With all the negative headlines that the subprime lending industry is getting lately -- and deservedly so -- it's easy to forget about how important it is. Without question, the availability of credit can be an extremely potent force in the battle for upward mobility.

For 25 years, Muhammad Yunus's Grameen Bank have been doing subprime lending right: making small loans to people in developing countries to give them a chance to start their own businesses and provide for their families -- About 97% of Grameen's borrowers are women.

This weekend's Wall Street Journal reports that "Mr. Yunus has now brought Grameen to this borough of New York City. Since taking off in January, Grameen America has lent out a total of $145,000, with interest rates at around 15% on the declining loan balance. The money will be used for everything from taxi registrations to sewing machines."

Reading Mr. Yunus's interview with the Journal -- where he opines on the American subprime mess -- I can't help but feel crotchety about how badly we have messed up lending in this country. Yunus has built an institution with an extremely low default rates based on loans to driven entrepreneurs.

If you've read Muhammad Yunas' amazing book Banker to the Poor, you know what a profound impact microlending can have on third world countries. Tiny loans (as little as $10 in some cases) have allowed poor families to invest in the rudiments of a business, in some cases breaking the cycle of poverty.

Now MicroPlace.com, with the backing of eBay Inc. (NASDAQ: EBAY), wants to make it easier for those of us in the Western world to finance these endeavors -- and earn a return too, as high as 4%.

While the site may not be profitable and certainly isn't a material contribution to a company the size of eBay, it could help the company where it needs help these days: its reputation.

The minimum investment is only $100, and subsequent contributions can be as little as $50. It's definitely something worth looking into, and the fact that you can earn interest makes this an ideal way to "do well by doing good."

If you're a parent, I would suggest opening up an account for you children this holiday season. It's a way to give them the gift of giving back, along with that Nintendo Wii or pair of Heelys.