Microfinance—On the Road to Capital Markets

By Ian Callaghan, Henry Gonzalez, Diane Maurice and Christian Novak

A relatively new set of financial services called “microfinance” provides what appears to be a sustainable way of supplying access to capital to the poor. This article provides a brief history of microfinance, discusses the ongoing integration of microfinance institutions into the global capital markets, and surveys the challenges that now confront these organizations in becoming sustainable enterprises with social as well as commercial objectives.

Read the full article in Journal of Applied Corporate Finance.