Microfinance News Update
The Huffington Post
Former Secretary of State Hillary Clinton saw and capitalized on the opportunity, launching the State Department’s diaspora initiative. And Accion, as a domestic and globally focused organization, was excited to join her and the State Department in the implementation of La Idea, one of State Department’s diaspora programs.
The Wall Street Journal
Today, the Center for Financial Inclusion at Accion announced that Michael Corbat, CEO of Citi and Ajay Banga, CEO of MasterCard will attend and deliver remarks at the Financial Inclusion 2020 Global Forum. Taking place in London on October 28-30, 2013, the Forum is a one-time event that will promote a global agenda for bringing about the financial inclusion of more than 2 billion people around the world, using the year 2020 as a focal point.
Kiva U is an ambitious initiative to build, strengthen and connect school-based microfinance clubs across the nation, develop teaching tools for experiential learning across education levels, and foster leadership among students active in social enterprise, international development and financial inclusion.
Small business advocates complain that banks have lost interest in making small business loans since the financial crisis. Bank executives point out that the ensuing recession curtailed loan demand. Both sides blame tougher government regulations for making small business loans harder to get. While it’s unclear how much each of these factors weigh on the market, the total value of small business loans in the fourth quarter of 2012 was 78 percent less than in the second quarter in 2007.
Global Entrepreneurship Week in November 2011 introduced the world to La Idea, a key initiative of former Secretary of State Hillary Clinton. The main focus behind this initiative is to provide Latino entrepreneurs the necessary resources to build effective small businesses while showcasing the partnerships forged with American entrepreneurs.
City of Chicago
Today, Mayor Rahm Emanuel and the Department of Business Affairs and Consumer Protection (BACP) announced the latest progress update for the Chicago Microlending Institute (CMI), launched by the City in May 2012 to train and develop microlenders to expand small business financing in Chicago. To date, more than 80 small business owners have received $650,000 in loans, creating or preserving approximately 350 jobs.