United Colors of Benetton launched a global campaign in support of Birima, a micro-lending program based in Senegal.
It seems micro-lending, or micro-credit programs, is suddenly becoming ubiquitous and trendy as it is increasingly tied to big companies (in this case Italian clothing retailers Benetton) or celebrities. But that is not necessarily a bad thing for micro-credit programs.
These enterprises make small loans available to poor people looking to start their own businesses, thereby enabling them to become self-sufficient and to get out of the vicious circle of poverty.
Hopefully, this increased exposure will help these programs grow and become more effective in their mission of delivering loans and some much needed hope to poor and working people.
Fashionable Micro-Lending
Benetton's Global Campaign to Support Birima
Trend Themes
1. Rising Micro-lending Programs - The increasing integration of micro-lending programs with big companies and celebrities presents opportunities for growth and effectiveness.
2. Fashion Industry Support for Social Causes - Fashion brands like Benetton leveraging their global reach to support micro-lending programs showcase the trend of fashion industry aligning with social causes.
3. Micro-credit Empowering Entrepreneurship - Micro-credit programs enabling poor individuals to start their own businesses contribute to breaking the cycle of poverty and offer disruptive opportunities for entrepreneurship.
Industry Implications
1. Fashion Retail - Fashion retailers can explore collaborations with micro-lending programs to create social impact initiatives and strengthen their brand positioning.
2. Social Impact - The micro-lending industry offers opportunities for organizations focused on social impact to partner with fashion brands and celebrities, increasing their reach and effectiveness.
3. Entrepreneurship Development - Micro-credit programs provide a pathway for organizations focused on developing entrepreneurship skills to support aspiring entrepreneurs in low-income communities.