Monday, November 13, 2006

Micro-Loans as Perpetual Motion Machines

Kevin Kelly at Cool Tools has compiled some helpful information on micro-loans, including a detailed list of the various sites that permit you to give a small loan to someone in a developing country. An excerpt:

This year the father of micro-finance and founder of the Grameen Bank won a Nobel Peace Prize for his work in inventing and promoting micro-loans in the developing world. A micro-loan is as little as a few hundred dollars invested into a one-person business with minimal qualifications. That tiny borrowed amount can launch a vegetable stand, repair shop, or bicycle taxi -- a living in other words. As each micro-loan is repaid (and most are), the effects of that small goodness are amplified and leveraged by being loaned out and invested again and again. Micro-loans are the world's only perpetual motion machines.

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