Word: microcredit
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Dates: during 2000-2009
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...there's surprisingly little evidence that promise can be met. No long-term study has measured how often borrowers graduate to the middle class. "Is microcredit a cure for entrenched poverty?" asks Northeastern University professor Rashmi Dyal-Chand, who focuses on microfinance. "There aren't the statistics to prove that...
...Bautista is back - working for his uncle in a new carpentry business financed by a microcredit bank that the wives in Santa Cruz founded recently with all that remittance cash. Bautista made $6 an hour picking strawberries in Arizona, more than many laborers in Mexico earn in a day. But he's hopeful that he can comfortably support his wife and new baby by crafting doors, cabinets and coffins, products that people in Santa Cruz and surrounding villages once had to travel miles to buy. "I didn't want to start a family al otro lado," Bautista says, as wood...
...Ndavi, whose capitalization today is nearly $1 million, offers loan values at a level beyond typical microcredit operations, which are sometimes criticized as the purview of First World do-gooders helping Third World women market tribal shawls. The handful of institutions like it are the first real banking system most rural Mexicans have ever known. In developed countries there are usually fewer than 2,000 people per bank branch. In Oaxaca the number is 38,000, according to AMUCSS. Mexico's big banks have failed to help. The few large banks that make up Mexico's financial oligopoly have...
...poor - hundreds of thousands of whom migrate illegally to the U.S. each year to work - insist there are myriad efforts the U.S. could aid to curtail the flow at its source, inside Mexico, instead of throwing billions at building walls along the border. One is the growing number of microcredit banks that help remote rural towns finance businesses. "If I could sit down with Presidents Bush and Calderon in Merida, I would say, 'Look, if you want to reduce illegal immigration then help us for once build a financial system where those migrants come from,'" says Isabel Cruz, director...
Nicknamed "banker to the poor," Muhammad Yunus will enter politics under the auspices of his new party in the next Bangladesh election. In 2006 he won the Peace Prize for inventing microcredit...