it is a known fact that microloans have never succeeded as a strategy for poverty alleviation. NOWHERE.
Now that's not true at all. Microloans have worked in Africa, India and many other parts of the world. Sometimes, it's for a sewing machine or even just cloth for a homespun industry or start-up costs for raising chickens or other livestock. But injecting money into an industry that is already saturated is a bad idea from the start.
http://www.nytimes.com/2006/10/13/business/14nobelcnd.html?pagewanted=all&_r=0
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