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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 |
Image via Wikimedia Commons.

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.

Recent Posts

  • 06.23.15

    Learning from Video Games

    A lot of parents worry about whether their kids' video game habits are harmful - especially when gaming gets in the way of homework or reading. But writer Greg Toppo says gaming can be a great way to learn.
  • 06.17.15

    Teaching the Birds and the Bees

    For more than a century, Americans have been arguing about how to teach children about the birds and the bees in public schools. A new book argues that for all the fuss about sex education in America, students get precious little of it.
  • 06.11.15

    What can Japan teach us about teaching?

    Coming up this fall we'll be releasing a documentary about teacher preparation - how people learn to become teachers and how they get better once they're in the classroom. This week: how do Japanese teachers learn to improve on the job?
  • 06.02.15

    Million-Dollar Teacher

    When Nancie Atwell was growing up, she never thought she’d go to college, let alone become an award-winning teacher. But a few months ago, Atwell received a $1-million-dollar global prize for her decades of teaching English and literacy skills to elementary and middle schoolers.