Support Microloans and Microlending in the United States

Regular readers know that I am a big supporter of mircoloans. There are many benefits of mircolending and though much of the press is about microloans availability outside of the United States, microloans are also available in the US. Here are just a few organizations to consider:

* Grameen America "is a microcredit lender whose mission is to help entrepreneurial individuals, especially women, build credit and defeat poverty." This is a subsidiary of Nobel Larueate Mohammed Yunus' Grameen Bank which really popularized microlending. They are "Bankers for the Unbanked."

* Accion USA makes loans to small business people of up to $25,000 and provides financial literacy education.

* Prosper is a peer-to-peer (P2P) lending agency where almost anyone can request a loan that almost anyone can fund.

* LendingClub is also a peer-to-peer (P2P) lending agency. Again, almost anyone can lend or borrow.

* Virginmoneyus.com is another P2P agency that facilitates lending between family and friends. The loans can be for business, real estate, or personal purposes.

Note that only Grameen and Accion are dedicated to reducing poverty and are purposefully designed to raise standards of living. If you are a borrower, compare your options to see which plan will work best for you. If you are lender, consider your needs: Do you want to make a donation or would you prefer to be paid back? Would you like to earn interest? Do you want to choose who you lend to? Consider the options, then choose the organization that works best for you.

With all these options and ethical goals, maybe Shakespeare's Lord Polonius was wrong when he said "Neither a borrower nor a lender be."

"Never mistake motion for action." - Ernest Hemingway