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The purpose of this enactment is to encourage a greater availability
of banking and other financial services to those with low or unstable
incomes and to increase the availability of credit in amounts up to
$5,000 for small business.
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It provides for a conference to be held with government, financial
institutions, the cooperatives and other organizations already involved
in micro credit, service organizations and small business. The purpose
of the conference is to consider and recommend ways to improve the
availability of micro credit. Such services would include provision of
bank accounts and other financial services to the persons who are poor,
unemployed or on welfare and those in particular need of financial
guidance in the management of their limited resources. It would also
include small business start up or operational loans of up to $5,000.
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Existing programs would be included in the plan and provision made
to facilitate a greater capital supply for them. The skills and contacts of
social service organizations would be utilized.
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The enactment also provides for a report to be published by the
Minister of Finance annually to show the progress in improving micro
credit by the financial institutions that agree to participate. Those
institutions that attain a certain level of activity will be authorized to
describe themselves as being recognized by the government as micro
credit specialists.
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