What is microfinance?
“Microfinance is a source of financial services for entrepreneurs and small businesses lacking access to banking and related services. The two main mechanisms for the delivery of financial services to such clients are: (1) relationship-based banking for individual entrepreneurs and small businesses; and (2) group-based models, where several entrepreneurs come together to apply for loans and other services as a group. In some regions, for example Southern Africa, microfinance is used to describe the supply of financial services to low-income employees, which is closer to the retail finance model prevalent in mainstream banking.” – (c) Excerpt from Wikipedia
Credit Co-ops in Singapore can do that?
Yes, as individuals/members of the co-op, you could take a loan for your microfinancing needs.
For example, TCC Credit Co-operative is a not-for-profit financial institution which offers a wide variety of loans at affordable interest rates for our members. The profits we earn will be returned to our members in the form of annual dividends. We also cater common good funds for our members. Some of the Common Good Funds include hospitalisation grant; funeral grant; baby bonus; loyal membership awards; annual scholarship and bursary awards; marriage grant; handicap children fund; heart check-up subsidy; and hospital fruit basket.
For more information on their loans and membership benefits, click here
How can I learn more about microfinance?
Muhammad Yunus – “Father of Microcredit, Solving Macro Problems of the World”
The Chua Thian Poh Annual Distinguished Speaker Series 2017
Brief introduction of Professor Muhammad Yunus
Nobel Laureate Professor Muhammad Yunus is the father of social business and microcredit, the founder of Grameen Bank, and of more than 50 other companies in Bangladesh. For his constant innovation and enterprise, the Fortune Magazine named Professor Yunus in March 2012 as “one of the greatest entrepreneurs of our time.”
Professor Yunus was born in Bangladesh in 1940. In 1965, he received Fulbright Scholarship to study economics in Vanderbilt University, U.S.A and did his Ph.D. in economics in 1969. Professor Yunus returned to Bangladesh in 1972 and joined the Department of Economics, University of Chittagong, as its chairman. In 1976, Professor Yunus started to experiment with providing collateral free loans to the poor. The project was called Grameen Bank project, and later, in 1983, became a full-fledged bank for providing loans to the poor, mostly women, in rural Bangladesh. Today Grameen Bank has over 8.6 million borrowers, 97% of whom are women and disburses over one and a half billion US dollars each year.
In 2006, Professor Yunus and Grameen Bank were jointly awarded Nobel Peace Prize. Professor Muhammad Yunus is the recipient of more than 54 honorary degrees from universities across 20 countries. He has received 112 awards from 26 countries including state honours from 10 countries.
Programme – Monday, 23rd January 2017
4pm: Public Lecture & Questions and Answers Dialogue
5:15pm: Networking Session (Refreshments will be provided)
|Venue||NTU, Lee Kong Chian Lecture Theatre (Location Map)|
SIGN UP HERE (No Cost)