Published by Jerry Ostradicky on 26 Apr 2009
I hear of microfinance stories from all over the world, but very rarely do I hear stories from the US. The National had a great article about microfinance in the US. It gives some real life stories of people from Queens who have benefited from microfinance loans.
Published by Jerry Ostradicky on 26 Apr 2009
I found a cool post on Jigaroo about Yoga Gives Back, a non-profit that combines yoga with microfinance. Yoga Gives back teams up with the Grameen Bank to help get loans to recipients. With the slogan “For the cost of two yoga classes, you can save a life” I think that this is a pretty cool concept. It uses the Grameen group model of microfinance, but applies to the lenders rather than the recipients. Yoga Gives Back works with a specific group of people whom it teaches microfinance to, with the hopes of spreading awareness. 
Published by Drew Meyers on 13 Apr 2009
There’s a thought provoking post over at the Kiva Fellows Blog by Rob C. Here is one excerpt that got me thinking:
One day Sulton Kurbonov stopped at the MicroInvest office to make a loan payment and I had a chance to meet with this soft-spoken father of seven.  He explained that he had taken out a loan to purchase a color television set and my initial reaction was one of disdain.  You’re struggling to make ends meet yet you’re taking out loans to buy a television?
After some reflection I realized what a patronizing attitude I had taken.  Here’s a man who has lived honestly and worked hard for more than 30 years for little reward other than the sustenance of his family.  Is he entitled to allocate some of his income for entertainment?  And is he really much different than those of us who finance a car we couldn’t afford to buy in cash?
It’s fairly easy to jump to conclusions based on little but false assumptions, but until you know the facts and have a chance to think about an issue from both sides, you are in no position to judge anyone about anything.
Published by Jerry Ostradicky on 12 Apr 2009
IDLO is an international intergovernmental organization dedicated to promoting the rule of law and good governance in developing countries. Their website is a platform for discussions, social networking and research on microfinance legislation and regulatory-related issues. IDLO is currently running a 3-year worldwide project (2006-2009) which encourages and enables legal professionals to take an active role in the industry by providing advice and assistance on the legal, regulatory, and practical aspects of microfinance. Here are a few words Jami Solli from IDLO sent me about their microfinance project:
“Right now we have to get our own www.mflegalforum.com going, which will be a place for our project participants (about 300 lawyers globally working in MF, and an assortment of regulators) to post about real time challenges related to commercial transactions and/or legislation that is blocking the industry.
We are aware that NGO’s and MFI’s face a lot of legal/regulatory constraints, but feel that their biggest hurdle is really lack of knowledge of their own domestic legal frameworks (and failure to involve local lawyers in their businesses).
Often, there are many laws which impact the provision of financial services to the poor and the typical NGO as a small, grassroots org. often does not have a big budget to retain a lawyer, so they do so only when a serious legal situation arises — in times of crisis. Then, what happens is the lawyer retained by the MFI is not familiar with MF objectives or operations and tends to not be very helpful. Thus, we think a more logical approach would be to educate local legal professionals about MF goals and methodologies and link these two groups, so that a lawyer can be available to a MFI in its formational phase — as business strategies are being defined. Lawyers can indicate which business legal entity is appropriate for the microfinance institutions’ goals and appropriate considering to the legal framework in place in the country. For example, the MFI, formed as a NGO wants to take deposits from its clients, but cannot because it is structured as an “charitable organization or an association.” The lawyer could advise on other possible options to achieve the same end — like forming a cooperative (which can accept savings of members), or how to transform into a licensed deposit taking entity, or recommending that the MF organization partner with a licensed deposit taker, like a commercial bank. The bank would keep the deposits on its accounts, and the MF org. would benefit from this arrangement by being able to provide its clients with another financial product. So, our goal is also to change people’s attitudes towards lawyers, and to see our role as development partners. When we understand the goals of the institution, we can be an industry catalyst.”
Published by Jerry Ostradicky on 12 Apr 2009
The microfinance lending platform LenderForPeace.org recently made news on FOX Business. Here’s a clip of the story:
Published by Jerry Ostradicky on 12 Apr 2009
Kiva.org just released an announcement that they are hiring for two positions. With the economy going the way it is, there aren’t to many new jobs in microfinance. So this is a great opportunity for someone looking to get into the field.
Here’s a description of their openings:
Product Manager, Consumer Applications:
Kiva is seeking an enthusiastic, seasoned Product Manager to guide the lender experience of the world’s leading micro-lending marketplace. You will bring your experience and excitement for consumer web applications and apply everything you know to help Kiva reach its potential to the fullest. We really are changing the world, one person and one loan at a time.
Software Engineer:
Kiva is seeking an enthusiastic, sharp software engineer to join our rapidly growing team full-time, and help us change the world even faster.
Responsibilities Include:
* Build new functionality for our website
* Collaborate with business owners and other engineers to find solutions
* Write efficient and maintainable code
* Testing (both manual and automated test suites)
* Participate in design process, prototype new functionality
* Anything else that Kiva needs to get done!
Published by Jerry Ostradicky on 09 Apr 2009
With the downturn of the economy, many people are wary of investing their money. Those that are investing are making sure that they get a solid return for their risk. Microplace has reached a new benchmark by offering a 6% return to its investors, which should help increase the investment rate in microfinance loans.
Read the entire article over at The Mifi Report
