Microloans deserve praise
June 29, 2011
Author: Tom Walsh
Publication Date: June 29, 2011
If there's something unsettling about having Detroit pioneer a U.S. variant of micro-lending programs best known for helping to foment entrepreneurship in Bangladesh and other third-world countries, so be it.
We should applaud and embrace just about any effort that brings investment dollars and people together to energize Detroiters to start new ventures and ultimately create jobs.
Kiva Detroit, a new initiative to bring more than $500,000 in microloans to small businesses in the city, will be rolled out Thursday with an event at Eastern Market and the launch of a new Web page, www.kiva.org/detroit . Lenders can pledge sums as small as $25 to help new businesses in the city.
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