Microfinance for the richest of the poor!

One of the main business newspapers reports that Grameen bank, the micro lender, has started operations in the US (in Queens, NY). They are not the first microlender to focus on urban poor in the US but it is nice to contemplate on how microbanks step in where ordinary banks fail. When credit availability now seems to be back to normal, i.e. when poor people are stopped at the door, it’s is nice to think that the concept of microcredit could expand further into our rich western nighbour. I certainly think that is possible! in another news entry it is mentioned that Credit Agricole is teaming up with Grameen Bank to support microentrepreneurs around the world. The commercialisation of microfinance keeps going on! When at it I could as well market my own research on microfinance. One of my papers can be found here http://swopec.hhs.se/lunewp/abs/lunewp2006_014.htm. It is to appear in World Development in 2008.