Source: MicroCredit Enterprises.
Jonathan Lewis, Founder and CEO of MicroCredit Enterprises, a private sector, anti-poverty program, will accept a 2008 Innovation Award from Social Venture Network.
Lewis is receiving this prestigious honor for developing Microcredit Enterprises’ unique guarantee-based business model. This pioneering program leverages “idle capital”, the investment portfolios of individual investors, to serve as guarantees for loans to microfinance organizations so they can in turn offer loans to entrepreneurs in developing countries. The loans are a sustainable source of economic development for families living in extreme poverty, specifically those living on USD 1 a day or less.
Since its establishment in 2005, MicroCredit Enterprises has funded 95,000 micro-entrepreneurs across 15 countries on four continents. The growing network of Guarantors provides MicroCredit Enterprises with a current total of USD 37 million in pledged assets.
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