Microfinance for Wealthy Countries
In April 2011, Fair Finance, a microcredit business that provides loans to some of the United Kingdom’s poorest households, received $3.66 million from mainstream banks, paving the road for the growth of microfinance in the developed world.
In the early 2000s, a few pioneers started to experiment with the microfinance model in Western Europe. Faisel Rahman, fresh from managing a $120 million World Bank microfinance program in Bangladesh, was one such social entrepreneur. He had worked with 200 microfinance institutions (MFIs) in Bangladesh, creating the first microenterprise fund to grow businesses in rural areas. The experience opened his eyes to the similarities between financial exclusion in the developed and developing worlds....
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