DOCSLIB.ORG

Microfinance in Brazil: Government Policies and Their Effects a Thesis

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Microfinance in Brazil: Government Policies and Their Effects a Thesis Microfinance in Brazil: Government Policies and Their Effects A thesis presented to the faculty of the Center for International Studies of Ohio University In partial fulfillment of the requirements for the degree Master of Arts Flávio A. Serpa March 2008 2 This thesis titled Microfinance in Brazil: Government Policies and Their Effects by FLÁVIO A. SERPA has been approved for the Center for International Studies by Julia A. Paxton Associate Professor of Economics Betsy J. Partyka Director, Latin American Studies Drew McDaniel Interim Director, Center for International Studies 3 ABSTRACT SERPA, FLÁVIO A., M.A., March 2008, Latin American Studies Microfinance in Brazil: Government Policies and Their Effects (117 pp.) Director of Thesis: Julia A. Paxton This thesis investigates the policies adopted by the Brazilian president, Mr. Luís Ignácio Lula da Silva, as a result of campaign promises towards microfinance. Data were collected from Brazilian government institutions, from microfinance institutions’ websites and from interviews with institutions’ managers. The study analyzes how effective these policies were in fighting the existent barriers upon the sector and promoting its development. After Mr. da Silva’s term, the sector has made significant improvements in the number of institutions, number of clients, and the active loan portfolio volume. Despite the success, however, the government actions did not deepen the sector sustainability and its policies are oriented much more towards microcredit than microfinance, following an old paradigm for finance to the poor. This study recommends that the Brazilian government, as a second step, supports microfinance institutions, through regulations and policies, in order to facilitate their sustainability and lower their dependence on the government. Approved: _____________________________________________________________ Julia A. Paxton Associate Professor of Economics 4 To Denise, with all my love 5 ACKNOWLEDGMENTS I would like to take this moment to express my gratitude to those that supported me to accomplish this endeavor: My parents, Eustáquio and Cecília, for their unconditional love and support throughout the journey of my life; Denise, who stood by me every step of the way, through the good moments and the roughest ones; my sister Cristiane, not only for her support, but inspiration and friendship; Vovó Idalina, Tia Bezinha, Vovô Tantino and Vovó Ignez for their readiness to do help; Pepeto and Clara, for the way they changed my life. I would like to thank Dr. Thomas Walker and his wife Anne for receiving my family as part of theirs. Dr. Julia Paxton for inspiring and guiding me in the field of economic development and microfinance. Dr Hector Perla for his assistance and constructive criticism. Dr. Betsy Partyka for the technical and moral support, the staff of the Center for International Studies, and specially Paula Dutra, for her friendship. Finally, I would like thank those involved in the research: the staff of the microfinance institutions interviewed, for their time and attention, Mr. Marden Soares from the Brazilian Central Bank, Mr. Gilson Bittencourt from the Treasury Department, and Mr. Almir Pereira from the Labor Ministry. 6 TABLE OF CONTENTS Abstract ................................................................................................................ 3 Acknowledgments ................................................................................................ 5 List of Tables ........................................................................................................ 8 List of Figures....................................................................................................... 9 Chapter 1: Introduction ....................................................................................... 10 Old Paradigm versus New Paradigm....................................................... 13 The Brazilian Context............................................................................... 17 Chapter 2: Methodology ..................................................................................... 20 Chapter 3: Microfinance in Brazil........................................................................ 23 3.1 Stages of the Microfinance Sector .......................................................... 23 Stage 1 .................................................................................................... 23 Stage 2 .................................................................................................... 25 Stage 3 .................................................................................................... 27 3.2 Demand for Microfinance ........................................................................ 36 3.3 Barriers for Microfinance in Brazil ........................................................... 38 Government Policy and Intervention in the Market .................................. 39 Lack of Well Defined Legal and Regulatory Framework .......................... 40 Lack of Macroeconomic Stability ............................................................. 41 Crowding Out by Public Sector ................................................................ 42 Lack of Demonstration Effect................................................................... 42 3.4 Government Policies ............................................................................... 43 Chapter 4: Description of Policies Adopted ........................................................ 49 Expansion of PRONAF ............................................................................ 49 Increase of the Resources for Microcredit ............................................... 52 Increase of the Number of Local Financial Agents .................................. 53 Creation of Financial Products and Services to the Poor......................... 56 Creation of the PNMPO ........................................................................... 59 Alteration in the Legal Framework of Cooperatives ................................. 60 7 Chapter 5: Data Analysis.................................................................................... 64 5.1 Microfinance Institutions Sample Results................................................ 64 5.2 Macroeconomic Scenario........................................................................ 74 5.3 Government Policies Adopted................................................................. 81 Expansion of PRONAF ............................................................................ 81 Increase of the Resources for Microcredit ............................................... 84 Increase of the Number of Local Financial Agents .................................. 90 Creation of Financial Products and Services to the Poor......................... 95 Creation of the PNMPO ........................................................................... 98 Alteration in the Legal Framework of Cooperatives ............................... 100 Chapter 6: Conclusion ...................................................................................... 102 References ....................................................................................................... 108 Appendix 1: Interview Questionnaire ................................................................ 112 Appendix 2: Overview of Institutions Interviewed ............................................. 113 8 LIST OF TABLES Table 1: Key Characteristics of OSCIPs and SCMs ........................................... 30 Table 2: BNDES, Programa de Crédito Produtivo Popular, 1998 – 2002........... 33 Table 3: Microfinance Penetration in Latin America ........................................... 38 Table 4: Growth Rate on Active Loan Portfolio and Active Clients 2001 - 2005 . 70 Table 5: Microcredit Program – 2% rate of interest ............................................ 85 9 LIST OF FIGURES Figure 1: Brazil’s Gini Coefficient........................................................................ 18 Figure 2: Legal Format of MFIs in Brazil in 2000 and in 2002 ............................ 31 Figure 3: Charter Type of Sampled Microfinance Institutions ............................. 66 Figure 4: Regional Distribution of Sampled Microfinance Institutions ................. 67 Figure 5: CrediAmigo – Active Clients ................................................................ 71 Figure 6: CrediAmigo – Active Loan Portfolio and Average Loan Size............... 72 Figure 7: CrediAmigo – Net Income (R$ ‘000).................................................... 73 Figure 8: CrediAmigo – Default Rate (%) ........................................................... 74 Figure 9: GDP per capita.................................................................................... 76 Figure 10: Yearly Inflation Rate – INPC (%) ....................................................... 77 Figure 11: Monthly Inflation Rate – INPC (%)..................................................... 78 Figure 12: Nominal Monthly Interest Rate - Selic (%)......................................... 79 Figure 13: Real Average Income in Urban Areas – R$ (1994 – 2003) ............... 80 Figure 14: PRONAF – Funds Invested ............................................................... 81 Figure 15: PRONAF – Number of Contracts (1,000) .......................................... 82 Figure 16: Microcredit – 2% credit line ..............................................................
Load more

Recommended publications
  • Shared Interest's Guarantee Fund for South Africa
    42 Community Development INVESTMENT REVIEW Unlocking Local Capital for Development: Shared Interest’s Guarantee Fund for South Africa Donna Katzin, Shared Interest Robert Rosenbloom, Strategic Philanthropy Advisors, LLC Introduction s the world grapples with growing income disparities that leave more than three billion of the planet’s people in poverty, and as the current recession shrinks the pool of public and private resources available to remedy the situation, inves- tors and policymakers across the globe are seeking high-impact, cost-effective Astrategies and tools to reduce the cavernous income and wealth gap and create bridges out of poverty.1 South Africa is a stark case in point. In 1994, when the country replaced apartheid with majority rule and elected Nelson Mandela president, South Africa was one of the most unequal nations on earth, with the preponderance of the country’s wealth concentrated in the hands of 9 percent of the population.2 Eighty-four percent of that wealth was deposited in the country’s four major banks, which by and large did not extend credit or most other banking services to blacks, who made up 80 percent of the population.3 That year, after the country transferred political power, but left economic power concen- trated in the same minority hands, Shared Interest was launched to provide U.S. inves- tors with a catalytic vehicle to help reverse apartheid’s legacy of institutionalized race-based inequality. In creating a model that would respond to South Africa’s particular conditions and needs, Shared Interest established a guarantee fund that moved highly capitalized South African banks to lend to community development financial institutions (CDFIs), coopera- tives, and emerging enterprises that, in turn, have supplied credit, affordable homes, and jobs to more than one million low-income black (including mixed race) South Africans.
    [Show full text]
  • IFC Financing to Micro, Small, and Medium Enterprises in Sub-Saharan Africa Key Highlights
    IFC Financing to Micro, Small, and Medium Enterprises in Sub-Saharan Africa Key Highlights IFC is working to develop solutions to close the micro, small, and $342 million for trade finance. In fiscal year 2011 alone, IFC MSME medium enterprise (MSME1) financing gap, collaborating with commitments in the region were $1,095 million. In addition, IFC’s 69 financial institutions across 23 countries in Sub-Saharan Africa. microfinance institution (MFI) clients had 157,000 loans outstanding to micro-enterprises in Sub-Saharan Africa by end of 2010, totaling As of June 2011, IFC committed a total of $1.8 billion to $128.3 million. Similarly, IFC’s SME financial institution (SME FI) MSME finance in Sub-Saharan Africa, $1.48 billion for long term clients had 34,000 loans outstanding to SMEs by end of 2010, finance (including $220 million for funds supporting MSMEs), and totaling $4.2 billion in this region. MSME Financial Intermediary Portfolio, June 2011 IFC’s Committed Portfolio in MSME Financial Institutions IFC’s Regional Committed Portfolio in MSME in Sub-Saharan Africa2 Financial Institutions 1,400 2% 1,200 13% Europe & Central Asia 1,000 East Asia & the Caribbeans 6% 34% s n 800 Latin America & the Caribbeans o illi Middle East & North Africa 600 M 11% South Asia 400 Sub-Saharan Africa 200 19% 15% WORLD 0 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 MSME Loans by IFC Clients, December 2010 MSME Loans by Microfinance Institutions MSME Loans by SME Financial Institutions IFC was able to survey or extrapolate outreach data from IFC was able to survey or extrapolate outreach data from 23 SME FI 17 microfinance clients in 12 countries, 53 percent of these clients clients in 12 countries, 35 percent of these clients received advisory received advisory services from IFC.
    [Show full text]
  • Best Practices in Collections Strategies
    Number 26 November 2008 Best Practices in Collections Strategies Past-due or non-collectible loans are part and parcel of the financial sector. As past-due rates surpass expected limits, though, this piece of the credit cycle can become a true problem. While often seen as a final step in the lending cycle, collections 1 actually plays a much more integral role in the overall process. In recent years microfinance institutions (MFIs) have sought to develop new and more effective strategies for collections. This increased attention to collections is in part due to an industry-wide emphasis on credit promotion and analysis as well as to the changing and increasingly competitive environments in which MFIs are operating. Drawing from the experiences of collections programs throughout Latin America 2 and through the implementation of initial collections activities in India that are mainly focusing on Individual lending methodology, this InSight explores “best practices” and considerations that an MFI should take into account when attempting to successfully implement collections activities. I. The Role of Collections Collections is an integral part of the credit Collections is an important service cycle. that helps to both maintain clients and free up money for lending again. It is a strategic process that is key to generating good habits and a payment culture among clients. It can also be seen as a business activity whose primary objective is to generate returns for the institution, converting losses into income. MFIs should view collections as an essential piece of the credit cycle, not just the final step. During the collections process, institutions receive feedback on policies and activities within each sub- process of the lending cycle: promotion, evaluation, approval, and disbursement.
    [Show full text]
  • Bootstrapdreams.Pdf (1.428Mb)
    CONTENTS Preface IX Abbreviations Xlll INTRODUCTION 1 Chapter 1 THE INTERNATIONAL ROOTS OF MICROENTERPRISE DEVELOPMENT 19 Chapter 2 THE EMERGENCE OF U.S. MICROENTERPRISE DEVELOPMENT 44 Chapter 3 CHARACTERISTICS OF U.S. MICROENTERPRISE PROGRAMS 78 (Julie Cowgill, coauthor) Chapter 4 FORMING A MICROENTERPRISE PROGRAM: CASE STUDY PART' 120 (Julie Cowgill, coauthor) Chapter 5 MATURATION OF A MICROENTERPRISE PROGRAM: CASE STUDY PART" 159 Chapter 6 CONCLUSION: MICROENTERPRISE DEVELOPMENT CONTEXT, 201 CONTRADICTION, AND PRACTICE Notes 219 References 225 Index 245 0.. CHAPTER 1 THE INTERNATIONAL ROOTS OF MICROENTERPRISE DEVELOPMENT Conventional banking institutions do not make loans to the poor, especially to rural women. The bankers I met laughed at me. -YUNus (1997) After the bank's eighteen years in business, one could estimate that conservatively half a million families were able to throw off a life of destitution and begin living with a modicum of honor and dignity as a result of intervention from the Grameen Bank. -COUNTS (1996) [T]he development community is riding the microcredit band-wagon given that it is consistent with the dominant paradigm of self-help, decentralization. and given that structural adjustment programs have forced the poor into self-employment. -McMICHAEL (2000) A major source of the excitement surrounding microenterprise develop- ment has been the Grameen Bank in Bangladesh (Ryan 1997; Brill 1999). The statement by Mohammed Yunus, the bank's founder, describes his struggle to offer microcredit in the 1970s. The second statement captures the popular acclaim surrounding the bank and the hopes for future mi- croenterprise development. Many U.S. MDPs were modeled after famous southern programs such as the Grameen (Wahid 1993a; Counts 1996).
    [Show full text]
  • A Tool to Measure Poverty
    IN THIS ISSUE: A SPECIAL FEATURE PAGE 3 B NEWS FROM AROUND THE WORLD PAGE 4 C SPOTLIGHT ON OUR SUPPORTERS PAGE 5 D VOICES FROM THE FIELD PAGE 6 FALL-WINTER // 2013-14 Income and Health and Housing and Happy Employment Environment Infrastructure Families 69 18 20 PERCENT PERCENT PERCENT A TOOL TO MEASURE POVERTY IN PARAGUAY IS ALSO HELPING Reported to be below Reported having access Reported having no the poverty threshold to drinking water in access to electricity TO ELIMINATE IT their homes BY JORDAN CORIZA Education and Organization and Interiority and Culture Participation Motivation 29 56 39 PERCENT PERCENT PERCENT Reported being unable Reported having some Reported having complete to read or write Spanish or full capacity to solve autonomy and ability to problems and conflicts make decisions Scorecard for Curuguaty, a town in eastern Paraguay, where Fundación Paraguaya is working with indigenous groups, rural residents and local business leaders to assess and eliminate poverty uruguaty is a Paraguayan town in the eastern department of Canindeyú. income, strengthen existing jobs and create new ones. The idea worked. But If you’ve heard of it – which you almost certainly haven’t – it’s probably like similar programs in Latin America, Fundación Paraguaya dedicated its early C because its population, which is poor and mostly rural, has been surveyed years to achieving financial self-sufficiency. Doing so required the adoption of and plotted on a map using Fundación Paraguaya’s color-coded ‘Poverty Stoplight,’ what some refer to as a minimalist strategy: focusing solely on providing access an innovative poverty measurement tool that has helped nearly 18,000 families to credit rather than the integrated strategy of urban and rural development overcome economic poverty since the program began in 2010.
    [Show full text]
  • Apr02 UR Social Exclusion
    TIONAL BA A NK RN E F T O N R I WORLD BANK R E T C N O E N M S P T O R L U E CT EV ION AND D August 2002 No.7 A regular series of notes highlighting recent lessons emerging from the operational and analytical program of the World Bank‘s Latin America and Caribbean Region BRINGING MICROFINANCE SERVICES TO THE POOR: CREDIAMIGO IN BRAZIL Susana M. Sánchez, Sophie Sirtaine, and Rita Valente Among policymakers and economists, there is a widely- micro and small enterprises. These products typically held perception that microenterprises1 face severe financ- carry very high interest rates and require collateral. ing shortages that limit their growth opportunities. Re- Banking networks also leave many areas, particularly solving the problems of access to finance as well as the poor and remote regions in the Northeast and North of high cost of financing has become the main objective of Brazil, underserved. About 57 percent of all munici- many government programs. palities in these regions have no access to a bank branch, compared to a national average of around 30 With a view to increasing access to credit for percent. Although in many other Latin American coun- microenterprises in the Northeast Region of Brazil, the tries, microfinance institutions have been able to par- World Bank has supported Banco do Nordeste’s tially fill the gap left by larger institutions, in Brazil, CrediAmigo microfinance program since 1997. This note only a small fraction of the potential demand for describes how Banco do Nordeste initiated CrediAmigo microfinance appears to be satisfied by the current as part of its restructuring strategy and how the program supply.
    [Show full text]
  • Sustainable Microfinance and Technology Abstract
    Sustainable microfinance and technology Ford Motor Company Fellowship Natalie Kulik Patrice Molinari January 2004 Abstract This paper analyzes the role of technology to achieve financial sustainability and stronger impact of Microfinance Institutions (MFIs). The effects of technological solutions are assessed within the developed framework encompassing major stakeholders and industry drivers. In particular, we examine how technology can solve problems of MFIs and the microfinance industry, decrease information asymmetry between stakeholders and alleviate poverty by increasing microfinance impact and outreach. The results demonstrate that technology is only one of the determinants for MFIs’ sustainability and impact. The paper supports this argument through the analysis of industry trends, risks and opportunities and evidence from selected examples. We argue that the way forward to implement cost-effective technological solutions is a collaborative effort of stakeholders: the establishment of a global entity facilitating not only the technological development of microfinance, but also its institutional strengthening and a broader impact. Table of contents 1. Introduction ........................................................................................................ 3 1.1. Boom in Microfinance..................................................................................... 3 1.2. Social importance.......................................................................................... 3 1.3. Industry challeneges ....................................................................................
    [Show full text]
  • Principles and Practices of Microfinance Governance
    Principles and Practices of Microfinance Governance A USAID-funded project, implemented by DEVELOPMENT ALTERNATIVES, INC. In collaboration with ACCION International, Foundation for International Community Assistance, Harvard Institute for International Development, International Management and Communications Corporation, Ohio State University Rural Finance Program, Opportunity International, and the Small Enterprise Education and Promotion Network This work was supported by the U.S. Agency for International Development, Global Bureau, Economic Growth Section, Microenterprise Development Office, through funding to the Microenterprise Best Practices (MBP) Project, contract number: PCE-0406-C-00-6004-00. Principles and Practices of Microfinance Governance by Rachel Rock Maria Otero Sonia Saltzman ACCION International August 1998 This work was supported by the U.S. Agency for International Development, Global Bureau, Economic Growth Section, Microenterprise Development Office, through funding to the Microenterprise Best Practices (MBP) Project, contract number: PCE-0406-C-00-6004-00. Rachel Rock is Director of Resource Development at ACCION International in Somerville, Massachusetts. Previously, as Director for Program Evaluation and Research, she was responsible for researching and documenting microfinance issues. Ms. Rock edited and wrote several chapters of the ACCION monograph, “From Margin to Mainstream: The Regulation and Supervision of Microfinance,” 1997. Maria Otero is the Executive Vice President of ACCION International and Director of the Washington, D.C., office. Earlier, Ms. Otero was the Director for the ACCION program in Honduras. She has written monographs and articles on a variety of subjects related to microenterprise development and is the co-editor of The New World of Microenterprise Finance: Building Healthy Financial Institutions for the Poor, published by Kumarian Press in 1994.
    [Show full text]
  • Panellist Bios
    Panellist Bios ANATOL MONID Anatol is a Toronto Centre (TC) Program Director, having worked as a TC Program Leader for many years. He was previously Executive Director of the Licensing and Market Conduct Division (LMCD) of the Financial Services Commission of Ontario (FSCO) which conducted supervision and regulation across many regulated sectors, including: insurance, deposit‐taking, mortgage brokering, pensions and co‐ operatives. His responsibilities included oversight of the following core regulatory activities: licensing and registration; applications and filings; monitoring and compliance; enforcement and intervention; and contributed to regulatory policy for its regulated financial sectors. LMCD also supported regulatory efforts at a national level for insurance and mortgage broking. Anatol was with FSCO for almost fifteen years, originally joining FSCO as Director of Market Regulation. At that time, he was also appointed the Insurance Ombudsman. MAYADA EL‐ZOGHBI A 20‐year veteran and leader in financial inclusion, Mayada El‐ Zoghbi became CFI’s Managing Director in September 2019. She leads the vision and strategy for CFI, building on its strong foundation of innovative, industry‐shaping work. Mayada’s experience includes serving as Lead for Strategy, Research & Development for CGAP. In that role, she led CGAP’s strategy development and its research on women’s financial inclusion, financial services in crisis environments, and other emerging topics. Prior to this, she managed CGAP’s work with the donor and investor community based in Paris, France. From 2002 to 2009, Mayada founded and managed a development consulting firm. She has also led numerous technical assistance, evaluation, and research assignments, served as a research director for a USAID initiative, and lectured at Columbia’s School of International and Public Affairs.
    [Show full text]
  • Accion Case Study
    Digital Frontiers Institute (DFI) 2019 Monitoring & Measurement of Results N o v e m b e r 2 0 1 9 Institution Case Study: 1 Accion International Abbreviations CIDM Certificate in Digital Money CFI Centre for Financial Inclusion CoP Community of Practice DFI Digital Frontiers Institute DFS Digital Financial Services DWC Development Works Changemakers ICT Information and communications technology MFI Microfinance institution MMR Monitoring and measurement of results MNO Mobile Network Operator SDGs UN Sustainable Development Goals SSA Sub-Saharan Africa UNCDF United Nations Capital Development Fund Table of Contents 1. Introduction .................................................................................................................................... 3 2. Company background and role in DFS in Sub-Saharan Africa ........................................................ 4 3. Impact of DFI courses on Accion International ............................................................................... 6 3.1 Impact on Accion Employees .................................................................................................. 6 3.2 Broader impact on the Company ............................................................................................ 8 4. Conclusion ..................................................................................................................................... 12 5. Appendix 1 ...................................................................................................................................
    [Show full text]
  • Is Banking for the Poor an Oxymoron? an Examination of Microfinance
    “Is Banking for the Poor an Oxymoron? An Examination of Microfinance Organizations across the Globe” Caitlin Rosser Honors Capstone Project, Spring 2011 Honors in Business Administration Kogod School of Business Bachelors of Science in Business Administration, Specializing in International Business Double Major in International Studies Professor Richard Linowes & Professor Jennifer Oetzel MGMT-458-002H Business, Policy & Strategy Rosser, “Is Banking for the Poor an Oxymoron?” 1 Table of Contents I. Abstract……………………………………………………………………………………2 II. Introduction and Background……………………………………………………………..2 III. What is microfinance?…………………………………………………………………….4 IV. Challenges for the microfinance industry…………………………………………………6 V. Differing strategies of microfinance organizations………………………………………..9 VI. Comparison of strategies within the industry……………………………………………18 VII. Recommendations for the Future………………………………………………………...21 VIII. Conclusion……………………………………………………………………………….23 IX. Appendices……………………………………………………………………………….24 Rosser, “Is Banking for the Poor an Oxymoron?” 2 ABSTRACT The field of microfinance has developed rapidly within the past two decades, with many nongovernmental organizations (NGOs) and microfinance institutions (MFIs) established in various countries throughout the world. These organizations operate under the mission of “banking for the poor,” bringing opportunity and credit for the poor to lift themselves out of poverty. However, there are many varying strategies for these organizations to take, and many different structures to
    [Show full text]
  • Financing Products
    OCTOBER 1999 ISSUE 2 FINANCING PRODUCTS ... since inception, o identify new financing tools that uals producing goods and providing Tcan help low-income entrepre- services in largely informal microenterprise neurs obtain the capital they need to economies, where traditional banking start or expand their businesses, services are not available. programs in the FIELD selected this critical issue as However, practitioners soon one of its first grant-making areas. In found that although microentrepre- U.S. have struggled June 1999, following a Request for neurs in the United States express a Applications process, five organiza- to reconcile the desire to access credit, loan demand tions were selected to receive two- in this country has been much lower year, $100,000 grants to experiment than expected. Indeed, since incep- strong desire for with new ideas and approaches for tion, microenterprise programs in the providing business capital to the poor. capital expressed U.S. have struggled to reconcile the The purpose of these grants is to strong desire for capital expressed by advance the scale and quality of the by low-income low-income entrepreneurs with the microenterprise field’s efforts to help difficulties in lending to these low- entrepreneurs with microentrepreneurs access capital. wealth, often inexperienced and often FIELD chose to invest in demonstra- risk-averse business owners. the difficulties in tion grants to microenterprise pro- The relatively slow growth in loan grams because its guiding principle is portfolios of U.S. programs has been lending to these that practice advances more rapidly documented by several sources. In when leading practitioners have the low-wealth, often 1994, for example, only one of the opportunity to test new ideas, reflect seven senior agencies included in the on the results with their peers and inexperienced and Self-Employment Learning Project share their findings with others.
    [Show full text]