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NET IMPACT. Saturday afternoon. Microfinance 3
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Session 5: Microfinance in developed countries
Moderator: Luke Froeb, Associate Professor of Free Enterprise at Vanderbilt.
Panel
Warner Woodward, Professor of Economics at BYU
Eirika Eurkus, Senior Director ACCION USA
Clinton (Clint) Gwin, President, Southeast Community Capital
The discussion begins.
Clint. The US banking industry has consolidated in 10 years from 18,000 to 8500 banks. A handful of banks control the majority of capital in the nation. Because of this, the Southeast Community Capital organization partners with the Tennessee Banking Association.
Warner Woodward. Each of my classes complete a project involving microfinance, often creating a microfinance project. One of his students surveyed their local area and found that many Hispanics were moving into white conservative Utah and were not getting jobs or homes. This led to violence and instability. So his students started a training program to help them create business plans, give them group loans and start businesses. The loans ran around $500;. Despite the small size of the loans, people started successful businesses and paid back the loans. After they paid it back, they could borrow $1000 or $2000 to expand. Immigrants that reach that point are taken to Utah Micro Enterprise Loan fund for larger loans.
Moderator: Luke Froeb, Associate Professor of Free Enterprise at Vanderbilt.
Panel
Warner Woodward, Professor of Economics at BYU
Eirika Eurkus, Senior Director ACCION USA
Clinton (Clint) Gwin, President, Southeast Community Capital
The discussion begins.
Clint. The US banking industry has consolidated in 10 years from 18,000 to 8500 banks. A handful of banks control the majority of capital in the nation. Because of this, the Southeast Community Capital organization partners with the Tennessee Banking Association.
Warner Woodward. Each of my classes complete a project involving microfinance, often creating a microfinance project. One of his students surveyed their local area and found that many Hispanics were moving into white conservative Utah and were not getting jobs or homes. This led to violence and instability. So his students started a training program to help them create business plans, give them group loans and start businesses. The loans ran around $500;. Despite the small size of the loans, people started successful businesses and paid back the loans. After they paid it back, they could borrow $1000 or $2000 to expand. Immigrants that reach that point are taken to Utah Micro Enterprise Loan fund for larger loans.
