MoreWhat Matters: Credit Crisis Solved
Don’t take this the wrong way but even though micro lending has been successful in some ways in other countries, it is not like this will solve the credit crisis or traditional barriers to access for those below certain minimums of income and credit scores, etc. It certainly won’t be the beginning for the next big initial public offering. But it is reasonable to expect it could prove effective in limited situations.
Stanford Matthews
MoreWhat.com
Micro-Lending Comes to New York City
By Paige Kollock
New York
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The banking system that helps poor women in Bangladesh has come to America and it is helping women like Elvira Medina, an immigrant from the Dominican Republic who now lives in New York
The banking system that helps poor women in Bangladesh has come to America and it is helping women like Elvira Medina, who invested the money in a hair salon
Even though New York City is one of the richest cities in the world, 23 percent of its population lives below the poverty line according to the city’s Department of Health and Human Services. Now, an innovative bank from one of the world’s poorest countries is trying to change those statistics. Paige Kollock reports from New York.