City of Baltimore - File #: 15-0271R

• File #: 15-0271R
• Version: 0
• Name: Informational Hearing - Making Microfinance Work for Baltimore
• Type: City Council Resolution
• Status: Adopted
• File created: 10/26/2015
• In control: Taxation, Finance and Economic Development Committee
• Final action: 2/8/2016
• Title: Informational Hearing - Making Microfinance Work for Baltimore FOR the purpose of calling on microfinance providers, community leaders, and City officials responsible for economic development to appear before the City Council to discuss how to make better use of the potential presented by internationally successful microfinance models to improve low-income community access to much needed lending and other financial products.
• Sponsors: Carl Stokes, Brandon M. Scott, Eric T. Costello, James B. Kraft, Sharon Green Middleton, Mary Pat Clarke, President Young, Nick Mosby, Robert Curran, Warren Branch, William "Pete" Welch, Edward Reisinger
• Indexes: Baltimore City, Informational Hearing, Microfinance

Date	Ver.	Action By	Action	Result
2/8/2016	0	City Council	Adopted
2/8/2016	0	Taxation, Finance and Economic Development Committee	Recommended Favorably
2/4/2016	0	Taxation, Finance and Economic Development Committee	Recommended Favorably	Pass
1/26/2016	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
1/21/2016	0	Taxation, Finance and Economic Development Committee	Canceled Scheduled Hearing
12/10/2015	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
10/29/2015	0	The City Council	Refer to Deputy Mayor for Economic and Neighborhood Development
10/29/2015	0	The City Council	Refer to Mayor's Office of Minority and Women-Owned Business Development
10/29/2015	0	The City Council	Refer to Baltimore Development Corporation
10/26/2015	0	City Council	Assigned
10/26/2015	0	City Council	Introduced

* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*

CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)

Introduced by: Councilmember Stokes



A RESOLUTION ENTITLED

A COUNCIL RESOLUTION concerning
title
Informational Hearing - Making Microfinance Work for Baltimore
FOR the purpose of calling on microfinance providers, community leaders, and City officials responsible for economic development to appear before the City Council to discuss how to make better use of the potential presented by internationally successful microfinance models to improve low-income community access to much needed lending and other financial products.
body

Recitals

Microfinance is the provision of financial services to low-income people who lack meaningful access to the traditional banking sector. Seen as a powerful driver of societal change abroad, microfinance principles are increasingly being applied here at home to empower lowincome families and communities in the U.S. as well.

For many low-income individuals, traditional banking and finance models are simply unworkable. Lack of credit histories, steady income streams, or assets to use as collateral prevent them from getting loans from most large lenders. A shortage of accessible bank branches in disadvantaged neighborhoods, limited internet connectivity, and irregular cash flow can make establishing checking or savings accounts difficult as well. Locked out of the mainstream financial services market, and without the security a substantial regular paycheck provides higher earners, low-income families...