[Congressional Record (Bound Edition), Volume 145 (1999), Part 5]
[House]
[Page 6136]
[From the U.S. Government Publishing Office, www.gpo.gov]




                          MICROCREDIT LENDING

  (Ms. ROS-LEHTINEN asked and was given permission to address the House 
for 1 minute and to revise and extend her remarks.)
  Ms. ROS-LEHTINEN. Mr. Speaker, I rise to speak about a wonderful 
program which is transforming the lives of millions of poor families 
around the world. I am referring to microcredit lending.
  Microcredit involves giving small, low-interest, start-up loans to 
poor but hard-working, aspiring entrepreneurs so that they can start 
their thriving small businesses known as microenterprises. It is a 
program which has demonstrated the potential to help the poorest family 
emerge from poverty and, by extension, to help create a more inclusive 
global economy. Results in Miami under the leadership of Gail Newman, 
Kathleen Gordon, and many other volunteers has helped dozens become 
entrepreneurs.
  Microcredit works locally and it can work globally, as well. It is 
not a handout. It is an opportunity, an investment, an exercise in 
responsibility and accountability. In developing countries, the rate of 
repayment to these established programs range from 95 to 99 percent.
  Foreign assistance used under the microcredit program is loaned and 
paid back with interest and is recycled and used for new loans, thus 
reaching an even greater percentage of the world's poor.
  Microcredit is empowerment. It is a tool which builds upon the human 
spirit. It is the U.S. helping others to help themselves. Microcredit 
is action in support of our humanitarian instincts and objectives.
  I support this program, and when the bill comes to the floor, H.R. 
1143, I ask that my colleagues give their strong support. I know that 
results in Miami works, and it works internationally, as well.

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