Cultivating Microfinance Awareness

As Oikocredit gears up for our upcoming event in Washington, DC this Friday, I find myself getting really excited. My anticipation has been mounting for a while, and not just because it’s going to be a great party (and everyone loves a party!). Considering all the press  surrounding microfinance lately, I’m particularly looking forward to this Awareness Party as an opportunity to engage in discussion at a much-needed time.

At Friday’s event, we will discuss microfinance through the lens of Oikocredit, Social Performance, and Green Innovation. Oikocredit USA’s Executive Director Terry Provance will present alongside Sharlene Brown of Grameen Foundation and Allison Archambault of EarthSpark International.  Our goal is to raise awareness of the inspiring developments which Oikocredit, Grameen Foundation, and Earthspark International have achieved.

Ever since I was introduced to microfinance in college I have been inspired by it.

Small loans to very poor people  have proven to be one of the most successful means of alleviating poverty in the world.  These loans facilitate new opportunities for the borrowers, such as business expansion, improved healthcare, and education. I think these facts have been overshadowed by current events in microfinance. (See Muhammad Yunus’ piece in the New York Times.) The debate about microfinance is ongoing and critics offer important insight into an ever-changing field. Still, the industry continues to improve lives and empower a large segment of the world’s poor, and we should not lose sight of this. Microfinance is also proving to be a hugely successful tool in post conflict regions like Haiti.

I, of course, am not quite as well-versed on the subject as our three esteemed guest speakers, and so I encourage everyone – from the slightly intrigued to the very much involved – to come and learn more. I promise it will be worth your time.

Please join us for drinks, discussion at 6pm on Friday, January 21, 2011 at One Lounge. If you would like to RSVP to Friday’s event, click HERE. We hope to see you there!

Kosmosbek, Kyrgyzstan

In 1996, Kosmosbek founded his own “GalenPharm” company in Bishkek, Kyrgyzstan to produce ointments and tinctures from locally grown medicinal herbs. With a series of five loans, he has been able to develop the business, improve production facilities and expand distribution throughout Kyrgyzstan. Today, Kosmosbek employs 50 full-time and 15 part-time employees. His future plans include specialized drugstores providing consultation and treatment with herbal remedies.

GalenPharm produces more than 60 varieties of medical treatments (about half of them made from local herbs) and also exports herbs to Russia and Korea. They recently developed, tested and launched a new ointment for burn treatment, working with a young, local pharmacist. GalenPharm also lead a successful initiative to develop and pass legislative norms and procedures for pharmaceutical production in Kyrgyzstan.  Photography: Kompanion Financial Group

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Augusta, Ecuador

Just a few years ago, Agusta had lost everything she owned due to the disastrous effects of El Niño and the bankruptcy of her local bank. Fortunately she ran into a former neighbor who had become a credit officer for one of our partner MFIs. Augusta asked for $250 to start a food stand on the street. Soon she was soon able to move from the streets to a house. With just three tables, 12 chairs and some pans to cook, she launched a small restaurant in her home, and named it after her mother: Comida El Paso Lolita.

The business is truly a family affair, employing her husband, children and two other employees. Augusta has benefited from more than just financial loans. The training our MFI provides on savings and small-business management are helping her achieve her real dream: a franchise she can leave to her children to run in the future. Her latest loan of $1000 will be used to buy an oven and other assets to consolidate the family business. Photography: Fundación Espoir

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