It’s time for a microfinance industry update. The weather is hot….but these updates are cool!
The overall volume of financing to small U.S. companies rose to 108.4 percent in May from a 96.6 in April. Borrowing rose 18 percent in May from a year earlier.
By the Washington Post
Lenders are warming up to small businesses again as the overall volume of loans to small companies rose 12 percentage points in May, marking the largest month-to-month increase in three years. This rise nearly erases the past four consecutive months in decline.
By Next American City
The international microcredit institute Grameen Bank expanded its American portfolio this week, opening a branch in Oakland, California. Last week, the bank also celebrated reaching 10,000 borrowers since expanding into the US four years ago
By Los Angeles Times
Kiva is an international microlender known for providing loans in Third World countries to businesses that might be in a need of a cow or a new oven. But now Kiva is moving into a new territory — Los Angeles.
By Albany Times Union
This March, Poverty Resolutions launched a pilot microfinance program as part of its strategy for sustainable development in Haiti. Since the program’s inception, 11 clients, from a group made up of men and women from a small town north of Port-au-Prince, have each received $300 in microloans.
By The Financial Gazette
When the early pioneers of microfinance such as Professor Yunus Muhammed the founder of Grameen Bank in Bangladesh created the sector their aspiration was to help the poor escape from poverty, as low-income households had little or no access to formal finance. This challenge, in turn, demanded sustainable and scalable models for delivering adequate financial services to poor people, therefore the emergence of MFIs.
By B to B Magazine
New York—The New York Stock Exchange has partnered with online directory Yelp and lending company Accion to produce Small Business Connections, a series of workshops aimed at small businesses.
By Heather Draper, Denver Business Journal
Last fall, four banks turned down Jeffrey Buxton’s request for a loan to start his business, Green Mountain Ski Bus. A former assistant professor of business/entrepreneurism at the Community College of Denver, Buxton lost his job last year, so he decided to form his own ski bus company with two former students. He thought he was a good candidate for a traditional bank loan.
By The Economist
THE idea of harnessing many minds to write software, with open-source code, is well established. A similar process is happening for non-commercial projects and micro-finance loans, notably by Kickstarter and Kiva respectively. And the idea behind ProFounder is to apply crowdfunding to companies, explained Jessica Jackley, the firm’s founder and chief executive, during an interview with Tom Standage, digital editor of The Economist, at our Ideas Economy: Information 2012 conference on June 6th in San Francisco (full video above).
By Bank of the West
SAN FRANCISCO, June 12, 2012 –/PRNewswire/ — Bank of the West today announced that three nonprofits have received a total of $150,000 in charitable investments from the Bank of the West Charitable Foundation to support micro-entrepreneurial efforts in underserved communities.
By Myles G. Smith, Eurasia.net
Tatyana Baksheeva, a resident of Bishkek, Kyrgyzstan, is a young woman with a solid business idea and the drive to make it happen. To succeed, she first needed to shed some Communist-era baggage in order to let her sense of individual initiative flourish. But now she’s finding that Kyrgyzstan’s sketchily regulated capitalist system is giving rise to a different set of problems.
By Isaac Hopkins, AllAfrica.com
One of the best ways to encourage economic growth in poor areas is to provide affordable small loans to farmers and small-business owners. Called microcredit or microloans, these programs can inject capital into communities that lack the collateral required by conventional banks.
By Muhammad Yunus, YunusCentre.org
I was very saddened by the news. I am sure many others, including the poor women who are the owners of the Grameen Bank, felt the same as I did. The finance ministry formed a four-member Commission of Inquiry through promulgation of an order on May 15, 2012. The Commission has been given three months to submit their report.
By Center for Financial Inclusion Blog
For Alex Silva, President of Omtrix and Executive Director of Calmeadow, a transition from industrial engineering and corporate banking to microfinance was natural. In our most recent Microfinance Matters Interview, Silva discusses his unique introduction to microfinance, the commercial approach to microfinance that he was instrumental in developing and much more.