Microfinance is an idea whose time has come.
Microfinance recognizes that poor people are remarkable reservoirs of energy and knowledge
Microfinance recognizes that poor people are remarkable reservoirs of energy and knowledge, posing an untapped opportunity to create markets, bring people in from the margins and give them the tools with which to help themselves.
Microfinance stands as one of the most promising and cost-effective tools in the fight against global poverty.
In 1989, I started the National Association of Business Women. We incorporated microfinance and different job training for women. We did a survey, with USAID, that found women lacked training, credit and information.
Microfinance is an incredibly powerful tool ... but we must move beyond micro-hopes and micro-ambitions for women.
The moment you say microfinance everybody wants to help you.
We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did ... It is not a panacea.
Making loans and fighting poverty are normally two of the least glamorous pursuits around, but put the two together and you have an economic innovation that has become not just popular but downright chic. The innovation - microfinance - involves making small loans to poor entrepreneurs, usually in developing countries.
I think the money for the solutions for global poverty is on Wall Street. Wall Street allocates capital. And we need to get capital to the ideas that are successful, whether it's microfinance, whether it's through financial literacy programs, Wall Street can be the engine that makes capital get to the people who need it.
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