Microcredit? Isn’t that term only working in overseas countries?

 

Have you all got heard of  “Microcredit” before?

Microcredit movement

 well…

  If not, plz, follow read this

 Microcredit  this word  describes what a small portion of money given to people in need can contribute their lives and eventually change their standard of lives – Isn’t this awesome? 🙂

http://www.grameen.com/index.php?option=com_content&task=view&id=329&Itemid=363

The founder of Grameen Bank

Well, this has been started from Bangladesh by now well-known figure, Muhammad Yunus, the chairman of Grameen bank. Born in a wealthy family, went to the U.S. for higher education, when Yunus came back to his mother country, Bangladesh which is one of the world’s poorest country, he began thinking about how to help the impoverished people he saw everyday. Then, he began lending small portion of money to people, all from his own budget, and then, he encouraged the people, mostly women who charged the household, to earn more to pay back.

  Well …  did he go bankupt?

                      …………………………………………..…………..The answer is no. Interestingly, people who borrowed all paid back!!!!  

 This  successful story travels all the way to Korea.

The successful story flies to the Republic of Korea.

The strategy was adopted by the Korean government, yet, the style of the system was transformed into Korean version.  “Miso Credit Foundation” deals with microcredit business in Korea.Builded up in 2003, as an expanded form of Microcredt Foundation, now enlarges to provide more fund planning to build more than 200 nationwide regional offices. It is also the core policy of President Lee Myung-bak with an aim to make better condition for low-income households.

 

 Then, what does this foundation do?  I will show you how it goes through the next  post.  🙂

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About FSC Korea
The Financial Services Commission has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision

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