Edited by Jeremi Brewer and Stephen W. Gibson
The Entrepreneurial Finance Lab (EFL) was created to expand access to finance in emerging markets by equipping banks with better tools to measure credit risk. Built with the aim of tackling a 2.5 trillion dollar financing gap for micro, small and medium enterprises (MSMEs) around the world, EFL's digital psychometric credit assessment evaluates small business owners on key elements of entrepreneurship in a scalable and automated manner. This application has been implemented across Latin America, Africa and Asia, and is currently completed somewhere in the world every five minutes by a previously un-bankable applicant. It helps bring the developing world's most capable, yet previously un-bankable, entrepreneurs into the formal financial fold. Emerging from a research initiative at the Harvard's Center for International Development, EFL has facilitated over $275 million in lending to MSMEs. Case studies from Latin America and South Asia highlight the tools' use and impact.
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