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Contributed articles on microfinance and small business in India.
Introducing a new direction for microenterprise finance, contributors argue that one can create sustainable and viable financial institutions that give the poor greater access to financial services. Covering Asia, Africa, and Latin America, the cases outline successful programs such as: the Bank Rakyat Indonesia (BRI); BancoSol in Bolivia; the Association of Solidarity Groups in Colombia; and the Kenya Rural Enterprise Programme.
The Rural Micro Enterprise Promotion Program (RuMEPP) is a seven- year nationwide program assisted by the International Fund for Agriculture Development whose goal is to reduce rural poverty through increased job creation and better income for households through the promotion of profitable and micro enterprises on the 19 priority provinces in the Philippines. Through the microfinance wholesale program of the Small Business Corporation, funds are re-lend to partner financial institutions who in turn re-lend to micro enterprises. The study aims to assess the progress of partner financial institutions' financial and operational performance after the receipt of the wholesale loans re-lent by the Small Business Corporation. It also aims to determine the socio-economic progress of the client borrowers who were granted loans by the partner financial institutions in Albay and Camarines Sur. The said provinces were among the identified priority provinces of the program. The study used a combination of qualitative research design. Respondents of the study consisted of 371 client borrowers from partner financial institution's microcredit program. Respondents were selected through purposive sampling from the partner financial institutions' liquidation report as submitted to Small Business Corporation. Reliability and validity scores for the surveyed items were 86.48% and 93% indicating the items were clear to the respondents. The economic and social impact was measured through the Stochastic Frontier Analysis. Findings of the study revealed that the program was able to target married middle aged female clients, involved in trading, 30 years in the community, and availed of 18,000 to P20,000 worth of loan for more than 3 times to finance existing business. Impact of the financing scheme show improvement in the economic, social and institutional dimensions of the community. Majority of the respondents agreed that they are better off after receiving loan from the partner financial institutions.
In Russia, small-scale entrepreneurship has emerged in response to the collapse of state-ownership and unemployment in the early 1990s. Small businesses typically lack adequate collateral and credit history, making them 'unbankable' by the mainstream financial sector. To fund their businesses, micro-entrepreneurs are forced to rely on funds from family and friends, or money lenders. Microfinance institutions of four types have emerged to meet the unfulfilled financing needs of micro-entrepreneurs: commercial banks, specialized NGO-type microfinance institutions, membership-based institutions (such as rural cooperatives and credits unions), and public funds. All four types have enjoyed significant growth in Russia in the past five years, but the industry is still at an early stage of development. Demand appears to far outweigh supply. 'Microfinance in Russia' provides an overview of microfinance in Russia to date, presenting industry trends and identifying key challenges to sustainable growth of the industry.
The Integrated Rural Development Program (IRDP) is a core initiative in the W.K. Kellogg Foundation Africa portfolio of programmes, which aims to reduce poverty and improve the quality of life of rural communities. A component of this programme is to help capitalise locally based enterprise development initiatives by stimulating the provision of and access to micro-finance in rural areas. Three sites have been selected to pilot the introduction of this and other IRDP activities. These are: Chimanimani (Zimbabwe), Chimoio (Mozambique) and Nyandeni (South Africa). As part of this initiative , the Human Sciences Research Council (HSRC) based in Pretoria has conducted an evaluation in three key sites of the IRDP to evaluate the implications of implementing a mico-finance scheme in these areas.
Beyond Micro-Credit sets out how Indian Micro-Finance Initiatives are combining micro-finance with a wide range of development goals, these include not only poverty alleviation through providing savings, credit and insurance services but also promoting livelihoods, empowering women, building people's organizations and changing institutions.