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Innovators Face Challenges in Breaking Down Barriers to Capital for Underserved Entrepreneurs

Sarah Trent

June 02, 2017 |

Locavesting |

Text |

1500-3000 Words

Response Location: United States, Cincinnati

Existing services and resources for entrepreneurs disproportionately do not help minorities and women, making it difficult for them to become successful. Programs such as MORTAR aim to help these under served entrepreneurs by providing capital to help their businesses take off.

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In Kenya, Phones Replace Bank Tellers

Tina Rosenberg

May 09, 2017 |

The New York Times |

Multi-Media |

1500-3000 Words

Response Location: Kenya

Building on the widespread use of mobile phones in Kenya, applications have been developed to provide people with financial services. Through these applications people can securely receive money, save money, and make payments increasing their fiscal stability and their ability to access assistance when adverse events happen. The applications also create a record of financial transactions resulting in people being able to establish credit, receive loans, and access pay-as-you-go programs.

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How Rang De is using crowdsourcing to make micro loans cheaper

Anu Thomas

May 04, 2017 |

The Economic Times |

Text |

800-1500 Words

Response Location: India, Bengaluru, Karnataka

A husband and wife team in Bangalore (Bengaluru) have created a peer-to-peer, online micro-loan platform to help make poverty history by addressing credit needs of underserved communities. Lenders on the platform can choose the individuals and projects they loan to, and interest rates are kept low so as to be accessible for the recipients. The platform, Rang De, has seen great success and boasts a 93% repayment rate.

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How to Trick People Into Saving Money

Rob Walker

May 01, 2017 |

The Atlantic |

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Over 3000 Words

Response Location: United States, Salem, Illinois

A large number of Americans are "unbanked or underbanked"—meaning they are not tied to traditional financial institutions to manage their money—which makes saving difficult. Walmart has managed to serve this population with a debit card program called MoneyCard that provides financial incentives to users to regularly put aside money into a "vault." This approach effectively takes into account behavioral economics in terms of how humans approach short- versus long-term rewards. Launching in August 2016, the program's membership had grown more than 130% and savings increased by 38% by December 2016.

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Public banking goes to pot

Jeremy Lybarger

April 19, 2017 |

High Country News |

Text |

1500-3000 Words

Response Location: United States, Sebastopol, California

California looks to the Bank of North Dakota as a model to launch a public bank for the cannabis industry. While the Bank of North Dakota is the only public bank in the country thus far, California's cannabis industry hopes to mirror this public financing method to reduce marijuana-related violence and theft throughout the state.

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In Myanmar's slums, women pool savings to get relief from crushing loans

Connor MacDonald

March 30, 2017 |

Citiscope |

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1500-3000 Words

Response Location: Myanmar, Yangon, Yangon Region

Years of misrule and a subsequent dearth of hard currency, along with crippling bank-fostered debt cycles and exorbitant home mortgage interest rates, have created immense suffering for Myanmar's poor. But with the guidance of a local NGO, Women for the World, a pilot project helped women in some of Yangon's poorest neighborhoods capitalize on their cultural "head-of-household" status. It helped them form and manage community savings cooperatives, secure land, build homes, buy food, and even generate profit through loans to families' business enterprises.

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Can the private sector solve Metro Detroit's infrastructure woes?

Patrick Dunn

December 21, 2016 |

Metromode |

Multi-Media |

800-1500 Words

Response Location: United States, Detroit, Michigan

Michigan's roads have been in disrepair for years. Now with increased private sector funding and partnerships between companies and the government, the state could start to see improvements in its infrastructure.

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15 countries, other states use social impact bonds, too

Kristen Jordan Shamus

December 13, 2016 |

Detroit Free Press |

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Under 800 Words

Response Location: United Kingdom, Peterborough

A project launched in the United Kingdom uses social-impact bonds to reduce recidivism among prisoners, bringing together public and private resources to implement more effective and cost efficient social programs. Their success is inspiring other countries to follow suit.

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Big Bet Philanthropy: How More Givers Are Spending Big And Taking Risks To Solve Society's Problems

Kerry A. Dolan

November 30, 2016 |

Forbes |

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Over 3000 Words

Response Location: United States, San Francisco, California

For the superrich and the biggest U.S. charitable foundations, donating to universities, hospitals and cultural institutions is the norm. Less common are donations targeted at "social change" such as alleviating poverty or tackling global warming - but that is beginning to change. An in-depth study from the Bridgespan Group is showing how big bets in philanthropy are paying off, as well as what factors - such as a close donor-recipient relationship - are key to success.

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Teaching Teens Financial Literacy

Arielle Dreher

November 09, 2016 |

Jackson Free Press |

Text |

800-1500 Words

Response Location: United States, Jackson, Mississippi

Students at Provine High School will soon be able to open up accounts with Hope Credit Union, right in their own hallway. The partnership is helping students realize that having a relationship with a financial institution can create a more stable financial future, breaking the cycle of poverty.

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