What you should know about microfinance

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·Nov 8, 2024

I want to tell you about micro finance because you might want to either donate to it or get some money from it. I especially want to tell you about Gine America, which is a micro finance bank that I support the most. Micro finance is small loans to people who don't have any money for them to build businesses. They're typically a few thousand dollars in size for small endeavors, like buying a rug cleaning machine to get into the rug cleaning business.

The banks I financed are in economically depressed areas, so it's been incredibly satisfying for me to see people in these underserved communities flourish. In some cases, they evolve into pretty big businesses with that type of financial support. For every dollar I donate, roughly $12 is loaned out and paid back over the next 10 years. So the money keeps going round and around to help many people over many years.

For that reason, I love donating to Gine America and micro finance. If you're philanthropic and you want to have an impact on underserved communities, you should consider it. Or if you are in an underserved community and are looking for a grubstake that will give you the opportunity to start your small business, check it out.

Anne Finucane talks about supporting communities through the Covid-19 crisis. | Homeroom with Sal

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What you should know about microfinance

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