Political Quotes

“I am pleased to be the lead cosponsor of the Microcredit for Self-Sufficiency Act of 1998. This bipartisan measure is an excellent means of fighting poverty and allowing the world's enterprising poor to escape it. Microcredit programs extend small loans to very poor people for self-employment projects that generate income to allow them to care for themselves and their families. These loans are provided without collateral to poor people so they can start or expand small businesses. Microcredit encourages entrepreneurship and productivity among the poorest people in the world and allows them and their families to escape from poverty with dignity. I have always believed that the foreign assistance expenditures made by the United States should provide the maximum benefit in a cost-efficient manner. Microcredit meets this most important test. Microcredit loans are repaid by borrowers at commercial interest rates or higher, and repayment rates reach 95% and above. The money invested in microcredit programs is continually recycled, allowing lenders to reach more people over time. This assessment is borne out by the Foundation for International Community Assistance (FINCA) which is a non-governmental organization working in Latin America, Africa, Asia and the United States. It estimates that, over 5 years, $1 million invested in one of their microcredit programs generates $15 million in new loans. The microcredit concept has been a great success.”