TY - JOUR T1 - When Small is Big: Microcredit and Economic Development JF - Open Source Business Resource Y1 - 2010 A1 - George Brown AB - Microcredit - the extension of small loans - gives people who would otherwise not have access to credit the opportunity to begin or expand businesses or to pursue job-specific training. These borrowers lack the income, credit history, assets, or security to borrow from other sources. Although the popularity and success of microcredit in developing countries has been trumpeted in the media, microcredit is established and growing in the United States and Canada as well. Its appeal comes from its capacity to provide the means for those who have the ability, drive, and commitment to overcome the hurdles to self-sufficiency. In this article, the role of microcredit as a stimulant for economic development is examined. First, its importance for the establishment of small businesss is described. Second, the article provides an overview of the general microcredit climate in the United states and the local situation in the Ottawa area. Third, brief stories about individuals who have received this type of loan reveal the human impact behind the economic benefits. Finally, the role of microcredit in funding startups is analyzed in comparison to other sources of available funding. The article concludes with a summary of the benefits of microcredit as a win-win proposition for economic development. PB - Talent First Network CY - Ottawa UR - http://timreview.ca/article/392 IS - November 2010 U1 - Ottawa Community Loan Fund George Brown is a lawyer and social entrepreneur who presently serves as President of the Ottawa Community Loan Fund (OCLF). Prior to this, George spent nine years as a City and Regional Councillor in Ottawa, where he was Chair of the City's Economic Affairs Committee and the Region's Environmental Services Committee. As Chair of Economic Affairs, George played a significant role in initiating and developing the Ottawa Entrepreneurship Centre, as well as promoting community economic development throughout the City of Ottawa including the establishment of the OCLF. George has a Master's of Science degree in Community Economic Development from New Hampshire College's Graduate School of Business (now Southern New Hampshire University) and an LL.B. degree from the University of Ottawa Law School. He was called to the Bar in Ontario in September, 2003. ER -