Microloans surging in Silicon Valley

Associated Press
Microloans surging in Silicon Valley

Victor Valenzuela, right, serves an espresso drink inside his ice cream truck on Friday, Sept. 20, 2013, in San Jose, Calif. Valenzuela is one of 111 food trucks financed with microloans from the San Jose-based Opportunity Fund. Microlending, a decades old form of financing for the world's poorest, is now booming in Silicon Valley. The region leads the country for microlending as a growing echelon of would-be businesspersons who can't qualify for traditional bank loans meets money from cash-rich techies and firms, including eBay and Microsoft, who want to donate in innovative ways. (AP Photo/Marcio Jose Sanchez)

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