Abstract
An ongoing challenge for the poor is not merely that they have no money, but also that they have no means of obtaining credit. Without assets or property as collateral, banks and governments are hesitant to loan money. Thus, if you are poor and without assets, it is difficult to borrow money for new businesses, housing or even medicine. In this chapter, we present two cases of unusual financing vehicles. The first, describes the efforts by the large and very profitable Mexican company, Cemex, to address housing issues for underserved Mexicans through community cooperatives. The second describes the Children’s Development Bank in India whose branches serve and are managed by homeless teenagers.
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Notes
- 1.
So named because, as Rita Panicker wrote, “A butterfly is one of nature’s most beautiful creatures and so is a child. The butterfly flits from flower to flower for its sustenance. Our children move constantly for their livelihood. Butterflies have very short lives; street children have very brief childhoods.” From the Butterflies e-newsletter, Learning to Fly 19. Jan–March 2008, http://www.butterflieschildrights.org/newsletter/but_14.pdf (accessed January 9, 2013).
- 2.
Butterflies child rights website, http://www.butterflieschildrights.org/ (accessed December 10, 2012).
- 3.
“Profile,” Butterflies child rights website, http://www.butterflieschildrights.org/profile.php (Accessed December 10, 2012).
- 4.
Information in this section taken from “Street Children,” Childline India Foundation, http://www.childlineindia.org.in/street-children-india.htm; Consortium for Street Children, Street Children Statistics, http://www.streetchildren.org.uk/; and “The Problems of Street Children,” i-India, http://www.i-indiaonline.com/sc_crisis_theproblem.htm (all accessed December 15, 2012).
- 5.
Kombarakaran, Francis A. 2004. Street children of Bombay. Children and Youth Services Review 26(9):856.
- 6.
Later renamed Children’s Development Khazana (CDK).
- 7.
Baldauf, Scott. (2002). Delhi street kids bank on each other. Christian Science Monitor 1.
- 8.
“Children’s Collectives – Children’s Development Khazana (CDK), Butterflies child rights website, http://www.butterflieschildrights.org/developmentBank.php (accessed December 20, 2012).
- 9.
Blakely, Rhys. 2008. Bank tips balance in favour of street children. London Times 67.
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Albert, P.J., Werhane, P., Rolph, T. (2014). Finance. In: Albert, P., Werhane, P., Rolph, T. (eds) Global Poverty Alleviation: A Case Book. The International Society of Business, Economics, and Ethics Book Series, vol 3. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-7479-7_6
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