Microfinance and Small Business Development in a Transitional Economy: Insights from Borrowers’ Relations with Microfinance Organisations in Kazakhstan
通过混合方法研究哈萨克斯坦小额信贷与日常创业实践的关系，发现借款人对腐败国家的强烈不信任导致其偏好高度个人化的借贷关系，且小额信贷并未促进企业正规化，挑战了传统假设。
Microfinance is seen as an important vehicle for developing small businesses in developing and transitional economies despite the relative absence of supporting research. We use mixed methods to offer a nuanced empirical exploration of the relationship between microfinance and everyday entrepreneurial practice(s) in Kazakhstan. As in many transitional contexts, ‘unbankable’ borrowers here operate in a vibrant informal sector, face high degrees of uncertainty, and retain a strong distrust of a corrupt/predatory state. Our data-based methodology for analysing borrowers’ diverse relationships with microfinance organisations (MFOs) generates insights into their multiple pathways to business development. Both ‘outreac\h’ and ‘commercialised’ MFOs sustain micro-flows of resources that are critical for everyday entrepreneurs who need to finance ongoing consumption and contingencies whilst also (and by) building up their small businesses. Microfinance use did not promote formalisation or impersonalised banking relationships. Instead, MFOs focused primarily on repayment, clients’ businesses remained partially formalised or unregistered across all stages of growth and the lending relationships preferred by Private MFOs and borrowers were highly personalised. Consequently, we call for assumptions about how microfinance can (and should) drive small business development need to be rethought for transitional contexts.