Los microseguros son una herramienta de gestión que permiten controlar los riesgos a los que se encuentran expuestas las pequeñas y medianas empresas. Debido a la baja penetración de este producto en el mercado de seguros, se pretende analizar los factores que influyen en la limitada demanda, como la falta de canales adecuados de distribución, informalidad de pequeñas y medianas empresas (no bancarizadas), falta de difusión y escasa cultura de seguros, así como una tarificación acorde a las necesidades del mercado meta. El objetivo es impulsar la penetración de microseguros desde una perspectiva socio-económica que brinde al usuario la protección de su patrimonio frente a situaciones adversas, logrando que las pequeñas y medianas empresas se integren en el mercado de seguros. Esto será viable en la medida que se difunda la educación financiera y la cultura de seguros a través de los distintos programas que promueve la Superintendencia de Banca y Seguros y entidades privadas. La estrategia de distribución es uno de los factores claves que va a permitir la captación de asegurados y lograr una mayor recaudación de primas. Con el crecimiento de los microseguros, las compañías aseguradoras tendrán la responsabilidad de analizar su oferta mejorando el diseño del producto y adecuándolo a las necesidades del mercado. / Microinsurance is a management tool that allows controlling the risks to which small and medium-sized companies are exposed. Due to the low penetration of this product in the insurance market, it is intended to analyze the factors that influence the limited demand, such as the lack of adequate distribution channels, informality of small and medium enterprises (unbanked), lack of diffusion and poor insurance culture, as well as pricing according to the needs of the target market. The objective is to promote the penetration of microinsurance from a socio-economic perspective that provides the user with the protection of their heritage in the face of adverse situations, achieving that small and medium-sized companies are integrated into the insurance market. This will be viable to the extent that financial education and insurance culture are disseminated through the different programs promoted by the Superintendence of Banking and Insurance and private entities. The distribution strategy is one of the key factors that will allow the capture of policyholders and achieve a higher premium collection. With the growth of microinsurance, insurance companies will have the responsibility to analyze their offer by improving the design of the product and adapting it to the needs of the market. / Trabajo de Suficiencia Profesional

El presente trabajo de investigación tiene como objetivo exponer situaciones operativas detectadas durante la experiencia profesional como auditor interno de entidades microfinancieras (Cajas Municipales/ONG´s); situaciones que representaron riesgos de fraude, y que en conjunto coadyubaron a la ocurrencia de fraudes significativos, sin la detección oportuna de la Gerencia y/o funcionarios responsables de la operatividad interna. Como parte del trabajo de investigación se realizó un estudio general de la ocurrencia de fraudes en el Perú y en el mundo, mostrándose en una primera parte que la presencia de fraudes en el Perú se inicia desde la época colonial (según el historiador peruano Alfonso Quiroz) y continúa hasta nuestros días, con la detección de los últimos casos de fraudes detectados en empresas constructoras brasileñas, situación mostrada por la Defensoría del Pueblo a través de dos reportes (Reporte: La Corrupción en el Perú, 2017). Pero la corrupción no es un mal que ocurre solo en nuestro país, también sucede en grandes empresas extranjeras, tal como lo muestran dos estudios realizados por entidades de prestigio como son la sociedad de auditoría y consultoría PricewaterhouseCoopers, y la Asociación de Examinadores de Fraudes Certificados. Al final del documento se realizó un diagnóstico para una mejor gestión de los riesgos, y que consiste en el análisis y calificación de los riesgos detectados en los tres casos que mostramos, asignándole una valoración. También estamos proponiendo un plan antifraude para entidades microfinancieras y una serie de procedimientos de control interno aplicables a este tipo de entidad. / This research work aims to present operational situations detected during my professional experience as an internal auditor of microfinance entities (Municipal Savings Banks/NGOs), which represented fraud risks and led to the occurrence of significant fraud, without proper detection of Management and/or officials, responsible for internal effectiveness. As part of the research work, a general study was conducted of the occurrence of fraud in Peru and the world, showing in the first part that fraud in Peru started in the colonial period (according to Peruvian historian Alfonso Quiroz) and it continues until the present with the latest cases of fraud detected in Brazilian construction companies, a situation shown by the Peruvian Office of the Ombudsman in its two annual reports (Report: Corruption in Peru). But corruption is not a problem that occurs only in our country, it also happens in large foreign companies, as shown by two studies made by prestigious entities such as the audit and consulting society PricewaterhouseCoopers, and the Association of Certified Fraud Examiners. At the end of the document, a diagnosis for better risk management is being made, which consists of the analysis and rating of the risks detected in the three cases we show, assigning it a valuation. We are also proposing an anti-fraud plan for microfinance entities and a series of internal control procedures applicable to these types of entities. / Trabajo de investigación

This thesis consists of a summary and four self-contained papers. Paper [I] examines whether the implementation of a social safety net programme in Ethiopia has affected the value, risk and composition of farmers‟ crop portfolios. The empirical analysis suggests that the value and risk of the crop portfolio have not been altered due to the programme. However, the programme seems to have brought about some changes in the land allocated to different crops. Paper [II] studies how a social safety net affects farmers‟ (dis)investments in productive assets. More specifically, it studies how the Productive Safety Net Programme in Ethiopia has changed livestock and tree holdings. The results indicate no significant effect on livestock holdings, but a significant increase in tree holdings. Paper [III] investigates if there is a problem of adverse selection in formal microlending in rural Bangladesh. The results indicate that farmers who only borrow formally have a shadow price of capital that is substantially higher than the average informal interest rate. This suggests that farmers that only borrow formally are perceived as poor credit risks by informal lenders. Paper [IV] explores the economic incentives surrounding the cultivation of opium poppy in Afghanistan. Specifically, it examines the impact of eradication policies when opium is used as a means of obtaining credit, and when the crops are produced in sharecropping arrangements. The results indicate that both these features are likely to affect the outcome of eradication policies.

Broad swaths of humanity have become richer, healthier, and better educated. More of the world’s poorest have access to affordable credit, enabling them to invest in a better future. But what are the consequences? Does greater wealth or greater access to credit make people happier or more fulfilled? This dissertation presents essays on the relationship between wealth and well-being, the welfare effects of both debt and debt relief, and the kinds of normative analysis that help to inform good public policy. The first essay, The Methodology of Normative Policy Analysis (joint with Richard Zeckhauser), concerns disagreements in policy analysis and discourse. It provides a simple taxonomy of disagreement, identifying distinct categories within both the positive and values domains of normative policy analysis. Using disagreements in climate policy to illustrate, it demonstrates how illuminating the structure of disagreement helps to clarify the way forward. It concludes by suggesting a structure for policy analysis that can facilitate assessment, comparison, and debate by laying bare the most likely sources of disagreement. The second essay, Wealth and Well-being, tests a fundamental prediction of economic theory: that greater wealth causes greater well-being. It uses a natural experiment to estimate the causal effect of income on subjective well-being. Among a population of indebted farmers in rural India, the marginal effect of income on life satisfaction is found to be positive. However, the source of income appears to exert an important and independent effect. In this study the source is agricultural debt relief, which features a positive marginal effect but also a countervailing negative effect (perhaps due to stigma). The third essay, Moral Hindrance, argues that the total cost of default borne by low-income borrowers, including social, psychological, and other sanctions, is likely to be excessive, giving rise to sub-optimal borrower risk-taking and excessive borrower effort. I call this the moral hindrance problem, to distinguish it from the moral hazard problem often presumed by economists. The essay argues that policy should promote competition among lenders, encourage broader use of collateral, and allow interest rates to rise as necessary to meet borrower demand for varying loan conditions.

Worldwide, poverty remains to be an obstacle to achieve sustainable development and improve the well-being of people. Microfinance has become a popular tool for poverty alleviation and it can now be found in poor countries across the world. Microfinance is based on the principle that poor people can initiate their own development out of poverty, given they have the starting capital to do so. The capital can be invested in income-generating activities and it is assumed that this will lead to a higher income and additional positive effects, like an increase in well-being, will follow. However others argue that the focus on income is only one aspects of poverty, other forms of deprivation and constraints are excluded. This thesis aims to address how microfinance, the provision of credit in particular, has an influence on the well-being of women. A participatory rural appraisal was conducted in order to explore how women define well-being. The perspectives of four women groups from the urban and peri-urban areas of Dar es Salaam, Tanzania were included in understanding the local definition of well-being, the developments in their lives and the changes in well-being they have perceived. The results show that the group loans may contribute to positive changes in the well-being of women, but these changes cannot be attributed to the loans alone. The changes in well-being caused by the loan intertwine with other factors like group dynamics and family life; therefore the results need to be interpreted considering the specific context. Furthermore the results show that the changes in well-being are not necessarily related to an increase in income, thus contesting the assumptions on which microfinance is based.

Submitted by Fernanda Recamonde Mendoza (fernanda.recamonde@gmail.com) on 2016-03-23T03:27:06Z No. of bitstreams: 1 Dissertação_MPGI_FRM.pdf: 1278719 bytes, checksum: 879af18e8309d2efbb5e2f8309168abb (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Fernanda, The acknowledgements should be before the abstract. Best. Ana Luiza Holme 37993492 on 2016-03-23T12:33:44Z (GMT) / Submitted by Fernanda Recamonde Mendoza (fernanda.recamonde@gmail.com) on 2016-03-23T13:48:31Z No. of bitstreams: 1 Dissertação_MPGI_FRM.pdf: 1391311 bytes, checksum: 1ad5463a924fe1345a49c1c78081f58d (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-23T13:55:28Z (GMT) No. of bitstreams: 1 Dissertação_MPGI_FRM.pdf: 1391311 bytes, checksum: 1ad5463a924fe1345a49c1c78081f58d (MD5) / Made available in DSpace on 2016-03-23T14:03:00Z (GMT). No. of bitstreams: 1 Dissertação_MPGI_FRM.pdf: 1391311 bytes, checksum: 1ad5463a924fe1345a49c1c78081f58d (MD5) Previous issue date: 2016-02-26 / The term 'social entrepreneurship' has been attracting growing interest from different sectors in the past years, driven by the possibility of employing business techniques to tackle recurrent social and environmental issues. At the forefront of this global phenomenon is microcredit, seen by many as an effective anti-poverty tool and having the Grameen Bank as its flagship program. While the prospects of social entrepreneurship seem promising, the newness of the concept and its somewhat confusing definition make conditions difficult to analyze this contemporary phenomenon. Therefore, the objective of this study was to discuss the challenges faced by social entrepreneurs and alternatives of development for social businesses through a case study on a Brazilian microcredit institution and inclusive business, Banco Pérola. The case addresses a growing need for case studies designed for teaching in the field of social entrepreneurship. It was focused mainly on understanding the development challenges within Banco Pérola, and built based on interviews carried out with top management, credit officer and clients of the institution, as well as on secondary data collected. An analysis of the case study was performed under a Teaching Notes. As illustrated by the Banco Pérola case, the main difficulties encountered by social entrepreneurs relate to the systematization of processes and creation of operational routines, including for performance evaluation (impact assessment tools); to the capture and management of both financial and human capital; to scaling up the business model and to the need of forging closer and more personal relationships with customers as against in traditional banking practices. In spite of certain limitations, such as the fact that the case might soon become outdated due to the fast-changing environment surrounding Banco Pérola, or the fact that not all relevant stakeholders (e.g. partners) were selected for interviews, the research objective has been achieved and the study can be seen as a contribution to spreading the concept of social entrepreneurship. / O termo 'empreendedorismo social' tem sido objeto de atenção crescente da parte de diversos setores nos últimos anos, motivada pela possibilidade de empregar técnicas de negócio para solucionar problemas sociais e ambientais recorrentes. À frente deste movimento global está o microcrédito, visto por muitos como um eficiente instrumento contra a pobreza e tendo o Grameen Bank como o seu carro-chefe. Embora a perspectiva para o empreendedorismo social seja promissora, a novidade do conceito e sua definição relativamente confusa tornam difíceis as condições para analisar este fenômeno contemporâneo. Logo, este estudo teve como objetivo discutir desafios enfrentados por empreendedores sociais bem como alternativas de crescimento para negócios sociais através de um estudo de caso sobre o Banco Pérola, instituição brasileira de microcrédito e negócio de impacto. O estudo de caso responde à crescente necessidade de casos de ensino no campo de empreendedorismo social. Ele teve como principal foco a compreensão dos desafios de desenvolvimento do Banco Pérola e foi construído com base em entrevistas conduzidas com a alta gerência, agente de crédito e clientes da instituição, bem como em dados secundários coletados. Uma análise do estudo de caso foi elaborada sob o Teaching Notes. Como ilustrado pelo caso do Banco Pérola, as principais dificuldades encontradas por empreendedores sociais relacionam-se à sistematização de processos e criação de rotinas operacionais, incluindo para avaliação de performance (instrumentos de avaliação de impacto); à captura e gestão de recursos financeiros e humanos; à expansão do modelo de negócio e à necessidade de estabelecer relacionamentos mais próximos e mais pessoais com clientes quando comparado à segmentos bancários tradicionais. Apesar de certas limitações, como o fato de que o caso possa, em breve, se desatualizar devido ao contexto de rápidas mudanças em que o Banco Pérola evolui ou, ainda, de que nem todas as partes relevantes tenham sido selecionadas para entrevistas (e.g. parceiros), o objetivo de pesquisa foi alcançado e o estudo pode ser considerado como uma contribuição para a propagação do conceito de empreendedorismo social.

O combate à pobreza e a inclusão social são temas recorrentes quando se analisam as políticas públicas implementadas na América Latina nas últimas duas décadas. No Brasil, a partir do Plano Real, em 1994, a economia foi estabilizada através da eliminação da inércia inflacionária de preços e salários. O fim do imposto inflacionário foi um alívio para a base da pirâmide social e empresarial brasileira, porém não foi suficiente para conter o processo de empobrecimento da população, como conseqüência direta da reestruturação produtiva e distributiva provocada pela globalização e seus impactos no mercado de trabalho (desemprego, subemprego) e no setor produtivo (aumento da informalidade e elevadas taxas de mortalidade das micro e pequenas empresas formais). A partir de 1995 o governo federal assumiu o papel de formulador e indutor de uma série de políticas públicas voltadas para a minimização desta situação. Dentre elas, o acesso ao crédito, não como política isolada, mas dentro de um contexto de desenvolvimento local integrado e sustentado que ocupou papel de suma importância. A partir de 2003, o conceito de acesso ao crédito foi modificado, incorporando também o crédito para o consumo e a bancarização das camadas mais baixas da população. O objetivo desta tese é evidenciar o microcrédito no Brasil, como política pública de acesso ao crédito, combate à pobreza e inclusão social, implementada nos últimos 15 anos no Brasil, tendo o governo federal como indutor e ator mais relevante. / The poverty battle and social inclusion are appellant themes, when analyzing public politics implemented in Latin America over the two last decades. In Brazil, since Plano Real, in 1994, the economy was established thru elimination of inactivity inflation due to prices and wages. The end of inflation taxes was a relief to the social and business Brazilian base pyramid, but it did not stop the poverty population process, as a consequence of the direct productive readjust and distributive challenged by the globalization and it impacts on the job market (unemployment/underemployment) and the productive sector (increase the informal work and high level of breaking small and micro formal business). Since 1995 the federal government assumes the power of formulate and inductor several public politics facing minimize this situation. Some of than is, the credit access, not as an isolated politics but as a development local context unite into one whole and maintained that assume a very important roll. Since 2003, the concept of credit access changed, including, as well, credit for consume and bank access of the lowest social level of the population. The object of this these is to evidence the microcredit in Brazil as a public politics of credit access, poverty elimination and social inclusion implemented over the last 15 years in brazil, having the federal government as a inductor and actor with more relevancy.

Submitted by Luciana Sebin (lusebin@ufscar.br) on 2016-09-15T13:10:40Z No. of bitstreams: 1 TeseACM.pdf: 1887695 bytes, checksum: 6a98dcce8bca4978c3c77014ef1c04ac (MD5) / Approved for entry into archive by Marina Freitas (marinapf@ufscar.br) on 2016-10-10T18:46:58Z (GMT) No. of bitstreams: 1 TeseACM.pdf: 1887695 bytes, checksum: 6a98dcce8bca4978c3c77014ef1c04ac (MD5) / Approved for entry into archive by Marina Freitas (marinapf@ufscar.br) on 2016-10-10T18:47:07Z (GMT) No. of bitstreams: 1 TeseACM.pdf: 1887695 bytes, checksum: 6a98dcce8bca4978c3c77014ef1c04ac (MD5) / Made available in DSpace on 2016-10-10T18:47:16Z (GMT). No. of bitstreams: 1 TeseACM.pdf: 1887695 bytes, checksum: 6a98dcce8bca4978c3c77014ef1c04ac (MD5) Previous issue date: 2015-06-22 / Não recebi financiamento / The granting of the low-income population through micro credit has been held in several countries, mainly as a way to combat poverty. Much of the population served is not only without an alternative income, but without access to loans for fostering economic activities because it is excluded from the traditional banking services. However, most microcredit loans has been held by women. This trend is related to the finding that female-headed households tend to have the worst economic conditions, which would mean a feminization of poverty. This direct relationship between poverty and women has resulted in the prioritization of women for anti-poverty policies as a means to promote their empowerment through access to economic resources. In Brazil women also has emerged as the main borrowers of microcredit loans, mainly under the National Program for Productive Microcredit (PNPMO), a generation of work and income program. In Brazil, women's access to microcredit is associated with the actions of the Secretary of Policies for Women (SPM/PR) to promote the economic empowerment of women through access to this resource type and the stimulus to female entrepreneurship. Thus, the prospects of feminization of poverty and empowerment permeate the issue of gender and public policy, as well as the form of participation of women in social policies in Brazil, where the ideals of familism and maternalism delimit the design of these policies. Considering this scenario, this research is to address the promotion of women's access to micro-credit as a result of a consensus that expresses an interpretation of the relationship of women to the economic (feminization of poverty, women heads of household, empowerment/autonomy and entrepreneurship female). From the Brazilian case, we point out that familism and maternalism produce effects not only on policies for women, but also on policies that, although the family focus, aim at its realization through the leadership of women. Therefore, there is an interweaving of the ideals of familism and maternalism the "new" categories: the feminization of poverty and women heads of household, passing the proposal emphasizes the need to economically empower women. This justification, that makes sense by naturalization of these categories themselves. In addition, another check is that the role given to women in social policies can have a conservative character for meeting a model of welfare policies with familista design with an emphasis on motherhood. But on the other hand, may be part of a policy proposal is nevertheless progressive to try through this arrangement, justify and ensure greater participation and inclusion of women in public policy. / A concessão de crédito à população de baixa renda através do microcrédito tem sido realizada em diversos países do mundo, prioritariamente como forma de combater a pobreza. Boa parte da população atendida não se encontra apenas sem uma alternativa de renda, mas sem acesso a empréstimos para fomentação de atividades econômicas por se encontrar excluída dos serviços do sistema bancário tradicional. Entretanto, a maioria dos empréstimos de microcrédito tem sido realizada por mulheres. Tal tendência está relacionada à constatação de que as famílias chefiadas por mulheres tendem a apresentar as piores condições econômicas, o que significaria uma feminização da pobreza. Essa relação direta entre a pobreza e mulher tem resultado na priorização das mulheres por políticas de combate à pobreza como meio de promover o seu empoderamento por meio do acesso a recursos econômicos. No Brasil, as mulheres também têm se destacado como as principais tomadoras de empréstimos de microcrédito, principalmente no âmbito do Programa Nacional de Microcrédito Produtivo Orientado (PNPMO), um programa de geração de trabalho e renda. No caso brasileiro, o acesso das mulheres ao microcrédito está associado às ações da Secretaria de Políticas para as Mulheres (SPM/PR), que visam promover a autonomia econômica das mulheres mediante o acesso a esse tipo de recurso e do estímulo ao empreendedorismo feminino. Dessa forma, as perspectivas de feminização da pobreza e de empoderamento perpassam as questões das políticas públicas e de gênero, bem como o modo de inserção das mulheres nas políticas sociais no Brasil, onde os ideários de familismo e maternalismo delimitam o desenho dessas políticas. Considerando tal cenário, a presente pesquisa trata de abordar a promoção do acesso das mulheres ao microcrédito como resultado de um consenso que expressa uma interpretação sobre a relação das mulheres com o econômico (feminização da pobreza, mulher chefe de família, empoderamento/autonomia e empreendedorismo feminino). A partir do caso brasileiro, apontamos que o familismo e o maternalismo produzem efeitos, não somente nas políticas voltadas para as mulheres, mas também nas políticas que, embora tenham a família como foco, visam a sua realização através do protagonismo das mulheres. Há, portanto, um entrelaçamento dos ideários de familismo e maternalismo a “novas” categorias: a feminização da pobreza e a mulher chefe de família, perpassando a proposta que enfatiza a necessidade de empoderar economicamente as mulheres. Justificativa essa, que ganha sentido mediante a naturalização dessas categorias. Além disso, outra verificação é a de que ao protagonismo dado às mulheres nas políticas sociais pode haver um caráter conservador por atender um modelo de políticas de bem estar com desenho familista e com ênfase na maternidade. Por outro lado, tal arranjo pode fazer parte de uma proposta política que não deixa de ser progressista ao tentar através desse arranjo, justificar e garantir uma maior participação e inclusão das mulheres nas políticas públicas.

Made available in DSpace on 2015-05-07T14:27:09Z (GMT). No. of bitstreams: 1 Arquivototal.pdf: 945472 bytes, checksum: dee3c0d39768d553f14163e1ec319dcd (MD5) Previous issue date: 2012-06-18 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This dissertation focuses on the need for effective financial regulation as a way of implementing microcredit policies, able to be an important ally in the struggle against poverty and consequent realization of national development project planned by the current constitutional text. It aims to perform a delimitation of this kind of credit, pointing out the situations it can be applied, the benefits for the country, the economic impact and realization of human dignity. For its consummation, the method of deductive approach was used, methods of historical procedure, comparative, interpretive and analytical techniques as well as bibliographical and documentary research. Fulfilling all the objectives established, describes the regulation of markets and, in particular, the financial system, pointing out the reasons of a effective regulation. Makes the relationship between financial regulation and national development, emphasizing the need to reach social purposes by the institutions that compose this system, and microcredit been a prominence politics. Certifies the conclusion that the incentive to microcredit as social policy is essential and must not only be implemented by the public sector, acquiring aspects of public policy, but also by the private sector, requiring, in consequence a kind of inductive regulation, so that national development can be reach the greatest extent possible. / A presente dissertação versa sobre a necessidade de eficaz regulação financeira como forma de implementação de políticas de microcrédito, capaz de ser importante aliado no combate à pobreza e consequente efetivação do projeto de desenvolvimento nacional programado pelo texto constitucional vigente. Tem por objetivo realizar uma delimitação dessa espécie de crédito, apontar as situações nas quais incide, o benefício que representa para o país e a sua repercussão na área econômica e na concretização da dignidade da pessoa humana. Para sua consumação, foi utilizado o método de abordagem dedutivo, os métodos de procedimento histórico, comparativo, interpretativo e analítico, bem como as técnicas de pesquisa bibliográfica e documental. Cumprindo todos os objetivos estabelecidos, descreve a regulação dos mercados e, em especial, a do sistema financeiro, apontando as justificativas para que essa regulação seja implementada da forma mais efetiva possível. Procede à relação entre regulação financeira e desenvolvimento nacional, destacando a necessidade de consecução de fins sociais pelas instituições que compõem esse sistema, sendo o microcrédito a política social de destaque. Firma a conclusão de que o incentivo ao microcrédito como política social é fundamental, não devendo ser somente implementado pelo setor público, ganhando aí aspectos de política pública, mas também pelo setor privado, necessitando-se assim um espécie de regulação indutiva, de forma que o desenvolvimento nacional possa ser alcançado em sua maior medida possível.

Made available in DSpace on 2014-12-17T13:53:30Z (GMT). No. of bitstreams: 1 LucianaGS_DISSERT.pdf: 1405952 bytes, checksum: 02bc84d6a958d94910bb808395889efb (MD5) Previous issue date: 2010-10-25 / This study aims to understand the changes in the improvement of economic and social conditions of small entrepreneurs who participate in solidarity groups linked to the Non-Governmental Organization (NGO) "X" in Fortaleza city, Cear?, through the use of productive-guided microcredit. It is come a research in exploratory and descriptive nature, with a quantitative and qualitative approach. Data were collected from the small entrepreneurs by applying a questionnaire, as well as through structured interviews with group leaders. They were worked on issues relating to income generation, employment generation, housing and health conditions, dietary pattern and leisure activities of small entrepreneurs and their families before and after the union to solidarity groups and use of productive-guided microcredit. The research showed that the use of microcredit has interfered with social and economic life of these small entrepreneurs, generating positive effects / O estudo prop?e-se compreender as mudan?as ocorridas na melhoria das condi??es econ?micas e sociais de pequenos empreendedores que participam de grupos solid?rios ligados ? Organiza??o N?o Governamental (ONG) X , de Fortaleza/Cear?, mediante a utiliza??o do microcr?dito produtivo orientado. Trata-se de uma pesquisa de tipo explorat?rio e descritivo, com uma abordagem quantitativa e qualitativa. Os dados foram levantados junto aos pequenos empreendedores pela aplica??o de um question?rio, bem como atrav?s de entrevistas estruturadas, com os l?deres dos grupos. Foram trabalhadas quest?es referentes ? gera??o de renda, gera??o de emprego, condi??es de moradia, condi??es de sa?de, padr?o alimentar e atividades de lazer dos pequenos empreendedores e suas fam?lias, antes e depois da uni?o a grupos solid?rios e utiliza??o do microcr?dito produtivo orientado. A pesquisa evidenciou que a utiliza??o do microcr?dito interfere na vida econ?mica e social desses pequenos empreendedores, gerando efeitos positivos