전체기사 최신뉴스 GAM
KYD 디데이
홈 글로벌

속보

더보기

버냉키, '미국의 마이크로파이낸스' 연설(원문)

기사입력 :

최종수정 :

※ 본문 글자 크기 조정

  • 더 작게
  • 작게
  • 보통
  • 크게
  • 더 크게

※ 번역할 언어 선택

Chairman Ben S. Bernanke
At the ACCIÓN Texas Summit on Microfinance in the United States, San Antonio, Texas
November 6, 2007

Microfinance in the United States

Last month I had the pleasure of meeting with someone very well known to this audience but not so well known to Americans generally: Dr. Muhammad Yunus. Perhaps more than any other individual, Dr. Yunus inspired the movement that has become known as microfinance. In 1976, Dr. Yunus founded the Grameen Bank in Bangladesh, which became one of the pioneers of the concept of offering small loans to people deemed too poor or insufficiently creditworthy to qualify for traditional bank loans.

The organization and the larger movement it helped spawn have financed the entrepreneurial aspirations of many thousands of people. The great majority of those who have benefited from Grameen Bank loans have been women, particularly poor rural women. Microfinance has offered borrowers, in Dr. Yunus's words, "a fair chance to unleash their energy and creativity" (Yunus, 2006). His innovative thinking and dedication to poverty relief through the extension of credit were honored in 2006 by the award of the Nobel Peace Prize. And the movement itself was recognized when the United Nations declared 2005 to be the International Year of Microcredit.1

The microfinance, or microcredit, movement has spread throughout the world--to other parts of Asia, Africa, Latin America, and, more recently, to the United States. Although the social and economic contexts differ widely across countries, the fundamental purpose of microfinance programs remains the same: to offer small loans and other financial services to low-income people to help them increase their incomes through entrepreneurship and self-employment.

Acción Texas has been an exemplar of the movement in the United States. I am very pleased to speak at your summit meeting today for many reasons, not the least of which is the opportunity to visit again with Janie Barrera, the president of Acción Texas. I had the pleasure of working with Janie when she was a member of the Federal Reserve Board's Consumer Advisory Council, which has been an invaluable resource for the Board over the years on all aspects of consumer protection regulation and community development initiatives. Soon after I became a member of the Board in 2002, Janie collaborated with the Federal Reserve Bank of Dallas to invite me and one of my fellow Board members, Susan Bies, to Brownsville, Texas. We toured local housing and community development projects and visited a small business that had gotten its start with the help of a microloan from Acción Texas.

In the remainder of my remarks I will speak about the development of the microfinance movement in the United States, putting it into an international context and discussing as well how it fits into the broader landscape of small business financing in this country. I will close with some thoughts on the challenges facing the U.S. movement as it continues to grow and mature.

The Development of the U.S. Microfinance Movement
Although the United States came relatively late to the microfinance movement, experimentation in the 1980s and 1990s laid the groundwork for the lively network of programs we see today. Acción has been at the forefront of the development of microfinance in the United States. Acción International began its microlending activities in Latin America in 1961 and established an affiliate organization in the United States, Acción USA, in 1991. Over the years, the U.S. Acción network has grown to become one of the country's largest microfinance providers. Since its founding, the U.S. Acción network has loaned $180 million to nearly 20,000 borrowers in thirty-five states.2

Of course, the operational details of U.S. microfinance programs differ significantly from those in overseas programs, but as I mentioned, they share similar goals and core values. As it does in developing countries, the microfinance movement in the United States seeks to expand economic opportunities for individuals and to foster community economic development by providing small loans and other business services to people who have been traditionally underserved by mainstream financial institutions. Loan features--including size, collateral requirements, and repayment terms--are typically more flexible than those of standard bank loans and are tailored to the needs of low- and moderate-income entrepreneurs.

In the United States, however, credit is only one part of the microfinance package. To a greater extent than overseas, microfinance programs here have expanded their offerings to deliver education, training, and various other services to nascent entrepreneurs. The goals of these supplemental activities are twofold: to improve the survival rate of the borrowers' start-up businesses and to mitigate credit risks for the lender. Several factors have driven the U.S. microfinance industry to diversify beyond simply lending. The complexity of the U.S. market for financial services requires greater financial management skills than are typically needed in developing countries. Here, even very small businesses are likely to have to deal with factors--such as taxes, licenses, and zoning laws--that can prove daunting hurdles to the inexperienced, aspiring business owner (Assanie and Virmani, 2006). By contrast, entrepreneurs in developing countries tend to operate in the informal sector, often out of the sight of regulators and tax authorities. Yet another difference between the U.S. context and that of the developing world is that, in the United States, aspiring entrepreneurs may have access to alternative sources of credit. Although they may not be able to obtain traditional small business loans, some can qualify for credit cards, home equity credit lines, or other alternatives to microcredit, whereas many of Grameen Bank's clients in Bangladesh, for example, have no such alternatives. Thus, while lending remains a very important part of U.S. microfinance programs, it is not as central to the broader mission as is typically the case in the developing world.

In helping local enterprises get under way, microfinance organizations help deliver the social benefits often associated with such businesses. For example, microentrepreneurs often involve their family members in their businesses, providing them valuable work experience; and extra income can confer important advantages on future generations, such as a chance for a better education. In addition, entrepreneurs may benefit communities and local economies in multiple ways, as this story of a woman who resides in one of Houston's poorest neighborhoods illustrates. Observing the lack of grocery stores in her community, she approached Acción Texas for funds to open a small organic food store and restaurant. With the help of the microloan, she created a viable business while also improving the options for food shopping in her community. She also provides various services, including neighborhood cooking classes that promote healthy eating habits.

The Place of Microfinance in the Landscape of Small Business Finance
Although comprehensive data on U.S. microfinance as a whole is scarce, many U.S. microfinance institutions measure and track their own performance. Acción Texas, for instance, reports that it loaned $42 million between 1994 and 2005. It estimates that those loans created 982 new jobs and generated about $78 million in economic activity (including earnings of about $25 million and local tax revenue of $4.5 million).3 Thus, despite gaps in the aggregate data, we can get some sense of how microfinance fits into the overall picture of small business finance.

Small businesses, generally defined as firms having fewer than 500 employees, have always played a vital role in the U.S. economy. Together, they employ more than half of private-sector workers and produce more than half of private-sector output (Board of Governors, 2007). The enterprises that microlenders finance are, of course, the very smallest of small businesses, but such firms make up a substantial share of the U.S. small business sector: 20 percent of small businesses in the United States have only one individual working in the firm, and 40 percent have two to four people working. Among these smaller firms, nearly 25 percent were founded or acquired by a new owner within the past four years.

Thus microenterprises not only provide a path to economic self-reliance for owner-entrepreneurs and benefit their local communities, but they are also important for the economy as a whole. There is some truth to the popular image of the successful firm which had its beginnings in someone's garage. Microenterprises can grow into small businesses, and small businesses can grow into large firms. Thus, microfinance plays the role of business incubator by compensating for the difficulties faced by very small firms and startups in obtaining credit from established financial intermediaries. These difficulties arise because lending to small businesses is typically considered riskier and more costly than lending to larger firms. Small businesses are often more susceptible to changes in the broader economy and generally have a much higher rate of failure than larger operations, although the survival rate of small firms increases with age (Knaup, 2005).Collateral may be used to help mitigate the risk to lenders, but the smallest and youngest firms often have few assets available to pledge. Besides being riskier, lending to small firms can be more expensive. It costs more per dollar loaned both to evaluate their credit applications and to monitor their ongoing performance. Many small businesses lack detailed balance sheets and other financial information used by underwriters in making lending decisions. And the small firm does not issue publicly traded debt or other securities whose values in the marketplace serve as a signal of its profit expectations.

Of course, despite these challenges, many smaller businesses do manage to obtain the credit and capital they need. Community banks, which rely on personal relationships and knowledge of the local market to assess credit risks, have long been a source of funding for small business. The development of more-sophisticated techniques in small business loan underwriting, including the use of credit scoring, has helped make small business lending more attractive to larger institutions as well (Cowan and Cowan, 2006). And research demonstrates that internal finance--that is, financing from the personal resources of owners, family, friends, and business associates--can help offset a lack of access to capital and is crucial to both new and established small enterprises (Rosen, 1998; Holtz-Eakin, Joulfaian, and Rosen, 1994a,b). For some potential low-income entrepreneurs, however, none of these options is feasible. Microfinance was designed to bridge this gap.

The Future of Microfinance in the United States
As I have emphasized, microenterprise development programs in the United States are about much more than the extension of credit, though access to credit remains a central concern. Many programs take a holistic approach, offering interconnected services that complement lending activities and are targeted at entrepreneurs at each stage of business development. Services being offered include up-front business training; specialized technical assistance; mentoring programs; sector-specific advice and support; networking opportunities; coordinated sales and marketing programs; and the development of formal links with banks, local community colleges, and other institutions (Edgcomb and Klein, 2005). Of course, many start-up businesses don't make it; that's an inescapable aspect of the risks that small business entrepreneurs face. But the services provided by microenterprise programs offer borrowers a strong foundation in the fundamentals of running a business and give their businesses a better chance to grow and flourish in a competitive marketplace.

These services benefit the lender by making the borrowers more creditworthy, but providing these services to budding entrepreneurs is labor intensive and requires considerable expertise. Because microfinance clients are rarely able to pay for these services, the costs have generally been underwritten by philanthropic efforts and public-private partnerships. Whether U.S. microfinance programs can become financially self-sustaining is a key question for the future.

Currently, microenterprise organizations are experimenting with business models in the effort to promote self-sustainability. Some are trying to enhance their profitability by offering a wider array of fee-based services, such as check cashing and the facilitation of remittances. Others have turned to technology to reduce their costs. Acción USA, for instance, has reduced transaction, underwriting, and servicing costs through an Internet lending initiative.4 It has also reduced its training costs through online and distance-learning courses. Another web-based effort, MicroMentor, matches inexperienced entrepreneurs with more experienced businesspeople, thereby providing important assistance to new business owners at a relatively low cost (http://www.micromentor.org/ Leaving the Board). The Association for Enterprise Opportunity, the principal trade association for microenterprise programs, serves as a forum for learning about innovations, developments, and best practices in this field (http://www.microenterpriseworks.org/ Leaving the Board).

Another promising avenue for the future of microfinance is the development of more partnerships with mainstream banking institutions. Mainstream banks typically don't offer the array of supportive services found at microlenders. But by partnering with a microlender that incubates very small businesses, mainstream institutions can gain new customers when the borrowers "graduate" from the microfinance program and seek larger loans. And these new customers will be more creditworthy borrowers because of the early support they received from the microfinance organization. Acción Texas and other microfinance organizations have established several mutually beneficial partnerships with large banking institutions. Such partnerships serve as two-way referral systems between the microlenders and large banks and help break down the barriers between mainstream institutions and underserved entrepreneurs.

Conclusion
To sum up, I want to affirm the important role that microfinance plays in bringing the opportunity for entrepreneurship to people who otherwise might not have it. Although some businesses will inevitably fall by the wayside, those that flourish and grow are likely to have better management and better long-term prospects than they would have without the support of microenterprise programs. Successful microbusinesses provide jobs as well as valuable products and services to their communities. Not least important, they can provide economic independence and self-reliance for the owner-entrepreneurs. The full benefits of this movement are difficult to calculate. Indeed, one important challenge for the future is to find ways to better measure the impact and cost effectiveness of microfinance programs. What is clear is that the microfinance movement has grown and adapted considerably during its short history in the United States. I hope that microfinance organizations will sustain their energetic spirit of innovation and experimentation as they strive to become more self-sufficient and adapt to our ever-changing economy.



References

Assanie, Laila, and Raghav Virmani (2006). "Incubating Microfinance: The Texas Border Experience," Federal Reserve Bank of Dallas, Southwest Economy (September/October), pp. 3-7.

Board of Governors of the Federal Reserve System (2007). Report to the Congress on the Availability of Credit to Small Businesses. Washington: Board of Governors of the Federal Reserve System, October.

Carr, James H., and Zhong Yi Tong, eds. (2002). Replicating Microfinance in the United States. Washington: Woodrow Wilson Center Press.

Cowan, Charles D., and Adrian M. Cowan (2006). "A Survey-Based Assessment of Financial Institution Use of Credit Scoring for Small Business Lending (690 KB PDF)." Washington: U.S. Small Business Administration, Office of Advocacy, November.

Edgcomb, Elaine L., and Joyce A. Klein (2005). "Opening Opportunities, Building Ownership: Fulfilling the Promise of Microenterprise in the United States." Leaving the BoardWashington: Microenterprise Fund for Innovation, Effectiveness, Learning and Development (FIELD) at the Aspen Institute, February, www.fieldus.org/Projects/MovingForward.html.

Holtz-Eakin, Douglas, David Joulfaian, and Harvey S. Rosen (1994a). "Entrepreneurial Decisions and Liquidity Constraints," Leaving the Board RAND Journal of Economics, vol. 24 (Summer), pp. 334-47.

_________ (1994b). "Sticking It Out: Entrepreneurial Survival and Liquidity Constraints," Leaving the Board Journal of Political Economy, vol. 102 (February), pp. 53-75.

Knaup, Amy E. (2005). "Survival and Longevity in the Business Employment Dynamics Data," Monthly Labor Review, vol. 128 (May), pp. 50-56.

Rosen, Harvey S. (1998). "The Future of Entrepreneurial Finance," Leaving the Board Journal of Banking and Finance, vol. 22 (August), pp. 1105-07.

Yunus, Muhammad (2006). "Nobel Lecture," Leaving the Board acceptance speech delivered at the Nobel Peace Prize ceremony, Oslo, December 10, www.nobelprize.org/nobel_prizes/peace/laureates.

Footnotes

1. Additional information is available on the United Nations website, "International Year of Microcredit," www.yearofmicrocredit.org. Leaving the Board

2. Acción USA, About Us: Our Impact, Leaving the Board www.accionusa.org/site/c.lvKVL9MUIsG/b.1388811/k.46F7/ACCIONs_Impact_on_Small_Businesses.htm.

3. Acción Texas, "Economic and Community Impact of Acción Texas, 1994-2005," Leaving the Board www.acciontexas.org/economic_impact_report.php.

4. Acción USA, Get a Loan Leaving the Board, https://secure.accionusa.org.

[관련키워드]

[뉴스핌 베스트 기사]

사진
젠슨 황 불륜 인정 "신뢰 되찾겠다" [시드니=뉴스핌] 권지언 특파원 = 젠슨 황 엔비디아 최고경영자(CEO)가 혼외 관계를 인정하고 직원들에게 사과했다. 중국 스파이로 의심받는 여성과의 연인 관계 의혹이 보도된 지 이틀 만이다. 엔비디아 이사회는 황 CEO가 외국 정보기관의 공작 대상이 됐다는 보도와 관련해 독립 조사에 착수하기로 했다. 영국 파이낸셜타임스(FT)에 따르면 황 CEO는 8일(현지시간) 직원들에게 보낸 사내 메시지에서 "가족과 여러분 모두에게 사과해야 한다"며 "아내에게 충실하지 못했다. 내 행동은 아내와 우리 아이들에게 상처를 줬다. 변명의 여지가 없다. 깊이 사과한다"고 밝혔다. 악시오스가 입수한 이메일 초안에 따르면 황 CEO는 "전적인 책임을 지겠다"며 직원과 이사회, 주주에 대한 책임을 다하지 못했다고 인정했다. 이어 "엔비디아를 이끄는 것은 내 인생의 특권"이라며 "여러분의 신뢰를 되찾기 위해 노력하겠다"고 했다. 엔비디아는 별도 성명을 내고 황 CEO가 외국 정보활동의 표적이 됐다는 최근 보도를 고려해 이사회가 독립 조사에 착수한다고 밝혔다. 조사는 외부 법률 자문단의 지원을 받는 독립 이사 위원회가 맡는다. 이사회는 "국가안보나 엔비디아의 기밀이 침해됐다고 볼 이유는 없지만, 조사에서는 확보 가능한 모든 정보를 검토할 것"이라고 밝혔다. ◆ "中 국가안전부가 포섭"…엔비디아, 앞서 의혹 부인 FT는 지난 6일 미국 정부가 황 CEO와 중국 여성이 연인 관계였다고 보고 있다고 보도했다. 사안에 정통한 소식통들에 따르면 미국 당국자들은 올해 정보당국 자료를 토대로 작성한 메모에서 황 CEO가 엔비디아의 싱가포르 고객사 메가스피드의 임원 앨리스 황과 연인 관계였다고 적시했다. 이 메모에는 앨리스 황이 중국 국가안전부에 포섭된 것으로 미 정보당국이 판단하고 있다는 내용도 담겼다. 메모는 도널드 트럼프 대통령이 시진핑 중국 국가주석과의 정상회담을 위해 베이징을 방문하기 직전에 작성됐다. 미국 정부는 이와 별도로 메가스피드가 엔비디아 칩을 중국에 밀반입했다는 의혹을 조사해 왔다. 엔비디아는 앞서 두 사람의 부적절한 관계 의혹을 부인하며 고객사와의 교류 과정에서 "이례적이거나 예상 밖의 일은 없다"고 밝힌 바 있다. 황 CEO는 그동안 중국에 대한 AI 반도체 수출 규제를 완화해야 한다고 미국 정부를 설득해 온 핵심 인물이다. 악시오스는 이번 사안이 미·중 기술 패권 경쟁 속에서 국가안보 우려를 낳고 있다고 짚었다. 1993년 엔비디아를 공동 창업한 황 CEO는 실리콘밸리에서 가장 오랫동안 재임한 창업자 겸 CEO 중 한 명이다. FT는 엔비디아의 성공이 다른 기술기업보다 최고경영자에게 크게 의존하고 있다고 평가했다. 황 CEO는 수평적 조직 구조를 엔비디아의 빠른 실행력 비결로 꼽아 왔다. 엔비디아 시가총액은 2023년 약 1조달러에서 현재 4조5000억달러로 확대됐다. 존 리조 엔비디아 공공정책 커뮤니케이션 책임자는 악시오스에 낸 성명에서 "오늘 나온 소식이 엔비디아의 행보를 늦추지는 않을 것"이라며 "젠슨은 중단 없이 CEO로서 엔비디아를 계속 이끌겠다는 의지가 확고하다"고 말했다. 젠슨 황 엔비디아 최고경영자(CEO).[사진=로이터 뉴스핌] kwonjiun@newspim.com 2026-11-09 06:38
사진
'2000달러' 아이폰 듀오에 검은 여백 뜬다고? [서울=뉴스핌] 서영욱 기자 = 애플의 첫 폴더블 스마트폰 '아이폰 듀오(iPhone Duo)'가 출시 초기 화면 파손에 이어 애플리케이션(앱) 최적화 문제로 논란을 겪고 있다. 대화면을 충분히 활용하지 못하는 앱이 적지 않은 데다 멀티태스킹 기능에도 일부 제약이 있다는 지적이다. 애플은 최적화 앱을 빠르게 늘리고 문제가 발생한 제품을 교체하며 대응에 나섰다. 9일 해외 IT 매체 씨넷(CNET)과 맥루머스 등에 따르면 지난달 23일 출시된 아이폰 듀오는 일부 주요 앱이 7.6인치 내부 화면에 최적화되지 않아 화면 양옆에 검은 여백이 나타나는 현상이 확인됐다. 애플의 첫 폴더블 스마트폰 '아이폰 듀오' [사진 = 뉴스핌DB] 구글 문서·드라이브·시트·슬라이드와 마이크로소프트 팀즈, 페이팔, 스타벅스 등 주요 앱이 대표적이다. 앱 실행 자체에는 문제가 없지만 넓어진 화면을 충분히 활용하기 어렵다는 평가다. 특히 지메일은 화면 전체를 채우지만 안드로이드 폴더블폰에서 지원하는 2열 분할 화면을 제공하지 않아 대화면 활용도가 떨어진다는 지적을 받았다. 애플의 공식 쇼핑 앱인 애플스토어 역시 최적화가 이뤄지지 않은 앱으로 분류됐다. 멀티태스킹 기능에서도 차이가 나타난다. 폰아레나에 따르면 아이폰 듀오는 가로 모드에서만 두 개의 앱을 나란히 실행할 수 있다. 세로로 회전하면 화면 분할이 해제된다. 삼성전자 갤럭시 Z 폴드 시리즈가 지원하는 3개 앱 동시 실행과 자유로운 팝업 창 기능도 제공하지 않는다. 초기 폴더블폰에서 앱 최적화가 단계적으로 진행되는 것은 일반적인 현상이다. 실제 넷플릭스와 유튜브, 마이크로소프트 워드, 줌 등 상당수 앱은 이미 최적화를 마쳤다. 애플은 지난 6일 아이폰 듀오에 최적화된 앱이 10만개를 넘어섰으며 매일 수천개씩 추가되고 있다고 밝혔다. 하드웨어 내구성 문제도 남아 있다. 일부 사용자들이 힌지 부근에서 소음이나 저항이 발생한 뒤 내부 화면이 파손됐다고 신고했다. 애플은 소수 제품에서 문제가 발생한 사실을 인정하고 교체를 안내했다. 다만 정확한 원인과 영향 범위는 공개하지 않았다. 아이폰 듀오의 초기 판매 수요가 공급을 웃도는 가운데 향후 앱 최적화 확대와 품질 문제 해결 속도가 제품 평가를 좌우할 전망이다. syu@newspim.com 2026-11-09 10:32
기사 번역
결과물 출력을 준비하고 있어요.
종목 추적기

S&P 500 기업 중 기사 내용이 영향을 줄 종목 추적

결과물 출력을 준비하고 있어요.

긍정 영향 종목

  • Lockheed Martin Corp. Industrials
    우크라이나 안보 지원 강화 기대감으로 방산 수요 증가 직접적. 미·러 긴장 완화 불확실성 속에서도 방위산업 매출 안정성 강화 예상됨.

부정 영향 종목

  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
이 내용에 포함된 데이터와 의견은 뉴스핌 AI가 분석한 결과입니다. 정보 제공 목적으로만 작성되었으며, 특정 종목 매매를 권유하지 않습니다. 투자 판단 및 결과에 대한 책임은 투자자 본인에게 있습니다. 주식 투자는 원금 손실 가능성이 있으므로, 투자 전 충분한 조사와 전문가 상담을 권장합니다.
안다쇼핑
Top으로 이동