Guide to Microfinance Resources
What is Microfinance?
“Microfinance is the provision of financial services (credit, savings, insurance, etc.) to people living in poverty, who do not have a regular salaried employment and are usually excluded from the formal financial sector.” (PlaNet Finance)
“Microfinance institutions (MFIs) help the poor transform their entrepreneurial enterprises into self-sustaining businesses by providing them with investment capital, financial information and other services including savings and health insurance.” (Women’s World Banking)
Who provides Microfinance services?
“Microfinance services are provided by three types of sources: formal institutions, such as rural banks and cooperatives; semiformal institutions, such as nongovernmental organizations; and informal sources such as money lender and shopkeepers.” (Grameen Foundation)
Introduction to Microfinance
Recommended Web sites
Microfinance Organizations Active Globally
Microfinance Organizations Active in the United States
Microfinance Books at Baruch
Recommended Journals
Databases
Introduction to Microfinance
Take a Poverty Quiz
To find out how much you know about poverty and microfinance, take this short online quiz developed by Accion International.
Microfinance: From Wall Street to Dhaka
The Weissman Center for International Business at Baruch College and Globalization101.org co-sponsor an event on microfinance, one of the "Ask the Experts" series of the Globalization101.org project at the Carnegie Endowment. Topics include the definition of microfinance, the key players and their roles, how microfinance works in developing countries and how young adults get involved in the field of microfinance.
Recommended Websites
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Association for Enterprise Opportunity
http://www.microenterpriseworks.org/
Comprised of community-based organizations committed to microenterprise development through education or funding, the Association runs a Microfinance Standards and Accreditation Program and researches the impact of microenterprises on the U.S. economy. They publish statistics and Factsheets for those who want to learn about microfinance. They also offer an online MicroPro Resource Library, a listserv, podcasts, and a newsletter. A listing of microlenders by state can be found in their “Search AEO Members”.
Government Innovators Network
At the John F. Kennedy School of Government at Harvard University, this center is devoted to promoting innovation in government programs. They provide program descriptions, research reports and news on topics including economic and community development and finance. Microfinance is one of their topic areas.
Microfinance Gateway
A key source for keeping up with developments in microfinance, the Microfinance Gateway portal offers news, blogs, discussion groups, job listings, a journal alerting service, and links to web sites and key organizations. The Gateway features a collection of over 6,400 documents, a listing of over 1,000 microfinance organizations, and profiles of over 250 microfinance consultants. The Microfinance Gateway is a joint venture between CGAP and ELDIS.
Microfinance Information eXchange (MIX)
MIX is an information platform for the microfinance capital markets. Their “MIX Market” provides access to MFI financial statements and ratios, ratings reports and audits, information on MFI networks, and terms and conditions of funding from investors and donors. MIX publishes the MicroBanking Bulletin, a journal that regularly features benchmark surveys assessing the financial performance of MFIs. MIX, a non-profit located in Washington, D.C., also offers training and consulting services.
MicroFinance Network
The MicroFinance Network is an association of microfinance institutions (NGOs and commercial banks) from 30 countries that share ideas and develop models of best practice. Their publications include conference papers, technical manuals and research reports.
Microfinance Regulation and Supervision Resource Center
This resource center, created jointly by CGAP and the IRIS Center at the University of Maryland, offers information and resources on the regulation and supervision of microfinance. Resources include a comparative database on microfinance regulation, a reference library and country profiles.
microLINKS
The USAID Microenterprise Development Program’s microLINKS website is a forum for sharing information about USAID-funded microfinance programs. They provide an extensive collection of over 1,000 research documents in three areas: financial services, enterprise development and environmental sustainability.
The SEEP Network
Located in Washington, D.C. and active in over 140 countries, the Small Enterprise Education and Promotion (SEEP) Network promotes learning about microfinance and enterprise development especially in the context of emergency situations, low-income women, HIV/AIDS, and environmentally sustainable markets. Resources at their Web site include Market Development Resources: A Guide to Enterprise Development and FRAME, a performance monitoring tool for MFI managers. Their SEEP Member Directory is an online guide to organizations working on microfinance development.
Microfinance Organizations Active Globally
Microfinance Organizations Active Globally
A consortium of 33 private and governmental development agencies working to expand access to financial services in developing countries, CGAP is an incubator for new products and services and a resource center for the microfinance industry including development agencies, financial institutions, government policymakers and regulators, and other service providers, such as auditors and rating agencies.
Council on Microfinance Equity Funds
CMEF is a membership organization of leading private institutions that make equity investments in microfinance institutions (MFIs) in the developing world and believe in seeking both social and financial returns on their investment. Members include Citigroup, Deutsche Bank, Unitas and others. The Council publishes research and works to advance the field of equity investment in MFIs.
FINCA International
FINCA describes itself as a leader in microfinance services for post-conflict societies. They operate in Latin America, Africa, Eurasia and the Middle East and focus on working with the poorest of the poor in areas that other microfinance lenders will not enter. They sponsor the Village Banking Campaign. In “village banking” individuals borrow capital for a microenterprise and the neighborhood group guarantees the loan.
The FIRST Initiative
FIRST, Financial Sector Reform and Strengthening Initiative, guided by the World Bank, aims to build financial systems in developing countries with policy development programs and technical grants. They are active in developing regulations for microfinance and provide in their “Information Exchange” links to standard-setting bodies, regional organizations, and NGOs. They also maintain a database of projects of the official donor community.
Grameen Foundation
The Grameen Foundation was created to spread the philosophy of Muhammud Yanus, the founder of the Grameen Bank in Bangladesh, winner of the Noble Peace Prize in 2006, and according to Business Week, one of the “30 Greatest Entrepreneurs of All Time.” The Grameen Foundation supports microfinance organizations by sharing knowledge, technology and access to capital markets.
Kiva International
Kiva partners with microfinance agencies throughout the world to help link individual donors with qualified borrowers. Borrowers post their profiles at the Kiva Web site where individual donors can read about “Businesses in Need” and contribute to the project of their choice. Donors can follow the progress of their “businesses” through blogs and journals posted by volunteers in the Kiva Fellows Program.
The Microcredit Summit Campaign
The Microcredit Summit Campaign, a project of the RESULTS Educational Foundation, a U.S.–based advocacy group fighting hunger and poverty, aims to reach 175 million of the world’s poorest people with microcredit programs by the year 2015. It brings together practitioners in an annual research summit and in working councils. The Council Database lists all the organizations active in the campaign.
PlaNet Finance
An international NGO based in Paris, PlaNet Finance offers technical assistance and training to organizations involved in microfinance including NGO’s, banks, governments and MFIs. They also assess and rate MFI’s and offer financing through an investment company, Microcred Holding.
United Nations Capital Development Fund (UNCDF)
The goal of the UNCDF is to foster development of the United Nation’s Millennium Development Goals in Least Developed Countries through programs in both local development and microfinance. Policy papers, country feasibility studies, and statistics on microfinance are available.
Women’s World Banking
A nonprofit organization headquartered in New York City, Women’s World Banking fosters the financial independence of women entrepreneurs by supporting microfinance institutions and banks in the developing world. Women’s World Banking runs the Global Network for Banking Innovation providing loans, savings programs and insurance to over 23 million low income entrepreneurs.
Microfinance Organizations Active in the United States
ACCION USA
Headquartered in Boston, Accion USA is one of the largest microlenders in the United States. It makes loans up to $25,000 and offers financial literacy programs to small business owners and entrepreneurs. Accion USA is part of Accion Interntional, http://www.accion.org/, a U.S. non-profit organization that provides microloans to the global community.
Count Me In
Count Me In for Women’s Economic Independence is the leading national not-for-profit provider of micro loans and business education for women entrepreneurs. Their “Micro to Millions” program targets women-owned businesses with revenues less than $200,000. They also sponsor the “Make Mine a Million” program for post-startup women entrepreneurs.
Project Enterprise
Project Enterprise supports entrepreneurs with funds, services and networking in under-funded communities in New York City. They use the Grameen Bank funding model of peer group lending. Their Business Directory features local businesses that have joined the Project Enterprise Centers.
U.S. Small Business Administration Microloan Program
The SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. A state-by-state list of all SBA participating Microlending Intermediaries and their areas of operation are found in: SBA Microlending Intermediaries
Books
Books about Microenterprise development in the United States
Bootstrap Capital: Microenterprises and the American poor
By Lisa J. Servon
Washington, DC: Brookings Institution Press, 1999
Call Number: HD 2346.U5 S47 1999
Examines and draws lessons from five microenterprise programs in the U.S.
Bootstrap Dreams: U.S. microenterprise development in an era of welfare reform
By Nancy C. Jurik
Ithaca, N.Y.: ILR Press, 2005
Call number: HG178.33 .U6 J87 2005
Describes characteristics of microenterprise programs in the U.S. with case studies
Replicating Microfinance in the United States
Edited by James H. Carr and Zhong-yi Tong
Washington, DC: Woodrow Wilson Center Press, 2002
Call number: HG178.33 .U6 R457 2002
Essays on lessons learned from the microfinance movement that can be applied to housing finance, consumer finance and community development in the U.S.
Books about the history and development of the microfinance movement
The Price of a Dream
By David Bornstein
Chicago, Ill.: University of Chicago Press, 1997
Call number: HG 3290.6 .A8 G7278 1997
The story of the Grameen Bank, co-winner of the Nobel Peace Prize in 2006
Economics of Microfinance
By Beatriz Armendariz de Aghion
Cambridge, Mass.: MIT Press, 2005
Call number: HG178.3 .A76 2005
State of art summary of the theories and practice of microfinance
Microfinance and Poverty Reduction
By Susan Johnson and Ben Rogaly
United Kingdom: Oxfam, ACTIONAID, 1997
Call number: HG178.3 .J64 1997
Sets out the debate about the role of NGO’s and the sustainability of microfinance initiatives
Microfinance: Perils and Prospects
Edited by Jude l. Fernando
New York: Routledge, 2006
Call Number: HG178.3 .M5343 2006
Chapters written by various experts, cover the historical, political and economic background of microfinance and the empowerment of women
Books about the role of microfinance in formal financial systems
The Commercialization of Microfinance
Edited by Deborah Drake
Bloomfield, CT.: Kumarian Press, c2002
Call number: HG178.3 .C65 2002
Analyzes the trends in microfinance as commercial banks, credit unions and other for-profits enter the market
Books about operating a microfinance institution
Microfinance Handbook
By Joanna Ledgerwood
Washington, D.C.: World Bank, 1999
Call number: HG178.2 .L43 1999
Provides guidelines for promoting sustainable microfinance programs
Journals
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Small Enterprise Management
Journal of Microfinance
World Development
Journal of Developmental Entrepreneurship
Journal of International Development
Journal of Development Economics
Journal of Development Studies
International Journal of Economic Development
Policy Studies Journal
Databases
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Econlit with Fulltext
EconLit is an index to the literature of economics, economic theory and economic history. EconLit indexes over 450 major journals as well as articles in collective volumes (essays, proceedings, etc.), books, book reviews, dissertations, and selected working papers. It is produced by the American Economic Association.
Factiva
Factiva, one of the most comprehensive business news databases, features news from the Dow Jones and Reuters wire services, the Wall Street Journal, Barrons and more than 9,000 other sources in English and 21 other languages.
ISI Emerging Markets
ISI Emerging Markets is a country-focused news database covering 35 emerging market countries. News is presented in English and native languages. The news is supplemented with an extensive collection of financial markets data and economic data from central banks, government agencies, rating agencies, bank analysts and independent consulting firms.
PolicyFile
PolicyFile is an index to research publications on public policy issues from think tanks, university research programs, research organizations and publishers. Over half of the abstracts link directly to the full text of research reports and studies.
Note: These databases are useful for their coverage of business, economics and public policy issues.
ABI Inform/Global
The ABI Inform database provides a combination of citations, abstracts and full text articles from over 1800 business periodicals, including many scholarly research journals. International journals are well represented, and there is excellent coverage of management topics, economic issues and financial products.
Business Source Premier
This database offers full text access to nearly 2,280 business journals covering management, economics, finance, accounting, and international business. It features the entire series of many journals including the Harvard Business Review. It includes Country Economic Data with such publications as the Political Risk Yearbook, Business Monitor Quarterly Forecasts, and the EIU Country Profiles.
CIAO: Columbia International Affairs Online
This database provides research papers from think tanks and research organizations in the fields of international affairs and social sciences. Subject coverage includes global issues, world politics and political science, diplomacy and the world economy.
JSTOR
JSTOR provides access to over two hundred and fifty journals in both multidisciplinary and discipline-specific collections in business, finance, economics, political science and sociology.
LexisNexis
Nearly 5,000 publications in LexisNexis provide coverage of news, financial topics, and legal information. The database includes newspapers, magazines, wire services, federal and state court opinions, federal and state statutes, federal regulations, and SEC filings.
PAIS International
This database covers international public and social policy issues including international banking and finance, economic development, and international relations. It provides citations and abstracts of journal articles, selected books, conference proceedings, research reports, and international government documents.
SSRN – Social Science Resource Network
The Social Science Research Network (SSRN) distributes social science research through an Abstract Database and an Electronic Paper Collection currently containing over 104,700 scholarly working papers and articles. SSRN is organized in networks that are devoted to Accounting, Economics, Financial Economics, Entrepreneurship Research and Policy, Information Systems, Legal Scholarship, Management, and Social Insurance.
Louise Klusek, Assistant Professor
William and Anita Newman Library
Baruch College September 12, 2007