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The Hamilton College Microfinance Club is a group of students and faculty dedicated to promoting economic development in Utica, NY by providing micro-loans. Micro-loans are small loans granted without collateral to those who cannot gain access to conventional financial institutions. Borrowers may be excluded for failure to meet certain lending standards including a lack of credit history, inability to provide collateral or a number of other factors. Our organization strongly believes that there are large numbers of people in Utica that possess the determination, work ethic, skills and ideas to create successful businesses but lack the financial capital necessary to transform their dreams into reality.

 

Our organization provides small loans, typically under $3000, to small businesses or individuals operating as limited liability corporations. These businesses may be newly established or existing companies struggling due to a lack of capital. Our loans are extended with predetermined interest rates approximately equivalent to the rate of inflation. To qualify, businesses must be located in Utica, NY or the immediate area and performing work in the Utica area and work in small scale sectors such as contracting, landscaping or cleaning services. The money from our loans is used to purchase basic tools or insurance coverage, such as worker's compensation and liability, which are mandated by the New York state government and often present insurmountable barriers to new businesses. With our help, loan recipients can create self-sustaining businesses that provide for their owners and can begin employing more individuals from the Utica area.

 

For more information about the Microfinance Club, please contact the club president, Greg Casey, gcasey@hamilton.edu.

Read student research on Microfinance as a means for poverty alleviation here. 

Visit a blog about microfinance by a Hamilton student:
http://microfinance.hamiltoncollegeblogs.com/