WRITE A response EITHER AGREEING/ DISAGREEING FOR FUTHER ELABORATING ON THE SUBJECT POSTED BY CLASSMATE.

PLEASE:

– minimum of 150 words or more

– strong academic writing / APA style 7th ed (please use in-text citing and References at end )

– must be scholarly articles only no older than 5 years or website that is gov/ org. no blogs

– please be original writing ( will check for plagiarism ).

PLEASE, SEE BELOW CLASSMATE DISCUSSION ANSWER AND WRITE A response EITHER AGREEING/ DISAGREEING FOR FUTHER ELABORATING ON THE SUBJECT POSTED BY CLASSMATE. (#1 mf)

In many developing countries having the funds to even begin to lift themselves out of poverty is a very difficult thing to come up with. The goal of microfinance programs in many lower-income communities with huge social and economic disparities Is to “foster holistic economic growth and development” (Ireland, 2017). This can look very different for many communities such as the Masai women who are subjected to being looked at as property and worth nothing but rather an expense for their families to the point of the men not even wanting to contribute to their daughters’ education because this will never serve their family. Having the outreach program with microfinance capabilities that allows them to take out a loan of $300 US dollars so they can purchase livestock which then they can use to breed and create sustainable resources for their families. One woman used the loans to print study guides to sell for women to participate in education and can use that money to do all kinds of things for her family and is now looked at with pride and as an asset by her children and her husband (Ireland, 2017). These are life-changing events with very little money needed to help them lift themselves out of poverty, change their status in their communities and build their self-respect which is priceless. To be able to do all this in Jesus’ name? Priceless.

A specific example of such a program besides this one is the financial institution in Bangladesh. The Microcredit Regulatory Authority in Bangladesh relies mostly on clients’ savings, cumulative surplus, and funds from the Palli Karma-Sahayak Foundation. Using funds such as this as Lion’s share of funds is called the Grameen Model of financing structure (Mia, Ahmad, and Noman, 2021). These banks can do this business this way and help people to grow their funds, have more of a say-so as far as what the investments are used for, and create an open share community. These banks are being pushed out by commercial funding and are having to open their funding choices up to stay in business but still operate in much the same way and are helping to shape the community by the people who live there. In 2005 the United Nations declared the year of microcredit which allowed microfinance to be brought out from the periphery of finance and offered 2.5 billion people the ability to “grow thriving businesses and in turn provide for their families, leading to strong and flourishing local economies” (Njiraini, 2015).

Reference:

Ireland, J. (2017). For The Love of God: Principles and Practice of Compassion in Missions. Eugene: WiPF and Stock.

Mia, M. A., Ahmad, A., & Noman, A. H. M. (2021). Financing Structure of Microfinance Institutions: Evidence from Bangladesh. Journal of Developing Areas, 55(1), 201–218. https://doi-org.lopes.idm.oclc.org/10.1353/jda.202…

Njiraini, J. (2015). Microfinance: Good for the Poor? Africa Renewal, 8-15.