The Microfinance Council Did it Again!
The Microfinance Council of ACCION USA did it again!. With commitment and enthusiasm over 60 supporters of gathered at the Axelle Art gallery in New York City on Wednesday night to support out work. ACCION USA is incredibly lucky to receive support from the hearts and minds of the members of the Microfinance Council—they are truly some of our strongest supporters. Over 200 volunteer members strong, they organize events and fundraisers, conduct consulting projects, and raise general awareness about our products and services.
Last nights event for ACCION USA was a ton of fun and was truly heart warming. Want to get involved? Consider supporting a local business by hosting an event for ACCION USA yourself. Get inspired to gather your friends and community members at an event to educate them about the cause of domestic microfinance. ACCION USA and microentrepreneurs need your support more than ever! Find information here to plan your event or contact our volunteer fund raising guru Jessica at jessica.royston@gmail.com.
Check out the video from the fundraiser last night. A special thanks to Live Footage for their spectacular musical performance, a combination of electric cello and drums and keyboard with an electronic Echoplex looping.
Tags: accion usa, events, fundraising, Microfinance Council
US Microfinance: Then, Now, and Next
What are the challenges domestic microfinance faces in these crucial economic times, and how can we move forward? On Monday night, the ACCION USA Microfinance Council started a conversation on this topic with a stimulating panel discussion at the New School. Advocacy Committee Chair Madeleine Gordillo moderated, asking timely questions of ACCION USA President Gina Harman, Lisa Servon, Dean of the New School for Management and Urban Policy, and Jonathan Morduch, Professor of Public Policy and Economics at NYU and Managing Director of the Financial Access Initiative. The panelists agreed that microfinance has achieved impressive scale, but there is still more to learn in meeting the most urgent needs of low-income communities.
One of the areas that stood out most vividly was the demand for smaller non-business-related loans. Gina Harman spoke of the payday lending and check cashing industries that serve the needs of low-income borrowers without bank accounts. At the same time, these industries remain profitable by charging high interest rates and encouraging a dangerous cycle of debt. It may be easy to think we are better off putting these types of predatory practices out of business, but consider the myriad of products they offer: a check casher may offer 27 different products – remittances and rent check writing, for example – that are vital to their clients. The success of these industries proves that there is a deep need for their services – so perhaps lawmakers should focus on aiding service providers to meet these needs profitably and justly, rather than on eradicating the businesses altogether.
How can domestic microfinance providers meet these needs while remaining profitable? Though economic times are tough, one advantage of the current environment is that the government has dedicated new funding to regulated CDFIs like ACCION USA and other institutions that promote the creation of small businesses and, therefore, jobs. Organizations can use these funds to develop innovative products that meet the needs of their customers without having to charge exorbitant rates. In the coming years, domestic microfinance will hopefully be able to provide more of these needed services, enabling low-income communities to take ownership of their financial future.
The ACCION USA Microfinance Council plans to continue to host similar events to get the word out about domestic microfinance. If you are interested in raising awareness for domestic microfinance or becoming involved in one of the many exciting consulting projects the Council organizes, visit their webpage.
By Microfinance Council member Elise Tosun
Tags: microfinance, Microfinance Council
Meet Microfinance Borrowers at 7/27 Event
I’ve always said that the best tellers of the ACCION USA story and the impact of microfinance in the United States are actual ACCION USA borrowers—the women and men who are putting their loan capital to work towards positive change.
That’s why, if you’re located in New York or fancy a trip here soon, I highly recommend popping into the next ACCION USA Microfinance Council event – a lively panel discussion on the challenges surrounding the domestic microfinance industry and the small business community in New York.
You’ll hear testimonial from an ACCION USA borrower whose family used their loan to realize their dream of owning their own Italian restaurant, Desy’s Clam Bar in Williamsburg, Brooklyn. I can guarantee that their success story is as inspiring as their cannolis are delicious (I ate nearly two at a recent visit, and haven’t stopped thinking about them since.)
The event will also include insights from top ACCION USA staff, including president and CEO Gina Harman and microfinance industry experts.
When? Monday July 27, 2009 at 6:30 p.m.
Where? The New School, 66 West 12th Street, 5th Floor, Wollman Hall, New York, NY
RSVP? Yes please, to rsvp.any@gmail.com
See you there!
Martinis and Microlending: Get Involved with ACCION USA’s Microfinance Council
I love microfinance, especially the U.S. variety. And I love people that love microfinance—all varieties. That’s why I’m a big fan of the ACCION USA Microfinance Council, who co-hosted a great “bLENDer” event last night to celebrate ACCION USA’s Kiva partnership launch.
I’m plugging the Council because they provide great way for microfinance enthusiasts in the New York City area to get involved in the industry in a meaningful way. Aside from their always-crowded happy hours, the group hosts high profile speakers (including an upcoming event with Congresswoman Nydia Velasquez), and provides a myriad of volunteer opportunities. Volunteers are currently working directly with AUSA staff members on projects ranging from product development and new market expansion to translations and Website development.
Check out the group on AUSA’s Website, where there’s info on upcoming volunteer projects and how to join. If you do, get in touch—I’ll buy you a drink at their next happy hour!
Tags: bLENDer, kiva, Microfinance Council, volunteering