HTC and Covenant First Step Fund apply Nobel prize winning microlending model to assist underserved community
CFSF’s program is based on the Microfinance model developed by Muhammad Yunus, founder of the Grameen Bank and 2006 Nobel Peace Prize laureate. The program provides individuals with no or poor credit access to capital, consistent with their entrepreneurial abilities and desire to establish new and positive credit behavior, via low-interest loans of increasing value. CFSF members must participate in a series of information and training sessions and attend regular bi-monthly meetings, organized into support groups. Peer groups provide moral and business support as well as pressure on members to comply with the program terms.
The Nobel prize granted to the Grameen Bank and Yunus, its founder, attests to the proven success of the microfinance model as a powerful, poverty fighting tool that benefits the community at large by encouraging job creation, knowledge sharing and minority groups participation. “Since its inception in 2001, the CFSF in
"Covenant First Step Fund provides support to the low-income community and encourages entrepreneurship within a group that must overcome greater challenges to succeed in launching and growing a business. This support aligns with HTC’s commitment to assist the underserved in the Greater Houston area and promote technology entrepreneurship and better business practices. We are happy to offer CFSF help in their quest for the benefit of the City of
HTC also serves as the Gulf Coast Regional Center of Innovation and Commercialization for the Texas Emerging Technology Fund which assists small to mid-size technology firms to launch sooner, expedite the commercialization of new life-changing inventions and improve research at
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