Microfinance in North America
When people think of Microfinance they tend to think of the developing world, and that is where most of the activity is today. However, there remain to be poor people in North America as well that can be well served by Microfinance, particularly because their alternative sources of credit (credit cards) typically have very unfair and unfavourable terms to the borrower.
On April 20, 2009 President Barack Obama announced the creation of a $100M Microfinance fund for the Americas with hopes that the fund will grow to $250M. While the bulk of those funds will likely go to American countries outside of the North, there has been a renewed spark of interest in using Microfinance to help the poor in North America. One site where you can go to receive more information on North American Microfinance projects is Microplace.com.
President Obama’s interest in Microfinance is not happenstance; his …
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