Small loans fight poverty

S. 2027: Microfinance and Microenterprise Enhancement Act of 2011

USAID-Logo

While I agree with the sentiments of Ken Schatz (Small loans fight poverty, letters April, 26, 2012)
I don’t think he fully understands that our money only goes overseas.

While the bill reads in part: “Microfinance institutions and providers have played an increasingly important role in enabling micro-entrepreneurs to graduate from extreme poverty to sustainable living patterns through financial services such as micro-credit, savings, and micro-insurance, as well as skills development, business mentoring, value-chain linkages, and facilitation of producer groups”, not a dime of it goes to help any U.S. citizen/taxpayer.

 In the fiscal year 2010, the United States Agency for International Development provided not less than $262,000,000 in funding for microenterprise development in at least 64 countries, benefitting over 1,600,000 microentrepreneurs and 1,900,000 savers; yet looking at the USID location map (http://www.usaid.gov/locations/) I can find not a single loan or grant to anyone in this country.  Ironically, Pakistan was one of the largest recipients of U.S. microfinance assistance.

  If Florida sens. Bill Nelson and Marco Rubio should be encouraged to co-sponsor any assistance bill, it should be to create and support microfinance institutions for returning U.S. military troops and their families.

 Fred Jacobsen, Pres.
BootsToBootstrapping.org

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