Microlending: no longer just a third world thing

Last August, I wrote a story about how micro loans represent a healthy and constructive alternative for the poor versus the voracious payday loan companies.

The recession-depression we are in has accelerated microloans for small businesses in the U.S. and it's making a difference, as reported in NPR's story on All Things Considered, "Coming To America: Third World Microlending."

The story focuses on a small business entrepreneur named Ryan Fochler who took out a microloan from the Latino Economic Development Corporation, a nonprofit microlender based nearby in Washington, D.C. Because of the small loan, Fochler has been able to expand his business from 75 customers in 2004 to 2,300 today.

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Fochler is now urging Congress and the Obama administration to get behind microlending.


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