Profits from microloans raises concerns

04/14/2010 | New York Times (tiered subscription model), The

Prominent microloan proponents are concerned the practice is increasingly dominated by traditional banks and financial institutions charging hefty interest rates on lending originally intended as a low cost, high impact means to combat poverty. "Microcredit should be seen as an opportunity to help people get out of poverty in a business way, but not as an opportunity to make money out of poor people," says Muhammad Yunus, microloan pioneer and Nobel laureate.

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New York Times (tiered subscription model), The

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