July 20, 2006
The Big Promise of Small Loans
A new crop of grant makers -- and investors -- is embracing microfinance to alleviate world poverty
Veena Mankar, a banker in Mumbai (formerly Bombay), India, looked at the slums in her city and wondered why needy people in urban areas could not benefit from the same access to loans and other financial services that many of the rural poor enjoy.
So Ms. Mankar raised $50,000 from friends and family to explore microfinance — the
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