Remittances as Microfranchise start-up capital

People often ask Steve if the Academy also provides loans. They do not for various reasons including the conflict of interests between a business mentor and a creditor. Perhaps most interesting is the Academy finds that graduates who really want to start a microfranchise, despite their poverty, are able to secure money themselves, even up to USD $8000, with many of them securing funding through remittances. This idea reminded me of a recent business I heard about on NextBillion called Aryty.

I personally feel that remittances can be an unhealthy sign, possibly indicating a 'brain-drain' of the country's best and brightest going overseas, as well as creating a culture of dependency among the populace. However, I also see the large sums of money flowing as remittances and see potential for financing business instead of buying large screen televisions. I think therefore that directing remittances effectively can be a powerful financing tool for microfranchisees.