Related Research Articles
Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans. As of 2009 an estimated 74 million people held microloans that totaled US$38 billion. Grameen Bank reports that repayment success rates are between 95 and 98 percent.
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
Grameen Bank is a microfinance organisation and community development bank founded in Bangladesh. It makes small loans to the impoverished without requiring collateral.
Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist and civil society leader who was awarded the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. These loans are given to entrepreneurs too poor to qualify for traditional bank loans. Yunus and the Grameen Bank were jointly awarded the Nobel Peace Prize "for their efforts through microcredit to create economic and social development from below". The Norwegian Nobel Committee said that "lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty" and that "across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development". Yunus has received several other national and international honours. He received the United States Presidential Medal of Freedom in 2009 and the Congressional Gold Medal in 2010.
Grameen Foundation, founded as Grameen Foundation USA, also known as "GFUSA", is a global 501(c)(3) non-profit organization based in Washington, DC, that uses digital technology and data to understand very poor people, in detail, and offer them—and the entire ecosystem of agencies and actors surrounding them—empowering tools that meet and elevate their everyday realities. Its CEO is Zubaida Bai. Grameen Foundation's mission is, "To enable the poor, especially women, to create a world without poverty and hunger." According to the OECD, Grameen Foundation’s financing for 2019 development increased by 33% to US$45.5 million.
Jacqueline Novogratz is an American entrepreneur and author. She is the founder and CEO of Acumen, a nonprofit global venture capital fund whose goal is to use entrepreneurial approaches to address global poverty.
Vikram Akula is an American banker and the founder of SKS Microfinance, a micro finance company and former chairperson of Bharat Financial Inclusion Ltd. SKS was an organization that offered microloans and insurance to poor women in India. He stepped down as SKS Chairperson in November 2011 and became Chairperson Emeritus.
LAPO is a Nigerian organisation with a microfinance bank dedicated to self-employment through microfinance and an NGO, a non-governmental, non-profit community development organization focused on the empowerment of the poor and the vulnerable.
The Grameen family of organizations has grown beyond Grameen Bank into a multi-faceted group of profitable and non-profit ventures, established by Muhammad Yunus, the Nobel Peace Prize-winning founder of Grameen Bank. Most of these organizations have central offices at the Grameen Bank Complex in Mirpur, Dhaka, Bangladesh. The Grameen Bank started to diversify in the late 1980s when it started attending to unutilized or underutilized fishing ponds, as well as irrigation pumps like deep tubewells. In 1989, these diversified interests started growing into separate organizations, as the fisheries project became Grameen Fisheries Foundation and the irrigation project became Grameen Krishi Foundation.
MicroPlace was an American microfinance provider that focused on retail investors. Started by Tracey Pettengill Turner in 2006, MicroPlace was bought out by eBay that same year.
Bharat Financial Inclusion LimitedBFIL is a banking & finance company (NBFC), licensed by the Reserve Bank of India. It was founded in 1997 by Vikram Akula, who serve as its executive chair until working. The company's mission is to provide financial services to the poor under the premise that providing financial service to poor borrowers helps to alleviate poverty. In 2011, the company operated across 11 Indian state.
Susan Davis is an author, public speaker, consultant and expert on international development and social entrepreneurship. She is the Chairperson of Solutions Journalism Network, an Adjunct Associate Professor at New York University Stern School of Business, a coach to social entrepreneurs and active on many boards and advisory councils.
Gregory F. Casagrande is an American businessman and the founder of South Pacific Business Development Microfinance Network, the leading microfinance institution in the Pacific Islands region. He is also the founder of MicroDreams, a microfinance acceleration fund working with emerging microfinance institutions in Latin America, Africa and the Pacific and Transformative Ventures LLC, a Microfinance advisory company.
YND is the one of the largest online P2P (peer-to-peer) lending platforms in China. It allows people to lend directly to women in rural area, especially the Northwest China. YND is a social enterprise based in Beijing, China. It is supported mainly by individual lenders from the Internet.
Rise provides microfinancing and mentorship to entrepreneurs living with mental health and addiction challenges who are interested in pursuing self-employment. Business loans, leases, and other investments are offered depending on the stage of development, needs and capacity of each business. Rise provides business financing up to $25,000 throughout Ontario, with financing averaging from $3000 to $5000. The Rotman School of Management and Centre for Addiction and Mental Health participate in advisory functions, lending their respective expertise for business mentoring and mental health supports and services to the benefit of Rise clients. In January 2012, Rise received the Social Entrepreneurship in Mental Health Equity Award for Toronto social enterprises advancing mental health equity.
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 and Canada, it is argued that microcredit helps recipients to graduate from welfare programs. Critics say that microcredit has not increased incomes, but has driven poor households into a debt trap, in some cases even leading to suicide. 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.
Yunus Social Business (YSB) is an impact-first organisation with a non-profit impact-investing arm, Yunus Funds, and a corporate social-innovation consulting arm, Yunus Corporate Innovation. Both business units are based on furthering the concept of social business, as developed by YSB Co-founder and Chairman Professor Muhammad Yunus.
Silatech is an organization based in Qatar, spearheaded by the wife of the former Emir of Qatar Sheikha Mozah bint Nasser. The current CEO of this organization is Ms Sabah AlHaidoos. Silatech means "your connection" in Arabic. The initiative seeks to create jobs and economic opportunities for young people in the Arab world, targeting 18- to 30-year-olds. by 2016, Silatech claims to have helped 200,000 young Arabs to obtain jobs. The initiative’s model involves building partnerships with governments, private companies and NGOs.
Ndidi Nnoli-Edozien is a Nigerian social entrepreneur and corporate sustainability and responsibility (CSR) expert and Bottom of the Pyramid empowerment advocate. She is the Founder and President of the Growing Businesses Foundation, Nigeria's largest Bottom of the Pyramid platform which has been managing CSR Projects for multinational corporations. Her status as a social entrepreneur has been recognized by the Bertelsmann AG to whom she is affiliated as a Reinhard Mohn Fellow.
Kashf Foundation is a non-profit organization, founded by Roshaneh Zafar in 1996. Kashf is regarded as the first microfinance institution (MFI) of Pakistan that uses village banking methodology in microcredit to alleviate poverty by providing affordable financial and non-financial services to low income households - particularly for women, to build their capacity and enhance their economic role. With headquarters in Lahore, Punjab, Kashf has regional offices in five major cities and over 200 branches across the Pakistan.
References
- ↑ "Episode 106: Tracey Turner". InvestHersFoundHers. Retrieved 2019-09-27.
- ↑ Martin J., Smith (Summer 2017). "Bringing Online Shopping to Africa, Village by Village" (PDF). Stanford Business School Magazine. 85, #2: 48–49.
- ↑ Magid, Larry (October 31, 2007). "Fight Poverty With Online Microlending". CBS News . CBS Interactive Inc. Retrieved 2011-01-01.
- ↑ Moore Odell, Anne (February 24, 2008). "Learning from Grameen Bank - MicroPlace: Microfinance for the Masses". Zimbio . SRI World Group, Inc. Retrieved 2011-01-01.
- 1 2 3 4 "One Woman, One World, 4Charity". Wired.com . Condé Nast Digital. April 6, 2001. Retrieved 2011-01-01.
- 1 2 "Tracey Turner '93". Dartmouth Entrepreneurship Forum. Plug and Play Tech Center. Retrieved 2011-01-01.[ permanent dead link ]
- ↑ O'Neill, Meaghan (October 8, 2008). "Meet Change Maker Tracey Turner of MicroPlace". PlanetGreen.com. Discovery Communications . Retrieved 2011-01-01.
 | This article about an American businessperson born in the 1970s is a stub. You can help Wikipedia by expanding it. |