Word: xu
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...with reporting by Neel Chowdhury / Singapore, Ling Woo Liu / Hong Hong, Yuki Oda and Michiko Toyama / Tokyo, Benjamin Siegel / New Delhi, Natalie Tso / Taipei, Jennifer Veale / Seoul and Jodi Xu / Beijing
...build the kind of small enterprises that can jump-start more viable local economies. "There is too much entrepreneurial ambition in this country that never sees one peso of encouragement," says Roberto Hernandez, 29, whose metal-window-frames business was financed by the Santa Cruz microbank, which is called Xu Nuu Ndavi, or Poor People's Money in Mixtec...
...something more productive than pickup trucks and wide-screen TVs. "It was time to use that treasure to find ways to bring our families back together," says Mendoza, 40. With help from the Association of Mexican Social Sector Credit Unions (AMUCSS), they pooled $170,000 and set up Xu Nuu Ndavi. One of its first business-starter loans, about $5,000, went to Mendoza's husband Daniel, 45, whose carpentry shop now employs Alberto and two other locals. Their buddy Modesto Ramos, 33, another returned migrant worker, has used his credit to raise and market tomatoes from...
...Xu Nuu 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...
...year's controversial presidential election with just 36% of the vote, the conservative Calderon has worked his way to a 58% approval rating. That might be enough cover to delve deeper into new initiatives for Mexico's development, whether in microbanks, health care or schools. Across the street from Xu Nuu Ndavi, a $300,000 church is rising in Santa Cruz. Some residents see it as a sign of the village's resurrection. Others call it a lavish vanity. But either way, Santa Cruz has a rich new faith in the power of poor people's money...