You all right?!
This is just one of the funny frases that the Brits use. I think it's a bit strange when they greet each other and say "You all right?" as if making an assumption that you are NOT all right. When I heard that the first time, my first reaction was of concern and defensive... "What? I don't look all right?".
As you may have guessed if you didn't know yet that I did get the internship in London. It was fantastic news when I heard because I knew that if I didn't keep myself busy - I would turn into the natural sloth that I am which means waking up late, travelling, and generally spending money I don't have. I am working at the Charity Bank which is unique in its structure; both a charity and a bank. They lend money to charities using deposits from individuals, companies, and other charities. As a depositor, you have the right to donate the interest you make on the money. I think it's a brilliant idea and plan to open an account here before I leave. It would be amazing if the concept of "fair finance" would catch on as much as "fair trade" has.
Speaking of "fair trade" I asked my project manager for EDE Consulting what was the company's position on it and how the organization thought of it. He said that they do not condone it because the movement basically throws money at the coffee growers and not try to help them become self-sustainable. EDE Consulting offers practical business knowledge for long term sustainability. Brilliant!
Fair Trade is rampant in the U.K. Almost everywhere you look - someone is advertising their products as Fair Trade. It's rather interesting and worth looking into.
I finally have time to read that isn't a case or technical note that was forced upon me. I'm excited about having a summer reading list. I read the autobiography of Muhammad Yunnus which is called "Banker for the Poor". He is quite well known as the economics professor who created the idea of microfinance. Microfinance is lending small loans to poor people so that they can invest in an entrepreneurial future for themselves. It shattered a widespread belief that poor people are lazy or lack the the business knowledge or sense to start their own business. And we're not talking about a full blow business such as what our Ms Erikka Wang has done but selling arts and crafts or baking goods to sell. Professor Yunus is from Bangladesh, one of the poorest countries and most populated countries in the world. His bank, Grameen Bank, lends to mainly women (maybe at 90%) and the terms and conditions are really interesting. Astonishing, they have an incredibly high repayment rate. His model had worked so well in Bangladesh that people all over the world attempt to adapt it in their country. Not only developing countries like the Philippines but also developed nations such as the U.S.!
At last I think I've found something that has piqued my interest. I would love to work in this field - financing the hopes and dreams of the impoverished or less fortunate! One of the best exeriences of my internship so far has been accompanying a lending manager on a field visit to a potential borrower, a church in a poor neighborhood who was requesting £500,000 (close to $1 million) for a £1.5 million new church/nursery/community center. The lending manager grilled the pastor on everything as she was performing due diligence on the application. Then we went to visit the new site. It was poignant thinking about the possibilities of what could be...
The power of credit is so real, tangible. Professor Yunus says that access to credit is a right all humans should have.
As you may have guessed if you didn't know yet that I did get the internship in London. It was fantastic news when I heard because I knew that if I didn't keep myself busy - I would turn into the natural sloth that I am which means waking up late, travelling, and generally spending money I don't have. I am working at the Charity Bank which is unique in its structure; both a charity and a bank. They lend money to charities using deposits from individuals, companies, and other charities. As a depositor, you have the right to donate the interest you make on the money. I think it's a brilliant idea and plan to open an account here before I leave. It would be amazing if the concept of "fair finance" would catch on as much as "fair trade" has.
Speaking of "fair trade" I asked my project manager for EDE Consulting what was the company's position on it and how the organization thought of it. He said that they do not condone it because the movement basically throws money at the coffee growers and not try to help them become self-sustainable. EDE Consulting offers practical business knowledge for long term sustainability. Brilliant!
Fair Trade is rampant in the U.K. Almost everywhere you look - someone is advertising their products as Fair Trade. It's rather interesting and worth looking into.
I finally have time to read that isn't a case or technical note that was forced upon me. I'm excited about having a summer reading list. I read the autobiography of Muhammad Yunnus which is called "Banker for the Poor". He is quite well known as the economics professor who created the idea of microfinance. Microfinance is lending small loans to poor people so that they can invest in an entrepreneurial future for themselves. It shattered a widespread belief that poor people are lazy or lack the the business knowledge or sense to start their own business. And we're not talking about a full blow business such as what our Ms Erikka Wang has done but selling arts and crafts or baking goods to sell. Professor Yunus is from Bangladesh, one of the poorest countries and most populated countries in the world. His bank, Grameen Bank, lends to mainly women (maybe at 90%) and the terms and conditions are really interesting. Astonishing, they have an incredibly high repayment rate. His model had worked so well in Bangladesh that people all over the world attempt to adapt it in their country. Not only developing countries like the Philippines but also developed nations such as the U.S.!
At last I think I've found something that has piqued my interest. I would love to work in this field - financing the hopes and dreams of the impoverished or less fortunate! One of the best exeriences of my internship so far has been accompanying a lending manager on a field visit to a potential borrower, a church in a poor neighborhood who was requesting £500,000 (close to $1 million) for a £1.5 million new church/nursery/community center. The lending manager grilled the pastor on everything as she was performing due diligence on the application. Then we went to visit the new site. It was poignant thinking about the possibilities of what could be...
The power of credit is so real, tangible. Professor Yunus says that access to credit is a right all humans should have.
posted by Chica Chan @ 7:30 AM
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