More on Microcredit - Microloans

Thanks Sok, for your comments on microcredit / microloans. You wrote it perfectly! Empowerment, with the necessary facilities, is the key to unlock the chains of poverty. Once the individual believe in themself, nothing is impossible.

Actually, the default rate for microcredit is very low, compared to that for normal bank loans. The interest rate is also very minimal, if any. Further, many banks don't do these microloans, cos it is against their "principle" - that is if they have any - these are usually done by not-for-profit foundations that have a higher calling - they believe in their cause to reduce the poverty rates wherever they are. Nevertheless, I've also read of some commercial banks in pre-developed countries that do give out microloans. Go to the link in the later part of this posting for further readings.

The economics of this scheme is like this. Loans will only be given to small groups. These groups would be formed by the people in the neighbourhood. Before the loan is disbursed, there is due diligence done to determine validity, that the individual deserves to be given the loan, as well as evaluation of the individual's biz plan. Along the way, the individual can also consult with the foundation.

The foundation will also guide in the plan. The concept is that with the loan taken in a group, there will be peer pressure to pay up the instalments, otherwise the others in the group will not be given subsequent loans.

Agreed that the risk of no-return is high, but then the principle behind this is to reduce poverty, so. Remembering that this is not so much a commercial biz, and the funds for the foundation probably coming from some philanthropist.

Check out this site for examples of people who benefited from microloans - http://www.yearofmicrocredit.org/pages/whyayear/whyayear_whatclientssay.asp#phorn

Here for more on what microcredit is:
http://www.microcreditsummit.org/Aboutmicrocredit.htm

Here's the website for Global Microcredit Summit 2006 which is on-going at the writing of this posting - from 12 to 16 Nov in Nova Scotia, Canada.
http://www.globalmicrocreditsummit2006.org/

I've got to go check on which is the agency looking into microcredit in Singapore cos i don't know it off-hand. It was mentioned to me that a lady assisting at a Family Service Centre was looking into this poss.

hmm... sadly, there're no other info on agencies looking into microcredit / microloan in Singapore, other than the UNIFEM Singapore event last year. Minister Vivian did mention a little about microcredit & ACE's efforts in this during his speech earlier this year, but it didn't sound like that scheme by Dr Yunus.

Perhaps I should start a following for micro-credit / micro-loans here... maybe a VC company just for micro-loans... ?

Blue skies, and calm seas, always!
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Contingency Plan MAXTOR

Did you go get your oolong tea yet? Did so this morning on the way to work. Went to Sheng Shiong and picked out two boxes; one for the office and the other to be kept at home. Started brewing a one-litre bottle of oolong tea and will try out for the next month of so. Just to test if the scientific results are true for me as well. Will post regularly on this. Gotta also start working on reducing my waistline cos my pants are getting tighter! Dun wanna change wardrobe!

I bought myself a portable 200Gb harddisk for S$149 last evening from Challenger's Tampines store. Make was Maxtor and model 3200 - this gives me a standby 200Gb of back-up memory jus in case my harddisk were to crash or waatever! Awesome, so I can also do much more and store much more as well. The original price of the harddisk as stated on the price label was $209 or something. Apparently they were trying to sell off as much as they could cos they will be closing down this outlet within the next couple of days. Well, I've got no complaints!

I also bought Scansoft PDF Converter 4 Professional, (check hyperlink for details) not opened it up yet, but it cost me $165. This software is reportedly able to help me create, convertand edit pdf files

Am just now trying to back-up the C-drive of my laptop and especially all my digital pictures... so far so good. Speed wise, it's pretty fast. I guess...


The final product i bought was DAZZLE*, video creator platinum. This device will allow me to convert my analogue videos to digital. This was what I've been looking for cos I've got some analogue videos from vacations long ago. This set me back by $179.

So now I've got more projects to do! ;~)
Perhaps I can start my video blogs as well!!!

Blue skies, as always!