Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Start-ups, especially those established out of unemployment, and existing micro
businesses experience major difficulties in obtaining funds, both in the start-up or
expanding process, around the world. Most entrepreneurs in start-up organisations
do not have a credit history, do not possess capital or traditional collateral and lack
managerial experience and qualifications. Because mainstream banks perceive them
as being too small, new and risky, the required capital amounts are insufficient to
cover the banks expenditures and the loan cannot be granted. The end result is that
the entrepreneurs remain unemployed and cannot receive investment, which forces
them to close their businesses. The banks are unable to prove their creditworthiness
in the traditional way and cannot comprehend the entrepreneurs' intentions. In order
to create securities and overcome this information gap microlending plays an
increasingly significant role. It focuses on people with financial difficulties who are
excluded from the traditional capital market. With its innovative methods of
creditworthiness assessment, like peer lending, staggered loans and decreasing
interest rates, an incentive system is implemented which substitutes collateral and
motivates the borrower to repay the loan as scheduled. The borrowers are enabled to
invest and start or expand their businesses.
The living, income and education standards of people who live in South Africa,
particularly in townships, are equal to conditions of a developing country. The
existing infrastructure, economical and political situation, on the other hand, would
rather classify South Africa as a developed country. Because of this ambivalence it is
questionable whether the innovative creditworthiness assessment methods applied in
developed countries like those in Europe are applicable in such an environment. In order to evaluate the applicability, the study explains what microlending is and
shows its origin, characteristics, creditworthiness assessment methods, differences
to traditional banks and other peculiarities. An assessment follows of how three
different European microlending organisations, the so-called Microfinance
Institutions, work in detail. The self-sufficient and best-practice performing Fundusz
Micro in Poland, the French socially aligned Association pour Ie droit a I' initiative
Economique and the German as an incubator performing Siebte Saule have been
chosen. Results of a survey across Europe will provide further information on how
the majority of European Microfinance Institutions have implemented their
creditworthiness assessment methods before presenting the South African
microlending sector.
In conclusion, the applied methods in Europe are discussed in the framework of
South African market; considering social, cultural and economical conditions. As
assumed, the methods are applicable in general but have to be adjusted in order to
be able to provide opportunities to the poorest people. / AFRIKAANSE OPSOMMING: 'Start Ups', veral die wat gestig is waar daar groot werkloosheid heers, asook
bestaande mikro besighede ondervind groot probleme in die verkryging van fondse,
beide in die 'start-up en uitbreidingsfase. Dit is 'n verskynsel wat dwars oor die
wêreld voorkom. Meeste entrepreneurs in 'start up' organisasies het nie die
kredietgeskiedenis, nodige kapitaal, tradisionele sekuriteit en/of bestuurservaring en
kwalifikasies nie. Kommersiële banke beskou sulke firmas as te klein, en nuut met
'n te hoë risiko aan hulle verbonde omdat die benodigde kapitaal te min is om selfs
die bank se uitgawes of die lening te dek, wat beteken dat die entrepeneurs dan
werkloos bly of nie kan investeer nie. As gevolg daarvan moet hulle dan hulle
besighede sluit. Die Banke kan nie die kredietwaardigheid van die entrepeneurs met
tradisionele metodes bewys nie, en kan ook nie die intensies van die entrepeneur
bepaal nie.
Ten einde die gaping in die mark te vul vir sekuriteite en om die informasiegaping te
oorkom, het mikrofinansiering 'n groter rol om te speel. Dit fokus op mense in
moeilikheid, wat uitgesluit is van die tradisionele kapitaalmark. Met nuwe
innoverende metodes van kredietwaardigheid opsomming, soos 'peer lending',
'staggered loans' en verminderende kredietkoers, is daar 'n sisteem geimplementeer
wat sekuriteit vervang en die kredietopnemer motiveer om sy lenings terug te betaal
soos geskeduleer. Die kredietopnemer kan dan begin investeer of sy besigheid
vergroot.
Die lewens en opvoedkundige standaard, inkomste en die armoede van die mense
wat in Suid Afrika leef, veral in plakkersdorpe, is soortgelyk aan die omstandighede in ontwikkelende lande. Die huidige ekonomiese infrastruktuur en die politieke
situasie aan die ander kant laat Suid Afrika weer kwalifiseer as 'n ontwikkelde land.
Weens hierdie ambivalensie is dit te bevraagteken of die nuwe innoverende
kredietwaardigheid evalueringsmetodes van toepassing is op ontwikkelende lande in
vergeleke met Europese lande waar dit wel onder sulke omstandighede toepaslik is.
Om te bepaal of dit van toepassing gemaak kan word op SA omstandighede,
verduidelik die studie onder andere wat mikrofinansiering is, asook die oprigting,
eienskappe, kredietwaardigheid evalueringsmetodes, en hoe dit van tradisionele
banke verskil. Vervolgens word daar dan gekyk hoe drie verskillende Europese mikro
banke, die sogenaamde Mikrofinansierders Instansies te werk gaan. Die 'self -
sufficient' en beste praktyk word getoets met Fundusz Micro in Pole, die Franse
sosialistiese Association pour le droit a I' initiative Economique en die Duitse Siebte
Saute. Die resultate van 'n sensus oor Europa sal meer informasie verskaf oor hoe
die meerderheid van Europese Mikrofinansierders hulle kredietwaardigheidstoetse
implementeer het voor die Suid Afrikaanse sektor voorgestel word.
Ten slotte word die toegepaste metodes in Europa bespreek as uitgangspunt vir die
Suid-Afrikaanse mark, en daarmee word ook sosiale, kulturele faktore en
ekonomiese omstandighede in ag geneem. Daar word ook aangeneem dat die
metodes aangepas sal moet word om kanse aan die armste mense in Suid-Afrika te
verskaf.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/52845 |
| Date | 12 1900 |
| Creators | Zurek, Tomasz |
| Contributors | Biekpe, N., Stellenbosch University. Faculty of Economic & Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 106 p. : ill. |
| Rights | Stellenbosch University |
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