Word: loaned
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...first election of the 1990s came at a time of extraordinary volatility--with the nation on the verge of recession and on the edge of war in the Persian Gulf. Other issues emerged in scattered races--abortion, crime, the savings and loan crisis and ethics scandals among them...
Rickenbacker used to be a hotel bookkeeper, dreaming of what life would be like without a boss. Her break came when she was able to borrow $500 to buy a powerful new sewing machine and become a professional seamstress. Having repaid the loan after one year, she is thinking about expanding her operation...
This triumph of cottage capitalism may not sound like a model of international business strategy. But the program that helped Rickenbacker secure her loan is part of a worldwide effort to use "microlending" to provide credit to people without collateral. Its roots lie not in a U.S. university, boardroom or foundation but thousands of miles away in, of all places, the villages of Bangladesh. Development officers in the Third World have found that self-employment, backed by training and access to credit, can be a path out of poverty...
...Yunus, founder of Bangladesh's Grameen Bank, popularized this simple idea: give small "peer groups" the credit they need to start their own businesses. They then act as a combination credit committee and collection agency: if one member defaults, the others must pay back the money. The average Grameen loan is $67, and the repayment rate is 98%. Among those groups following his lead was Chicago's Neighborhood Institute, which gave Rickenbacker her loan, formed her peer group and sponsored a 13-week entrepreneurial-trainin g class...
Even for the most prudent deals, financing has become elusive. Banks require developers to put up cash or equity amounting to 30% or 40% of a property's value and demand that developers have lease agreements for half their commercial space before they can qualify for a loan. A few years ago, established developers were able to strike deals with banks without arranging any advance leases. Says New York City developer Larry Silverstein: "It is almost impossible to finance a new deal today...