Microfinance
Microfinance was meant to help the world’s poor, but in Cambodia, it’s plunging people deeper into debt
Microfinance was hailed as a way to change the lives of hundreds of millions of people without access to credit. It worked so well that Grameen Bank founder Muhammad Yunus was awarded a Nobel Prize. But then, banks jumped in to get in on the profits. To manage high debt levels, Cambodians are migrating for work, eating less and even pulling their children out of school.
Lending Circles: Helping Immigrants in America Build Credit
For most of us, when we want to make a major purchase, we apply for a loan. But what if you have no credit score? That’s the case for many immigrants living in the US. One non-profit in San Francisco has adopted a novel way to try and change that.