外文翻譯-----小額信貸的可持續(xù)發(fā)展問(wèn)題(已修改)
2025-05-31 11:49 本頁(yè)面
【正文】 原文 The Question of Sustainability for Microfinance Institutions Microentrepreneurs have considerable difficulty accessing capital from mainstream financial institutions. One key reason is that the costs of information about the characteristics and risk levels of borrowers are high. Relationshipbased financing has been promoted as a potential solution to information asymmetry problems in the distribution of credit to small businesses. In this paper, we seek to better understand the implications for providers of ―microfinance‖ in pursuing such a strategy. We discuss relationshipbased financing as practiced by microfinance institutions (MFIs) in the United States, analyze their lending process, and present a model for determining the breakeven price of a microcredit product. Comparing the model’s results with actual prices offered by existing institutions reveals that credit is generally being offered at a range of subsidized rates to microentrepreneurs. This means that MFIs have to raise additional resources from grants or other funds each year to sustain their operations as few are able to survive on the ine generated from their lending and related operations. Such subsidization of credit has implications for the longterm sustainability of institutions serving this market and can help explain why mainstream financial institutions have not directly funded microenterprises. We conclude with a discussion of the role of nonprofit organizations in small business credit markets, the impact of pricing on their potential sustainability and selfsufficiency, and the implications for strategies to better structure the credit market for microbusinesses. MFI Lending Model in the United States Marketing Marketing drives the business model in terms of the volume of potential borrowers that an MFI is able to access and the pool of loans it can develop. Given that MFIs do not accept deposits and have no formal prior insight into a fresh potential customer base, they must invest in attracting new borrowers. Marketing leads are generated from a variety of sources: soliciting loan renewals from existing borrowers, marketing to existing clients for referrals, ―grassroots‖ working with institutions possessing a plimentary footprint in the target environment, and the mass media. At the outset of operations, before a borrower base is developed, portfolio growth is determined by the effectiveness of marketing through work and mass media channels. Once a borrower pool is established, marketing efforts can be shifted toward lowercost marketing to existing borrowers and their peer works. Even so, loans will likely attrite from a portfolio at a faster rate than renewals and borrower referrals can replenish it—new leads must continue to be generated through other, less
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