Starting a Micro-Lending Bank

Wednesday, March 24, 7 pm
Location: Headquarters: 1003 E. Fayette St. Apt 10
Description: Tom Gokey and Meg Backus: Starting a Micro-Lending Bank
Meg and Tom have the idea of starting a zero-interest micro lending bank to fund education loans. There have already been a couple for-profit on-line micro lending banks created like this just in the last couple of months. You can create an account and your grandma and aunts and uncles can give you a $10-$1000 loan that you would pay back at competative interest rates. If you can do this, why not do a zero-interest version that is indexed to inflation? Grandma and aunts and uncles would get their money back in the end, but why profit off your own grandkid/niece/nephew? Why not just help them out? We’ll talk about this idea and how to get it off the ground.