Microloans for Katrina Victims

A day after learning he had won the Nobel Peace Prize, Muhammed Yunus wrote an op-ed piece for the wall street journal explaining why extending micro credit to victims of hurricane katrina would have been far more effective than the action taken by our friends at FEMA. Here is an excerpt from the article.

Microlending has already helped millions reach a better life through their own initiative. It has also given them valuable skills as well as crucial financial back-up in case they ever face a natural disaster like Katrina. So it might be time to think about another type of support for Katrina's victims: the microloan. As our small, flood-battered country has learned, giving someone a hand up doesn't always require a handout. The most important thing is to help people get back to work while letting them hold on to their self-respect. Microloans can do just that.

Even more interesting than Mr. Yunnus's article is the Iqbal Quadir TED talk about GrameenPhone playing on the notion that connectivity is productivity. It is a really cool first hand account about bringing cellphone access to businesses funded by the Grameen Bank.