Microfinance USA 2011: Grooming the Next Wave
Microfinance USA 2011: Grooming the Next Wave
The Microfinance USA Conference 2011, which took place this week in New York, was exciting for a number of reasons. First of all, it was a great opportunity to connect with talented people doing extraordinary things and working tirelessly to make positive change.
And speaking of positive change, one of the things that struck me the most when I arrived Monday morning for the first keynote was how many young people and recent graduates were attending. If there is one positive result of the recent recession, perhaps it’s that alternative financial services are getting more attention and young job hunters are embracing the pursuit of more meaningful professions. It’s exciting to see that these conferences are grooming the next wave of practitioners.
Some highlights:
- Because BCNA has an IDA Program, I was particularly interested in the panel discussion on Savings: The Future of Microfinance. Bob Annibale, Global Director of Microfinance and Community Development for Citi, pointed out that it’s easy to forget, when discussing IDA match incentives for lower income home buyers, the various incentives — like mortgage interest deductions — that middle class and wealthy families receive. Our IDA Program has assisted over 1200 refugee families and so we know firsthand the impact this program has on accelerating the path to self sufficiency.
- I was very impressed with how Eric Weaver of Opportunity Fund held his own during a heated discussion with Carlos Danel of Compartamos Banco, on commercial models and non-profit microfinance. Our field has a great spokesperson in Eric.
- It is always a delight to see and hear Donna Gambrell of the CDFI Fund and Jamie Barrera of Accion Texas and Louisiana. Two very smart and dedicated women!
- Perhaps what resonated with me the most was something Jim Koch of Sam Adams Brewery said about risk: “The biggest risk is not taking a risk.” How right he is! If we had not taken the risk of starting the Business Center in 1997, we would not have made $8 million in microloans and helped over three thousand businesses.
One question that came up several times during the conference was whether “microfinance” and “microloans” were words that resonated effectively with American entrepreneurs or if there was a better way to describe what we do. Jeremy Gregg of The PLAN Fund tweeted that perhaps “Accessible Finance” was a better option.
Food for thought!