18 Dec '11, 5am

#Japan using #microcredit to rebuild after earthquake: #socbiz #socent

TOKYO (AFP) - The world's third largest economy might not seem the obvious place to find the need for microfinancing, but for businesses in tsunami-ravaged north-east Japan, it could be the key to revival. Music Securities, a brokerage more used to raising cash for struggling musicians, has turned its expertise to building bridges between small businesses in the disaster zone and people with cash who want to help. The model is based on that developed by Grameen Bank in Bangladesh, where small loans on easy terms are offered to the nation's poor, with an emphasis on growth potential rather than creditworthiness. The programme and its founder Muhammad Yunus won the 2006 Nobel Peace Prize for the scheme, which allowed individuals to work for their living to regain their dignity.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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