MicroPlace: To Fight World's Poverty
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MicroPlace was founded in 2006 by Tracey Pettengill Turner to address the global poverty issue and to get capital to all the world's working poor who need it. MicroPlace provides everyday investors with the ability to make investments in the microfinance industry that have the potential to earn interest through socially responsible investments. Microfinance can be more effective than charity as it provides a "hand-up" instead of a "hand-out" and lets people work their way out of poverty with dignity. Microfinance has proven to be a highly effective poverty reduction tool in developing countries and in more industrialized countries.
Although repayment rates average higher than 97%, fewer than 10 million of the 100M people receiving microfinance are able to obtain loans from traditional banks. Microfinance is targeting these unbanked people and wants to bring them mainstream financial services. Access to financial services is a critical poverty alleviation driver.
MicroPlace is a broker-dealer registered with the SEC and a member of FINRA (formerly NASD), is currently the only broker-dealer specializing in microfinance securities for retail investors.MicroPlace was bought by eBay Inc. in 2006 for an undisckosed amout.
