Use of remittances
Technoserve was founded by a Connecticut businessman in 1968 who was inspired after volunteering at a hospital in Africa. The group's Salvadoran pilot program helped remittance receivers draw up business plans and worked closely with Washington-based Microfinance International Corp to detail remittance histories of immigrants and their families, Ionnone said.
``The idea is to create a so-called transnational loan,'' Ionnone said. ``We can transfer the creditworthiness of a person in the U.S. to a person in a place like El Salvador.' (more)