recently declared that it would no longer pursue a college ratings system based on accessibility, affordability and student success. And college presidents everywhere breathed a sigh of relief.

Recent Posts

  • 07.23.15

    Sweet Briar Returns

    Sweet Briar College was about to close after struggling with dwindling enrollment and other problems. An alumni group raised more than 20 million dollars in pledges to keep the doors open, but the school's survival is still deeply in doubt.
  • 07.15.15

    The Future of Historically Black Colleges

    Historically Black Colleges and Universities proliferated throughout the late 19th and early 20th centuries, when many white schools refused to admit African Americans, especially in the South. Our guest this week feels HBCUs still serve a crucial role in higher education.
  • 07.07.15

    Talking About Race in Schools

    Over the past year, race relations have dominated the news cycle. This can bring up difficult questions, especially for parents and teachers. Our guest Yolanda Moses says Americans need to find more ways to talk about race in schools.
  • 07.02.15

    Minorities and Special Ed

    For years policy makers believed that minorities were overrepresented in special education and that there was inherent bias in the way kids were being identified as disabled. A new study turns this idea on its head.