Microloans are small loans from one monetary unit up to a few thousand monetary units to small businesses, mainly in developing countries . They are in addition to micro-insurance and micro savings an essential microfinance - service . The loans are usually granted by specialized financial service providers and non-governmental organizations, mostly to promote development. From the point of view of investors, the provision of financial resources for microloans is a special form of investment.
Microloans are an instrument of development policy and are often cited as successful examples within the framework of the “ Base of the Pyramid ” management concept . However, they are not a new invention. Even the 150 years ago by Friedrich Wilhelm Raiffeisen developed cooperative model is based on the self-help and solidarity principle, today many micro-lenders operate on the developing countries. As early as 1971, Elmar Pieroth initiated the granting of small loans in Togo . Later in 1976 there was also a similar program in Bangladesh , initiated by Muhammad Yunus and from which the Grameen Bank emerged in 1983 . In 2006, Yunus and the Grameen Bank received the Nobel Peace Prize for their efforts to promote “economic and social development from below” .
This idea returned to Europe at the beginning of the 1990s, when there was a growing funding gap for the steadily increasing number of people starting up a business out of unemployment. The Tante Agathe model for activating private capital for business start-ups was created in the Netherlands . In France, the non-profit Adie was founded in 1989, which now (March 2007) has around 100 branches and annually grants over 10,000 microcredits to the unemployed and welfare recipients. In Germany, at the beginning of 2010, the federal government commissioned the GLS Community Bank to set up the German microcredit fund . GRENKE BANK AG has been taking on this task since 2015 .
In 1995 the World Bank founded the Consultative Group to Assist the Poor (CGAP) with the aim of mobilizing US $ 200 million for the granting of microcredit. A first high point of development was the Microcredit Summit in 1997.
The United Nations sees microfinance as an important instrument for achieving the Millennium Development Goals for the reduction of poverty. The year 2005 has been declared the Year of Microcredit by the United Nations .
Since 2006, the non-profit company Kiva has offered the option of granting microcredits directly to a self-selected borrower in a developing country via the internet. Other organizations now also offer this option.
The number of microcredit recipients is estimated at 150 to 200 million worldwide. The global funding volume is estimated at around 70 billion US dollars.
The number of microlenders worldwide is estimated at over 70,000. Two organizations that focus on microcredit are the German Microfinance Institute and FINCA International (USA). Recently, more and more private, increasingly commercially oriented providers like Smava have opened up the field.
The centers of microfinance are in India and Bangladesh. In India, the world's largest market, the number of microloans is currently around 75 million, taking into account that many borrowers take out several loans at the same time.
Microcredit follows certain economic principles, whereby repayments should be made possible in a socially acceptable manner. Micro-lending organizations were originally created as an alternative to loan sharks , who were known to take advantage of their clients. Many companies started out as non-profit organizations and worked with government funds or private subsidies. From the 1980s, however, this changed under the influence of neoliberalism and the "Financial System Approach" advocated by the Harvard Institute for International Development . The commercialization of microcredit began with the establishment of the Desa unit within Bank Rakyat Indonesia , which offered microcredit based on current interest rates.
Many of these organizations are now ironically functioning as stand-alone banks, which has resulted in a sharp rise in interest rates on average microcredit and a shift in focus to austerity programs. As an example, Unit Desa charged up to 20% interest on microloans. These developments sparked discussions about the usefulness of microloans and accusations by development experts that bank directors were adopting the practice of loan sharks through microloans.
In developing countries, the granting of microloans follows certain economic principles:
- Group formation: Although the original idea of microcredit was principally to be granted to individuals, lending to groups is one of the core principles. The "solidarity circles" used by Grameen Bank and other early microcredit institutions did not establish themselves until later. A solidarity circle in this context is a group of borrowers who support each other, although the responsibility for repaying the loans remains with the individual. The use of solidarity circles was motivated by the principle of economies of scale , since the costs caused by lending and repayment appear significantly lower when the loan is given to a group than to a person. Often times, the granting of a loan to one member of the group depends on the successful repayment of another member in the solidarity circle, creating a form of guarantee.
- Focus on women: Lending to women has become an important principle in the field of microcredit and many banks and NGOs even grant this exclusively to women. Pro Mujer , a non-profit organization providing development aid to women in Latin America , combines lending with health care, as the health of borrowers is considered one of the most important requirements for the success of microcredit. Although Grameen Bank originally lent money to both sexes on the same terms, women represented 95% of its clients and today women are over-represented with 75% of all micro-borrowers worldwide.
- Customer contact : The micro bank thoroughly examines the borrower's business model and adapts the repayment intervals and rates to the company's cash flow (weekly or monthly repayment).
The effective annual interest rate for microloans is well above that of classic loans, often over 20% p. a. This is justified by the higher costs and the necessary intensive advice that microcredit causes. A study by the Asian Development Bank indicates interest rates between 30 and 70% p. a. as usual. However, the credit conditions and interest rates of development policy micro-lenders are usually much cheaper and more predictable than those of conventional moneylenders.
One of the initiators of the microloans, Grameen Bank , has started to grant three types of loans: corporate loans at an interest rate of 20%, building loans at 8% interest, and educational loans for the higher education of the children of Grameen families (interest rate: 5 percent). In many microcredit programs, interest is simple interest (residual value depreciation) and not compound interest.
By adhering to the rules mentioned above - group formation, customer contact and focusing on women - as well as increasing professionalism , many microlenders often achieve repayment rates of 95 to 100 percent. However, the repayment rate at the Grameen Bank only relates to initial loans. According to the Bangladeshi economist Anu Muhammad, the repayment rate for microloans in Bangladesh is only 65% despite peer pressure. The high repayment rates would come about through rescheduling.
Refinancing and Subsidies
The funds for microloans come from international banks, from grants and low-interest loans in the context of government development aid, from ethical investments, from private donations and from savings deposits of the local population (in which case it is real microlenders). Banks securitize receivables from microloans in the form of securities that are placed on the capital markets. For example, in 2006 Citibank and the German Reconstruction Loan Corporation securitized claims from the non-governmental organization BRAC from Bangladesh. This securitization has a total volume of 150 million euros.
In 1983 the Grameen-Bank was still fully debt-financed and is still dependent on development aid today. State subsidization of microfinance service providers has meanwhile also become common in other countries. Conversely, however, many non-governmental organizations (NGOs) in Bangladesh have started to finance themselves through the granting of microcredits instead of donations. These microcredit NGOs have grown so large that they have to be seen as one more than the traditional financial market.
International investors for microloans are z. B .:
- The World Bank subsidiary International Finance Corporation (IFC)
- European Bank for Reconstruction and Development ( EBRD )
- Soros Economic Development Fund (SEDF)
- the KfW banking group
- the bank in the diocese of Essen eG , which as a Catholic cooperative bank invests directly in microlenders worldwide
- Opportunity International Germany - a non-profit foundation that uses its donations to build micro-transmitters in developing countries
- The ecumenical development cooperative Oikocredit gives 80% of its loans to microfinance institutions; Private investors can participate by buying shares in the cooperative.
- The Invest in Vision Microfinance Funds, a microfinance fund launched in Germany that lends capital to microlenders in developing and emerging countries.
- The European Fund for Southeast Europe ( EFSE ) is the world's largest microfinance fund and is based on a public-private partnership. Investors are u. a. the European Commission , the Federal Ministry for Economic Cooperation and Development , the Kreditanstalt für Wiederaufbau and Sal. Oppenheim .
- responsAbility Global Microfinance Fund is a fund launched in Luxembourg and accessible to private investors by a network of predominantly Swiss banks: Credit Suisse Group, Raiffeisenbanken, Baumann & Cie, Banquiers , Alternative Bank Schweiz , Swiss Re , Andromeda Fund (Netherlands).
- Vision Microfinance is a microfinance fund launched in Luxembourg, managed by Absolute Portfolio Management in Vienna and mainly contains fixed-income investments, mostly in the form of loans to microlenders.
- Microcredit Fund Germany
Financially weak small businesses generally have no access to standard bank loans, as they cannot provide any collateral and the expense per loan appears to be too high for traditional banks. As a result, they often remain in the informal sector and dependent on credit intermediaries or even “ loan sharks ” with mostly extremely high interest rates.
Microcredits are intended to give poor sections of the population in developing and emerging countries the opportunity to take out loans at economically viable conditions. In the case of small businesses, who are the main target groups of microfinance, the aim is to improve or even create the possibility of investing in the business. This in turn is intended to increase the economic activity of the customers and thus indirectly also the standard of living . Microcredit, on the other hand, is not a miracle cure because it requires a certain degree of independence and therefore usually cannot reach the poorest of the poor. Therefore, a skeptical approach is advisable when researching the effectiveness of microfinance initiatives. Many outdated or purely quantitative studies are based on an isolated view of microfinance initiatives and ignore competition from informal lenders. Microfinance initiatives can have completely unintended consequences. Badly managed, they offer entrepreneurs the opportunity to become "middlemen" by lending formal microcredit obtained through proven creditworthiness to poorer borrowers. As a result of this informal intermediation, the poorest of the poor micro-entrepreneurs benefit less than the comparatively fewer poor.
In most cases, even after years, microcredit customers are unable to open regular savings accounts at commercial banks and thus secure what they have achieved economically through microcredit. Institutions that also offer micro savings and other financial services as part of a more comprehensive microfinance approach go one step further. Another alternative is financing that is secured through productive goods (including microleasing ), and which is mainly used in East Africa and Asia. Instead of taking out a loan, customers lease a productive asset from a microfinance institution. The productive good, e.g. B. a cow, enables them to earn a higher income and thus pay the leasing fees. Until the lease is paid off, the asset belongs to the microfinance institution. An additional security as with a loan is therefore not necessary. When the lease is paid off, the asset belongs to the customer. He or she can then dispose of the additional income himself.
The concept of microcredit is increasingly being transferred to industrialized countries. At the Microcredit Summit in 1997 , Hillary Clinton suggested using microcredit to fight poverty in the slums of large US cities.
Contrary to the assumption that microcredits serve to reduce poverty, Thomas Gebauer argues that microloans increase the isolation of people. According to Gebauer, they privatize socially caused hardship, contribute to the privatization of public goods and thereby undermine forms of joint efforts to exert political influence on poverty. The principle of solidarity will be replaced by the principle of competition. Daniel Mertens examined microfinance as part of financial market-driven capitalism and points out that since the 1980s, loans have been used to scale back social programs and privatize the public sector. Microcredit advocates often see microcredit as a break with the development policy of the structural programs of the Washington Consensus, which is often viewed as a failure . Gerhard Klas and Philip Mader, however, represent u. a. Based on the analyzes by Gebauer and Mertens, the criticism that microloans are not a departure from this development strategy, but part of it.
Gerhard Klas calculates that the 10,000 microfinance institutions in existence worldwide charge an average interest rate of 38% per year from their 100 million customers. This is justified with high transaction costs, long journeys, etc. In agriculture in particular, repayment (which often has to be done weekly, which further increases the high transaction costs) is hardly affordable for borrowers - mostly women.
The poorest of the poor would no longer be eligible for microcredit borrowing because they lack opportunities to generate income and repay loans. The focus on pure lending without supplementing a savings option often leads to a debt trap from which the main female target group in particular finds it difficult to get out. Moreover, the granting of microloans does not change the macro-economic structures and does not promote transformative framework conditions. Often the microcredit would be used as a consumer loan, e.g. B. To finance weddings.
In autumn 2010, at least 54 micro-borrowers committed suicide in the Indian state of Andhra Pradesh within two months. In this context, it has been reported that the microcredit sector there is more and more like the loan sharks from whom it once wanted to redeem the poor. Mohamed Yunus himself, the founder of the Grameen Bank, fears increasing impoverishment and indebtedness of borrowers, as some lenders focus much more on their own profit than development aid. He therefore calls for a standardization of interest rates. Otherwise there is a risk of a new financial bubble .
Another point of criticism is that in many countries there is still a funding gap between microcredit of up to approx. US $ 1,000 and bank loans of approx. US $ 10,000–15,000. According to the central bank, there are around 1 million members of mostly informally operating credit unions in Senegal , but the average loan amount is only up to US $ 400.
Microcredit in Germany
Microcredit from the Microcredit Fund Germany
In Germany, the Federal Government set up the Microcredit Fund Germany at the beginning of 2010 to expand the microfinance offer. On this basis, GRENKE BANK AG, in cooperation with the German Microfinance Institute , grants loans to small businesses and start- ups . The microloans of the Microcredit Fund Germany are granted exclusively by microfinance providers who have to pass a complex accreditation and examination process before being recognized as a microfinance institution . After the accreditation, the MFIs conclude a cooperation agreement for the granting of microfinance with GRENKE BANK AG and the German Microfinance Institute before they are allowed to take action.
These microfinance providers (MFIs) operate in different organizational forms and also differ in terms of the regional or national orientation of the offer. Each MFI can develop its own loan programs, target groups, allocation processes and support services and offer them on the market, as long as the core specifications of the Microcredit Fund Germany such as target groups, interest rate, maximum limits, terms and purpose of the loan and the framework conditions of the cooperation agreement are adhered to.
The MFIs accept credit inquiries from their customers independently. You check and decide at your own discretion about lending. If the decision is positive, they forward the loan request to the cooperation bank, which in turn draws up the loan agreement and has the customer signed via the MFIs. The MFI is responsible for the entire processing and support, which also assumes the risk for the loan repayment within the framework of a priority first-loss liability. During the entire term of the loan, the MFIs remain the point of contact for looking after microcredit customers.
First-loss liability of the micro-credit fund Germany
The term first-loss liability is used in the cooperation agreement between the Microcredit Fund Germany, GRENKE BANK AG and the microfinance providers (MFI) who offer microcredits to existing small businesses or for start-ups.
When granting microloans from the Microcredit Fund Germany, the microfinance providers primarily assume liability to the bank and funds. This type of liability is known as first loss liability (the MFI “loses first”). The microfinance provider assumes losses from the granting of microloans primarily with a contractually agreed percentage, e.g. z. 18%. The assessment limit is based on the highest loan amount of all microloans granted by the respective MFI in the respective year as the basis for calculation. Only when this threshold is exceeded does the microcredit fund become liable to the bank.
So far, this threshold (calculated across all MFIs) has not been exceeded, as the default rate for microloans is between 4% and 5%.
In some federal states, the Landesbanken also offer micro-credit programs or programs similar to micro-credit. For the Berlin region, Investitionsbank Berlin offers a "microcredit" component within a normal start-up support program. In Bremen, the Bremer Aufbaubank GmbH offers a corresponding micro-credit program, in Saxony the Sächsische Aufbaubank , in Mecklenburg-Western Pomerania the Society for Structural and Labor Market Development , in North Rhine-Westphalia the NRW.Bank . In Thuringia, micro-loans are granted through the Thuringian Aufbaubank. A positive vote by the advice center for microfinance in the Free State of Thuringia, the ThEx microfinance agency, is decisive for a payout.
The programs differ particularly in the hurdles in accessing these micro-credit programs, but also in the loan amount, terms, grace periods, interest rates and the necessary collateral for the applicant. In these programs, standard bank decision-making and allocation procedures are applied to customers who are already bankable and who have a corresponding credit history.
Since 2017, microcredits have also been granted in combination with alternative financing solutions such as crowdfunding. Several state development banks (L-Bank, Investitionsbank Berlin etc.) now offer the so-called microcrowd through Startnext Crowdfunding GmbH. The MicroCrowd model was published as a model sketch by the ThEx Microfinance Agency in early 2016.
- Manfred Stüttgen: “Microcredits. Sustainable investment in the field of tension between marketing and morals ”, in: Manfred Stüttgen (ed.) Ethics of Banking and Finance, 2nd edition, Nomos, Zurich 2019, 117-139.
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- Naila Kabeer: “Money can't buy me love”? Re-evaluating Gender, Credit and Empoverment in rural Banglagdesh (= Institute of Development Studies. Discussion Paper. 363). University of Sussex, Institute of Development Studies, Brighton 1998, ISBN 1-85864-216-7 .
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- Annette Krauss, Birgit Joußen, Koenraad Verhagen: Financial system development - savings and credit institutions for the poor. Volume 1: Report of the first research phase (= German Bishops' Conference. Scientific working group for universal church tasks: Projects. Volume 11). Lit, Münster et al. 2001, ISBN 3-8258-5674-7 .
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- Thorsten Nilges: Increasing debt through microloans. Evaluation of an experiment in South India (= Duisburg working papers East Asian Studies . No. 63, ISSN 1865-8571 ). University of Duisburg-Essen, Institute for East Asian Studies, Duisburg 2005.
- Christian Thiele: The dwarf capitalists of Monte Grande. In: Rheinischer Merkur . No. 36, 2006. (merkur.de)
- Markus Demele: Combating poverty with group loans. Investigation of a savings and loan program in Uganda (= Frankfurt working papers on socio- ethical and sociological research. No. 50, ISSN 0940-0893 ). Oswald von Nell-Breuning-Institut, Frankfurt am Main 2007, FAgsF , No. 50, 2007.
- Sabine Kuegler : Give the women the money! And they will change the world. Zabert Sandmann, Munich 2007, ISBN 978-3-89883-189-5 .
- Sabine Sütterlin: My word counts. Microcredit: Small Capital - Big Impact. Published by VENRO, Association of Development Policy of German Non-Governmental Organizations. Brandes & Apsel, Frankfurt am Main 2007, ISBN 978-3-86099-727-7 , (short version (berlin-institut.org) ( Memento from June 30, 2007 in the Internet Archive ))
- Michael P. Sommer: A slightly different money cycle. The added value of microfinance (= Church and Society. Issue 356). Bachem, Cologne 2009, ISBN 978-3-7616-2119-6 .
- Gerhard Klas: The microfinance industry. The great illusion or the business with poverty. Association A, Berlin et al. 2011, ISBN 978-3-86241-401-7 .
- An investigation into the effectiveness of microcredit. In: Der Spiegel. (spiegel.de)
- Eva Terberger: Microfinance: a panacea for poverty? In: Ruperto Carola. University of Heidelberg, 3/2002.
- Thorsten Nilges: Increasing debt through microcredits Evaluation of an experiment in South India . ( Memento of April 3, 2013 in the Internet Archive ) (PDF; 698 kB). In: Duisburg working papers on East Asian Studies. No. 63, 2005
- Maren Duvendack et al .: What is the evidence of the Impact of microfinance on the well-being of poor people? (PDF). 2011.
- ^ Manfred Stüttgen: Microcredit. Sustainable investment in the field of tension between marketing and morals, in: Manfred Stüttgen (ed.) 2019, Ethics of Banking and Finance, 2nd edition, Nomos: Zurich, pp. 119–123.
- ^ Public forum . No. 5, March 9, 2007, p. 20.
- ↑ Federal Ministry of Labor and Social Affairs: Microcredit Fund Germany will be continued . February 27, 2017.
- ↑ Stefan Dietrich: Credit at the click of a mouse. on: Deutsche Welle. July 21, 2007.
- ↑ Konrad Lischka : A mouse click to microcredit. on: Spiegel-online. April 4, 2007.
- ^ H. Sinclair: Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor. Berrett-Koehler Publishers 2012.
- ↑ Micro-Credit Ratings International: Microfinance Review 2012: MFIs in a Regulated Environment, a financial and social analysis, online at URL: Archived copy ( Memento from October 5, 2013 in the Internet Archive )
- ^ A b Milford Bateman: Why Doesn't Microfinance Work? Zed Books, 2010, ISBN 978-1-84813-332-7 .
- ^ A b Marguerite S. Robinson: The Microfinance Revolution: Sustainable Finance for the Poor. World Bank Publications, 2001, ISBN 0-8213-4524-9 .
- ^ Jacob Yaron: Optimal Interest Rates and Subsidy Dependence in Microfinance: Lessons from the BRI Unit Desa, Indonesia.
- ↑ a b Deborah Drake: The Commercialization of Microfinance. Kumarian, 2002, ISBN 1-56549-153-X .
- ↑ a b c d Beatriz Armendariz: The Economics of Microfinance. Cambridge / The MIT Press, 2005, ISBN 0-262-01216-2 .
- ↑ Solidarity Circles ( Memento from January 6, 2009 in the Internet Archive )
- ↑ Microinsurance - Healthy Clients
- ^ Anne Seith: Nobel Prize winner Yunus: Business instead of alms. on: Spiegel Online . October 13, 2006. “[...] the Nobel Prize winner has critics. The 20 percent interest rate on Grameen loans is too high, they say. Yunus also does not care about the poorest of the poor. This accusation is not entirely unjustified. Because the bank only helps people who can work. Yunu's first customer, Sofia Katun, had to go begging again later, according to an article in Stern from 1995, because she was too sick to work. "
- ↑ a b c Eva Terberger (Professor of Business Administration): Microfinance: a panacea for poverty? In: Ruperto Carola. University of Heidelberg, 3/2002.
- ↑ Nimal A. Fernando: Understanding and Dealing with High Interest Rate on Microcredit. ( Memento of November 25, 2011 in the Internet Archive ) Asian Development Bank, May 2006, p. 1.
- ↑ Sebastian Schwiecker: The Impact and Outreach of Microfinance Institutions: The Effect of Interest Rates. Diploma thesis November 2004.
- ↑ a b Poor people are also creditworthy. In: NZZ . June 1995.
- ↑ "The Grameen Bank at a Glance" , October 2006.
- ↑ Information from the French Agie: failure rate almost 7%; according to the public forum. No. 5, March 9, 2007.
- ↑ Jeffrey Tucker: The Micro-Credit Cult. In: The Free Market, The Mises Institute Monthly. November 1995; Retrieved January 15, 2012 .
- ↑ Kathrin Hartmann : The microcredit lie. In: Frankfurter Rundschau. January 10, 2012.
- ↑ a b Gerhard Klas: A fairy tale from Bangladesh: Microcredits against poverty. (PDF file; 165 kB). on: SWR 2 Feature. 17th November 2010.
↑ Mario Müller: A banker with change. In: Frankfurter Rundschau . October 14, 2006.
“For the Frankfurt economist Harry Schmidt, an expert in microfinance, the Grameen Bank is unsuitable as a model for another reason: It depends on development aid and is not designed to grant loans entirely from its own resources. [...] The good idea can only work in the long run if the projects are self-sustaining. "
↑ A banker with change. In: Frankfurter Rundschau . October 14, 2006.
“Whether in Asia or Africa. Eastern Europe or South America - corresponding projects were started everywhere. They have long been considered essential elements of development aid and are supported by international organizations. "
- ↑ N. Hermes, R. Lensink: The empirics of microfinance: what do we know? In: The Economic Journal. 117, February 2007, pp. F1-F10. Entwicklungspolitik.uni-hohenheim.de
- ↑ M. Duvendack, R. Palmer-Jones, JG Copestake, L. Hooper, Y. Loke, N. Rao: What is the evidence of the impact of microfinance on the well-being of poor people? Systematic review. EPPI-Center, Social Science Research Unit, Institute of Education, University of London 2011, p. 9.
- ↑ Frithjof Arp: The 34 billion dollar question: Is microfinance the answer to poverty? In: Global Agenda . World Economic Forum, January 12, 2018 ( weforum.org ).
- ↑ Frithjof Arp, Alvin Ardisa, Alviani Ardisa: Microfinance for poverty alleviation: Do transnational initiatives overlook fundamental questions of competition and intermediation? In: Transnational Corporations . tape 24 , no. 3 . United Nations Conference on Trade and Development, 2017, UNCTAD / DIAE / IA / 2017D4A8, p. 103-117 , doi : 10.18356 / 10695889-en ( researchgate.net ).
- ↑ microcredit . In: fairhelfen.de, accessed on November 13, 2017.
- ^ Asif Ud Dowla: Micro Leasing: The Grameen Bank Experience (PDF file) The Global Development Research Center July 1998.
- ↑ Gerhard Klas, Philip Mader (ed.): Making returns and doing good? Microcredit and the Consequences of Neoliberal Development Policy. Campus Verlag, Frankfurt 2014, p. 23.
- ↑ Gerhard Klas, Philip Mader 2014, p. 25.
- ↑ Gerhard Klas: The microfinance industry: The great illusion or the business with poverty. Publishing house Association A, Freiburg 2011.
- ↑ Laxmi Murthy: "Women's empowerment, or a debt trap?" Infochangeindia.org , 2005.
- ↑ Hopelessly in debt. In: Frankfurter Rundschau . 17th November 2010.
- ↑ Suicide of a great idea. In: The time . November 18, 2010.
- ↑ Usurers drive thousands of Indians to ruin. on: Spiegel Online. November 28, 2010.
- ↑ Microcredit: Poor and Ripped Off. ( Memento from April 16, 2010 in the Internet Archive ) on: sueddeutsche.de , April 14, 2010.
- ^ West African Financial Flows and Opportunities for People and Small Businesses. (PDF file; 377 kB). March 2006, p. 3.
- ↑ Microcredit programs of the Microcredit Fund Germany: Design of microcredit allocation ( Memento from February 23, 2012 in the Internet Archive )
- ↑ Microcredit product framework: Framework conditions for microcredit funds Germany ( Memento from February 19, 2012 in the Internet Archive )
- ↑ Microcredit Guide - Micro Wiki , accessed December 10, 2012.
- ↑ Micro-loan - Thüringer Aufbaubank. Retrieved December 8, 2017 .
- ↑ Berlin micro-credit program: IBB micro-credit program , accessed on December 14, 2012.
- ↑ Bremen microcredit program: BAB-Mikrokredit , accessed on November 13, 2017.
- ↑ Schleswig-Holstein microcredit program: IB-Mikrokredit , accessed on December 14, 2012.
- ↑ Saxony's microcredit program: SAB-Mikrokredit ( Memento from March 20, 2013 in the Internet Archive ) , accessed on December 14, 2012.
- ^ Mecklenburg-Western Pomerania microcredit program: GSA-Mikrokredit , accessed on December 14, 2012.
- ^ NRW microcredit program: NRW microloans , accessed on December 14, 2012.
- ↑ MicroCrowd. Retrieved December 8, 2017 .
- ↑ IBB MikroCrowd: IBB MikroCrowd - Partner Page - startnext.com. Retrieved December 8, 2017 .