I became aware of the concept of microcredit when Grameen Bank won the Nobel Peace Prize in 2006 for its decades long work in Bangladesh helping the rural poor gain access to funds that would allow them to begin to rise above poverty. In essence microcredit consists of very small (micro) loans issued to impoverished people all around the globe for small entrepreneurial ventures. Since 2006 microcredit has expanded into microfinancing- a movement to ensure that all people, especially the very poor, have access to quality financial services such as credit, savings and insurance.
So why does this excite me and why should you care? Microcredit is exciting because it allows average citizens of average means to put their values in line with their purchasing power and make a big difference. For as little as $25 you can join an online philanthropic community and help, for example, a woman in Malaysia expand her clothing shop. So when you are feeling like you can't make a difference, think again:
I just loaned out my $25 Kiva fund to a woman in Lebanon who wants to expand her craft business. This is the third time I have loaned that $25- it's not much but it has helped a woman in Nigeria buy more sweet potatoes and a group of farmers in Peru acquire animals to sell. You can even make money through micro lending. Maybe its time to start thinking which purchases are really necessary and how small decisions, small actions really can make a difference.
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