Goal of Micro-enterprise: Offer small loans to people so they can increase their income and promote self employment.
Theme: Development of ME development in the US
- expand opportunities and community economic development
- more flexible terms than banks
- education and training are important part
- improves survival rate / credit repayment
- laws are regulations are significant here, more so than the informal setting outside of the US
- There are alternative sources for credit in US
- Lending is not essential to the broader mission of starting businesses
- Huge benefit to families and communities
Micro business= less than 5
ME programs are about more than the extension of credit... mentoring / networking / training / sales programs / connections to banks, colleges... Offers borrowers technical support thereby helping sucess rates.
Can ME programs become self sustaining?
- Income from check cashing and remittances
- Reduced costs through technology
- Partnerships with mainstream banks. Partnership helps mainstream institutions gain new customers.