Microfinance is a thriving sector of credit lending that is primarily focused on the poor with the objective of smoothing consumption and lifting individuals and families out of poverty. It is the objective of 3Pgroup to successfully bring Microfinance to the western world and to also expand on work that has been done internationally.
3p is defining poor internationally as individuals who live on $1/day or less. Within the US, the povery level could be defined in many ways - this will be explored in a later post.
As with any pre-launch, it is beneficial to know what's out there: what organizations exist, how are they structured, what do they do? I came across an interesting organization called Freedom from Hunger ( www.freedomfromhunger.org).
This great organization makes loans to impoverished women in Latin America, Africa and Asia. They don't just make loans, however; they also provide educational programs. The organization started with the objective of eliminating world hunger. The method they chose was by providing these small microloans to help women develop sustainable businesses that could break the cycle of poverty and eliminate starvation for themselves and their families.
What I like most about this organization is that they combine education with microfinance. And that is a program element that 3p Group will definitely incorporate. The question remains that in the western world, what educational programs would be most useful?
Stay tuned! As always, we welcome your comments and posts.
Find us on twitter @3pgroup!
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