Tuesday, September 12, 2006
MicroLending Money and Small Financing
Q. I have a capital money to put up a microlending and small financing money, My problem is I have only few idea about this business, That's why I need your help and idea about this. What are those techniques or tips of marketing system, legal system and etc...Kindly pls. let me know this, Thanks a lot. - Noel (Philippines)
A. Dear Noel,
In the Philippines, microfinancing is an activity dominated by rural banks, non-government organizations (NGO) and people organizations (PO), with support from international donor organizations. It is a strategy used to combat poverty particularly in the rural areas.
There are several approaches to engaging in microfinancing. You can get accreditation from the NGOs like Grameen Bank, CARE Philippines and government institutions like Small Business Guarantee and Finance Corporation (SBGCF). Partnering with these organizations will provide you logistics, knowledge and support in pursuing this endeavor.
However, you can also decide to go at it alone - but with a lot more work, more risks and more resources.
I believe the most efficient private entities who are engaged in micro-lending are the "Bombays". Although they operate illegally as usurers, they have actually mastered the technique of marketing and collecting, so much so that they have flourished and grew and their simple "5-6" operation have been passed through generations.... (continue reading)
Funding & Finance
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