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Enterprise Loans

 

I enjoyed your article on "Bootstrap Banking" (August). The Grameen Bank model used in Bangladesh has been successful in many other countries: Malaysia, Zimbabwe, Nepal, and El Salvador.

Currently, there are 46 U.S. Senators cosponsoring a bill that would direct $50 million from within the 1988 foreign-aid budget to set up and fund loans of $300 or less to those in the poorest 20% of households in Third World countries. No new tax dollars would be needed for this program. It would be administered by such private voluntary organizations as Save the Children. These organizations are currently working with people who could use such loans. This type of foreign aid would directly help the poorest of the poor.

If your senator or congressman is not a cosponsor of the Micro Enterprise Loans for the Poor Act, you can write him or her, urging support for this program.