外文翻译-----小额信贷的可持续发展问题

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1、原文TheQuestionofSustainabilityforMicrofinanceInstitutions1.PrefaceMicroentrepreneurshaveconsiderabledifficultyaccessingcapitalfrommainstreamfinancialinstitutions.Onekeyreasonisthatthecostsofinformationaboutthecharacteristicsandrisklevelsofborrowersarehigh.Relationship-basedfinancinghasbeenpromo

2、tedasapotentialsolutiontoinformationasymmetryproblemsinthedistributionofcredittosmallbusinesses.Inthispaper,weseektobetterunderstandtheimplicationsforprovidersof“microfinance”inpursuingsuchastrategy.Wediscussrelationship-basedfinancingaspracticedbymicrofinanceinstitutions(MFIs)intheUnitedState

3、s,analyzetheirlendingprocess，andpresentamodelfordeterminingthebreak-evenpriceofamicrocreditproduct.Comparingthemodel’sresultswithactualpricesofferedbyexistinginstitutionsrevealsthatcreditisgenerallybeingofferedatarangeofsubsidizedratestomicroentrepreneurs.ThismeansthatMFIshavetoraiseadditional

4、resourcesfromgrantsorotherfundseachyeartosustaintheiroperationsasfewareabletosurviveontheincomegeneratedfromtheirlendingandrelatedoperations.Suchsubsidizationofcredithasimplicationsforthelong-termsustainabilityofinstitutionsservingthismarketandcanhelpexplainwhymainstreamfinancialinstitutionsha

5、venotdirectlyfundedmicroenterprises.Weconcludewithadiscussionoftheroleofnonprofitorganizationsinsmallbusinesscreditmarkets,theimpactofpricingontheirpotentialsustainabilityandself-sufficiency，andtheimplicationsforstrategiestobetterstructurethecreditmarketformicrobusinesses.2.TheMFILendingModeli

6、ntheUnitedStatesMarketingMarketingdrivesthebusinessmodelintermsofthevolumeofpotentialborrowersthatanMFIisabletoaccessandthepoolofloansitcandevelop.GiventhatMFIsdonotacceptdepositsandhavenoformalpriorinsightintoafreshpotentialcustomerbase,theymustinvestinattractingnewborrowers.Marketingleadsare

7、generatedfromavarietyofsources:solicitingloanrenewalsfromexistingborrowers,marketingtoexistingclientsforreferrals，“grassroots”networkingwithinstitutionspossessingacomplimentaryfootprintinthetargetenvironment,andthemassmedia.Attheoutseto