Authored by Will Wray
We are transitioning towards a more agile, mobile capitalism. The institutions designed to foster economic growth have lagged behind the potential for value creation in individual innovation and decentralized growth. Microfinance is tapping into this potential, and in doing so, fulfilling the values of a liberal society.
Authored by Julie Siwicki
It’s no secret that small businesses are the lifeblood of the American economy. In fact, according to the Small Business Administration, in 2006 they made up 99.7% of employers nationwide. Minority-owned small businesses have grown incredibly over the past 10 years. The number of Hispanic business owners jumped 31.1% in the US between 1997 and 2002. In Rhode Island, they grew by a whopping 56.2%. But despite these impressive numbers, a subtle question remains on many minds: Can small businesses still thrive during a global financial downturn?
Authored by Lily Tran
As far as trendy words go, “Sustainable” probably takes the cake. Americans want sustainable foods, sustainable business practices, and sustainable energy policies. Yet, sustainability is the problem for most United States based microfinance institutions.
The Community Carbon Use Reduction at Brown program, CCURB, has awarded CGF $5,000 to research the feasibility of providing ‘green credit builder loans’ in Providence, Rhode Island. These loans will finance the cost of small-scale energy efficiency upgrades in households, such as programmable thermostats, that reduce energy consumption and costs. The loans will also enable the borrower to build her or her credit history while creating a more comfortable home or apartment that benefits from lower energy costs. The CCURB program consists of “$300,000 to support of projects lead by students, staff and faculty designed to reduce carbon emissions in the greater Providence area.” CGF’s green credit builder loan model will enable CCURB’s funds to be recycled into countless project cycles, thereby maximizing benefit to the community and the environment while also ensuring that students will have more projects to work on—providing them with valuable skills and experiences so that they can become leaders on social and environmental issues. CGF is the first microlender in the country to develop the green credit builder loan product, and we are excited to demonstrate its power and work with other organizations to take our idea to scale.
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