Both in the U.S. and worldwide, microfinance has successfully become a tool for financial inclusion. Its popularity is demonstrated by its average annual asset growth of 39% between 2004 and 2008. Commercial banks and investors are increasingly interested in investments in microfinance institutions (MFI), which some in the industry celebrate because it represents scale and ability to reach hundreds of millions.
Recent projections of a slow recovery in the labor market prompted the effort, which would also keep 5,500 law enforcement officers on the beat, allow localities to hire additional firefighters, and provide on-the-job training to help local businesses create employment opportunities.
We must ensure that the result of negotiations is not a toothless and ineffectual regulator that lacks the resources and authority it needs to keep financial products safe, sustainable, and available.
If you are…
- Paying off credit cards that are charging you from 16% to 300% interest and penalties,
- Forced to use payday loans with interest rates over 200%,
- Unable to find credit to pay your household bills, and
- A small business owner dependent on credit cards to pay your operational expenses and increased health care insurance for you, your family and your employees
Then you know that Senate banking reforms need to kick-start small businesses and protect our families.
Community development financial institutions, or CDFIs, play a key role in providing financing to small businesses, particularly those in traditionally underserved communities that have been hit hardest by the crisis.