Thursday, June 14, 2007

Microfinance Provides More for Entrepreneurs

The opportunities microfinance has created in developing countries around the world have not gone unnoticed by Citigroup Inc., who has just launched their Citi Microfinance Donor Fund.

The goal of the charitable fund, according to Kristin McNamara’s article in The Wall Street Journal, “Citi Fund Backs Entrepreneurs” is to prompt the development of microfinance organizations that are too small to cover the cost of their own operations. The fund allows wealthy philanthropists to provide substantial financial support for poor entrepreneurs in the developing world who are unable to get support from banks.

Depending on the success of the Citi Microfinance Donor Fund, Citigroup plans to open a second microfinance fund and other special interest funds.

Microfinancing is yet another way to improve the entrepreneur ecosystem and Build a Stronger Business community.

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