With Squeeze on Credit, Microlending Blossoms

In the recent recession, microlending organizations which began by serving small businesses in the developing world are starting to lend in the United States.

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Before the economic collapse, microfinance - the granting of very small loans, mostly to poor people - was a concept most closely associated with the developing world. But tight credit and the recession have increased the demand for smaller loans in the United States, giving microlending a higher profile and broadening its appeal. Both Kiva and Grameen Bank, a microfinance group that is based in Bangladesh and was started by Muhammad Yunus, winner of the Nobel Peace Prize for his groundbreaking work in microlending, have widened their lending to Americans.