One of the first recognized implementations of this policy came with an organization founded by Al Whittaker and David Bussau, and according to an article in The Economist, its first beneficiary was Carlos Moreno in 1974. Projects like Zopa's and Prosper seek to extend this 
One of the first recognized implementations of this policy came with an organization founded by Al Whittaker and David Bussau, and according to an article in The Economist, its first beneficiary was Carlos Moreno in 1974. Projects like Zopa's and Prosper seek to extend this basic idea to private action in developed nations. A summit dedicated to its furtherance was convened in 1997, and a second last November in Halifax. A development that won Muhammad Yunus and Grameen Bank a Nobel Peace Prize in 2006, FTP, give the term used to describe this idea of extending very small loans to particularly the poor and unemployed.
One of the first recognized implementations of this policy came with an organization founded by Al Whittaker and David Bussau, and according to an article in The Economist, its first beneficiary was Carlos Moreno in 1974.
microcredit (or microloans or microfinance)