Microfinance: A New Era
Since the debut of Muhammed Yunus' Grameen Bank in 1976, microfinance has emerged as an important instrument in the global struggle to alleviate poverty. Currently, microfinancial institutions all around the globe are working to allocate capital, establish safe locations for building assets, and expand credit in order to break the cycle of poverty.
Credit unions and churches in the Bronx strive to deliver financial services to unbanked individuals who desperately need access to loans, savings, and insurance in order to pursue their life plans. Concourse helps to spearhead the local movement to promote financial inclusion for all.
Microfinance around the world operates in multiple arenas to fight poverty.
Colleges across the country have started microfinance groups of their own. Groups like the Intersect Fund, the Elmseed Enterprise Fund, and the Capital Good Fund increase awareness about financial inclusion and aid the constant struggle of promoting saving and building credit.
Other Forms of Microfinance
The world of microfinance is certainly not limited to development banks and loan funds. Corporations like Kiva, which uses the internet to crowd-fund microenterprise throughout the world, bring new frontiers to the possibilities of microfinance. Other organizations, like , started as microfinance groups but now act as consulting firms that build MFIs throughout the world.