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Microfinance USA ConferenceProgreso Financiero founder discusses responsible lending alternatives May 28, 2009
Leveraging Partnerships to Reach MillionsMicrofinance has been slower to scale in the U.S. than internationally. But innovative models and public-private partnerships are leading the way to a new wave of expansion into untapped markets in the U.S. Panelists shared what they have discovered about the need and demand for microfinance products in low income communities, and how they are leveraging partnerships and dollars in hopes of reaching millions. James Gutierrez, CEO of Progreso Financiero, explained how his company's innovative proprietary scoring technology is the foundation of its ability to lend fairly. "We provide clear, transparent information about the complete cost of the loan, in the language our customers feel more comfortable with" he remarked. "We give customers a fixed repayment schedule that is timely to their paydays to aid in financial management so they can see exactly when the loan will be paid in full. Our goal is to help them build credit and avoid the cycle of indebtedness associated with "rollover" loans and excessive interest rates and fees" he concluded. Speakers
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