MICROCAPITAL BRIEF: April “Month of Microfinance” Promoted by Student Microfinance Movement

The Student Microfinance Movement, a student-run microfinance organization based in the US, is promoting April as a month of education, awareness and fundraising for microfinance. The focus of these efforts will take place on university and high school campuses. Activities include the Month of Microfinance Case Competition at Duke University in the US state of North Carolina, where student teams will respond to a sustainable development case scenario, and the Iowa City Two Dollar Challenge, in the US state of Iowa, which challenges participants to live on USD 2 for five days to learn about living in poverty.

Partners for the Month of Microfinance include US-based nonprofits Opportunity International, Kiva, Grameen America and others.

By Natalie Baer, Research Associate

About Opportunity International: Based in the United States, Opportunity International is a nonprofit organization that was founded in 1971. Opportunity International provides small business loans, savings, insurance and training to approximately two million poor people in 24 countries in Africa, Asia, South America and Eastern Europe. As of December 31, 2010, Opportunity International reported total assets of USD 150 million with an annual revenue of USD 32 million.

About Kiva: Incorporated in 2005, Kiva is a US-based online portal allowing individuals to make loans to microfinance institutions (MFIs), which then make loans to people with low incomes. As of September 2011, Kiva reports that: it has engaged 990,000 users, 625,000 of whom have funded a loan; 81 percent of loans have been made to women entrepreneurs; the repayment rate on these loans is 98.9 percent; and the average loan size is USD 385. In 2011, approximately USD 90 million in loans was funded through Kiva and Kiva’s field partner MFIs to microentrepreneurs in 60 developing and rich countries. Kiva is launching a new platform, Kiva Zip, enabling users to lend directly to microentrepreneurs around the world.

About Grameen America: Grameen America is a nonprofit microfinance organization based in New York City that was founded by Muhammad Yunus to replicate the model of the Grameen Bank, a microbank in Bangladesh, in the US. Its mission is to provide affordable microloans to financially empower low-income entrepreneurs. Grameen America launched its first branch in Queens, New York, in January 2008. As of February 28, 2010, Grameen America had disbursed USD 5 million in loans to 2,500 borrowers. Grameen America reports a repayment rate of approximately 99 percent. As of 2012, Grameen America has branches in New York City, Nebraska and Illinois. Grameen America does not report to the US-based nonprofit Microfinance Information Exchange (MIX).

Sources and Additional Resources:

[1] April Month of Microfinance http://monthofmicrofinance.org/

MicroCapital story, March 22, 2012, “MICROFINANCE EVENT: Sixth Annual University of Pennsylvania Microfinance Conference, “Microfinance 2.0: An Agenda for Revival”, March 24, 2012, Philadelphia, USA” https://www.microcapital.org/microfinance-event-sixth-annual-university-of-pennsylvania-microfinance-conference-microfinance-2-0-an-agenda-for-revival-march-24-2012-philadelphia-usa/

MicroCapital story, March 4, 2012, “MICROCAPITAL BRIEF: Grameen America to Open Additional Branches in California, Michigan and Nebraska” https://www.microcapital.org/microcapital-brief-grameen-america-to-open-additional-branches-in-california-michigan-and-nebraska/

MicroCapital Universe profile: Opportunity International https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International

MicroCapital Universe profile: Kiva https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kiva

MicroCapital Universe profile: Grameen America https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+America

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

Similar Posts: