I heard a talk about micro loans in high school and it was nice to hear that they have grown stronger today. I thought it was interesting how creative some of the women got with their businesses (taking the oil from the hair) and how functional they were. I wonder how this system could work in the United States’ poorer areas, like south-side Chicago, and if the program would be successful. Maybe there could be an experiment for this? Thank you so much for talking to my education class about the program and good luck.

3/24 – Elisabeth came to our African International Relations class. She spoke about starting ACCION’s programs in Africa – Zimbabwe, the Horn, and in West Africa.

3/25 – The next day, I was able to join Elisabeth for lunch with a few other students and learned about how senior leadership in organizations like ACCION respond to student requests to get an internship – what works and what doesn’t. It was nice to have some time to speak informally and get an insider scoop on how I can get connected with organizations like ACCION.

By chance, Elisabeth came to my Comparative Politics class only ten minutes later, giving an overview of ACCION’s work and sharing a few stories about the challenges along the way (i.e. a four year process to launch programs in Nigeria).

3/27 – The feature lecture discussed how microcredit emerged from traditional loan systems and expands access to financial resources. Rhyne focused heavily on ensuring that the microfinance industry “maintains a soul” as it transitions into the for-profit sector. She also spoke about a Rockafeller Center study on double and even triple bottom line investing (for profit, for social advancement, and for environmental sustainability).

3/28 – The first panel was called “Progress and Challenges in Microfinance.” Paul Christensen, Karol Boudreaux, and Elisabeth Rhyne looked at the limits of microfinance, most notably that (while there are plenty of local success stories) we have yet to see an entire nation transformed by microfinance.

The second panel, “New Directions in Microfinance,” included Stephen Sellers, Sally Merrill, and Warner Woodworth. They spoke about the technology that may enable microfinance to expand into rural, sparsely-populated areas (where it is most needed) and other initiatives that have grown out of microfinance over the past twenty years.

Overall I learned: that for-profit business models can substantially expand non-profit sector programs, that even major organizations handle internships through informal requests, and that microfinance insiders see their work as a facilitator in reducing poverty instead of a miracle that expects to end it. Elisabeth promoted ACCION and the benefits of microfinance institutions, but she also stressed that microfinance has received disproportionate attention compared with other forms of development and social entrepreneurship.

Along the way, she cited a few examples where traditionally non-profit programs have been turned into sustainable business models to provide services where funding would not otherwise be possible (i.e. an agricultural school where the produce funds the school). I wonder if this is the next big idea in social entrepreneurship.

Thanks so much for a great week. As an economics teacher, I especially liked your focus on the the fact that there is not necessarily a disconnect between doing well for oneself and doing well for others.