The impact of microcredit on income: the case of Banco Real in Brazil

This study aims to evaluate the impact of productive microcredit provided by a microfinance institution linked to a commercial bank by examining a sample of 20,628 customers. Academic literature points to the existence of shared specific characteristics amongst successful microcredit programs, including: (a) the use of a solidarity group, also called a joint debtor, (b) strong female participation, (c) a focus on poor regions, and (d) the presence of a loan officer. This article finds that the female variable is associated with increased income for the individual participant. Women began the program with an average sales value less than men, yet their sales grew exponentially at about 10% with each extension of credit.

本研究旨在评估一家与商业银行联营的小额信贷机构所发放的生产性小额信贷的影响，研究样本涵盖20628名客户。学术文献指出，成功的小额信贷项目具备若干共有的典型特征，包括：(a) 采用联保小组（solidarity group）机制，亦称联合债务人（joint debtor）模式；(b) 女性群体的高参与度；(c) 聚焦贫困地区；(d) 配备专职信贷员。本研究发现，女性变量（female variable）与参与者个人收入提升存在显著关联。参与项目初期，女性的平均销售额低于男性，但每获得一次信贷展期，其销售额便会以约10%的速率呈指数级增长。