In many developing countries, the majority of citizens make their living through microenterprises- informal, tiny businesses that barely yield enough to survive.Without financial services, most of these entrepreneurs find growth simply impossible. The Foundation for International Community Assistance (FINCA), a nonprofit established in 1984, stepped into the gap by providing micro-loans ($50-$500) to the poorest of the poor entrepreneurs, through village banks that are administered by the people they serve. The FINCA program has been amazingly successful at breaking the vicious cycle of poverty for its clients. Check out their story on the Web at www.finca.org. Why has the FINCA approach worked so well? Do you think it would work in poor communities in the United States? Why or why not?

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16-03-2020
Business

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In many developing countries, the majority of citizens make their living through microenterprises- informal, tiny businesses that barely yield enough to survive.Without financial services, most of these entrepreneurs find growth simply impossible. The Foundation for International Community Assistance (FINCA), a nonprofit established in 1984, stepped into the gap by providing micro-loans ($50-$500) to the poorest of the poor entrepreneurs, through village banks that are administered by the people they serve. The FINCA program has been amazingly successful at breaking the vicious cycle of poverty for its clients. Check out their story on the Web at www.finca.org. Why has the FINCA approach worked so well? Do you think it would work in poor communities in the United States? Why or why not?

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Answer:

The company provides micro financial services to poor and the needy people having no access to regular banking services

This helps to boost small businesses and financial inclusion which are heart of any economy and vital to the economy and promoting growth.

Possible measures taken by the organization includes providing funds for at lower interest rates and providing credit services. Subsidized credit to deficient areas increases productivity and employment growth by means of boosting the small and medium-sized enterprises.

This may work in poor communities in United States. However in united schemes there are lots of other governmental schemes such as coupons, free food etc program are already running.

However, these programs are also carrying a potential here. But there potential is much greater in poor countries having less developed banking and financial reach.

Explanation: