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The International Institute for Caring (IIC) works to change the lives of marginalized and underprivileged families in Africa to become self-sufficient and contributing members of their communities. We advocate for justice and human rights and facilitate access to education, mental health, and economic services, to those in need by ...See More connecting people to existing resources in the community. The services that we provide are free of charge and open to anyone with barriers to opportunities. Show Less
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Happy Hubz’s mission is to be one of the leading fundraising platforms in the United States in helping other not for profit entities (501(c)3s) reach their mission goals while promoting the advancement of community awareness of pet care, disease protection, and animal rescue while supporting economically challenged families, senior citizens, ...See More veterans and first responders. Show Less
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Relief and development organization helping children worldwide by tackling causes of poverty and developing access to clean water, food, health care, education, and economic opportunities.
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Overview

Income inequality is very high across the world—20% of the world’s population control nearly 70% of the world’s wealth.1 The Gini coefficient refers to income distribution across a country; the higher the Gini coefficient for a country the higher the income inequality, and the lower a country’s Gini score the more equitably wealth is distributed in the country.2  Latin America is the region with the highest Gini score, indicating high levels of inequality.3 While sub-Saharan Africa is also highly unequal, the region has reduced its Gini score by several points since the 1990s.4

The International Labor Organization estimates that nearly 202 million people are currently unemployed worldwide.5 In 2012 6% of the world’s total workforce was without a job.6 About 35% of the world’s unemployed have been out of work for six months or longer, and 13% of the world’s population under the age of 24 is currently without work.7 The 2008 economic recession significantly increased the global unemployment rate, and in 2007 around 178 million people were unemployed, as opposed to over 200 million in 2014.8

Only 10% of the global population has access to traditional banking or means of attaining loans, savings accounts, credit, or other financial services.9 Poverty, service fees, and travel distance all inhibit over 2.5 million adults around the world from accessing banks or financial institutions.10  Microfinance is becoming an increasingly popular model in developing countries as a means of boosting local economies and the global market. Microfinance institutions enable low-income individuals, who would otherwise be unable to utilize a traditional bank loan, to attain loans for their businesses. The loans are then repaid to the individual lenders, rather than a bank.11 These financial services can lead to increased income, improved health, and improved education for many families.12 An estimated 500 million individuals have benefited from microfinance worldwide.13 However, the success of microfinance initiatives rests heavily on regulatory policies including interest-rate caps and pricing transparency to protect borrowers from exploitation and exorbitantly high interest rates.14

 
Show References
1 http://www.unicef.org/socialpolicy/files/Global_Inequality.pdf
2 Ibid
3 Ibid
4 Ibid
5 http://www.theguardian.com/business/2013/jan/22/ilo-unemployment-numbers-rise-2013
6 Ibid
7 Ibid
8 https://www.gfmag.com/global-data/economic-data/worlds-unemployment-ratescom
9 http://www.forbes.com/sites/dell/2012/07/24/microfinance-as-a-tool-to-alleviate-poverty/
10 http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:20433592~menuPK:34480~pagePK:64257043~piPK:437376~theSitePK:4607,00.html
11 http://www.forbes.com/sites/dell/2012/07/24/microfinance-as-a-tool-to-alleviate-poverty/
12 http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:20433592~menuPK:34480~pagePK:64257043~piPK:437376~theSitePK:4607,00.html
13 http://www.forbes.com/sites/dell/2012/07/24/microfinance-as-a-tool-to-alleviate-poverty/
14 http://www.theguardian.com/global-development-professionals-network/2014/oct/08/developing-countries-informal-economies-microfinance-financial-inclusion
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Microfinance
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Microfinance
Microfinance is becoming an increasingly popular model in developing countries as a means of boosting local economies and the global market. Only 10% of the global population has access to traditional banking or means of attaining loans, savings accounts, credit, or other financial services.1 Poverty, service fees, and travel distance inhibit over 2.5 million adults around the world from accessing banks or financial institutions.2 Microfinance institutions enable low-income individuals, who would otherwise be unable to utilize a traditional bank, to attain loans for their businesses. The loans are then repaid to the individual lenders, rather than a bank.3 These financial services can lead to increased income, improved health, and improved education for many families.4 An estimated 500 million individuals have benefited from microfinance worldwide.5 However, the success ...See More of microfinance initiatives rests heavily on regulatory policies including interest-rate caps and pricing transparency to protect borrows from exploitation and exorbitantly high interest rates.6 Microfinance consists largely of offering small business loans to individuals who cannot afford or do not have physical access to a traditional bank. However, interest rates on these loans are often prohibitive—sometimes as high as 100% or more—raising questions of how ethical or beneficial microfinance and other practices of financial inclusion actually are.7 Additionally, particularly in countries such as Mexico, some applicants for microfinance loans already hold loans from other institutions. In Mexico, nearly a third of all microfinance loan applicants already hold at least three other loans.8 In order for microfinance and other financial inclusion initiations to be effective, government regulation, such as interest caps, must be implemented to avoid over indebtedness and financial burdens that outweigh the benefits of microfinance loans. Show Less