“The Boston Microfinance Club is a new organization that is just starting in Boston. It was founded in early 2011 and our website (and club) is still under construction.  We are in the process of forming a non-profit, programming new events, and formulating our vision.  We hope to share more about our progress soon!”

If you are interested or would like more information, email Danielle at bostonmfclub@gmail.com

Source: Idealist.org

I worked with this organization (The Student Initiative) while studying abroad at LSE (Actually, I co-founded it and now am on the Board of Directors), and was wondering if you could help me pass along a great opportunity to any people, organizations, groups or listservs (particularly university student groups) who you think might be interested in microfinance and development.

The Student Initiative is a registered Charity and an incorporated non-profit ltd. company with official headquarters at the London School and Political Science (LSE) and is based and working at many leading universities.

The Student Initiative is unique because it combines academic grounding in leading university research and education with long-term work in the development sector. Its large student outreach and training enables it to identify the best individual students to work professionally on the issues and on-the-ground in development. Further information can be found on our website: http://www.thestudentinitiative.org/

The Student Initiative is currently accepting applications for new Fellows

What does it mean to be a Fellow?

The Student Initiative Fellows are the young, future and student leaders in development. An application to be a Fellow signals a desire and commitment to play a greater role in development, which The Student Initiative will facilitate. The organisation brings you closer to your ambitions of working in development in various ways. As a Fellow, you will be given guidance, advice and support for the initiatives that you propose. Also, Fellows are our priority candidates for the various opportunities (e.g. internships, research work etc) that we facilitate together with our partner institutions. You will be informed in advance of others about such opportunities, and given an exclusive application time period during which only Fellows will be allowed to submit applications for review. Being a Fellow also means that your CVs will be included in our database, which our partner organizations will have access to. This opens up career opportunities for you in the field of development. The Student Initiative also aims to help Fellows build up experience and gain more knowledge on development-related issues. Participation in the courses that we have designed, writing articles on various themes in development or the events that we organize, and even the organization of these events, are some of the avenues that you can explore you to gain an insight into various themes of development. We are also open to hearing your ideas on how you think you can deepen your involvement with development. Essentially, The Student Initiative aims to bring you closer to development-related issues and careers. If you have a passion for development, a Fellowship with The Student Initiative promises to be a rewarding experience.

To find out more about what our Fellows have done, take a look at our Get Informed pages.

How do I apply?

1. Send your most updated CV to info@thestudentinitiative.org. with the subject title ‘Fellowship Application – Your Full Name’.

2. Fill in this form with the relevant details. The deadline for applications is 15th November.

Should you have any further enquiries, please feel free to send them in to info@thestudentinitiative.org. We look forward to receiving your applications!

Here is a video of Dr Yunus speaking at the opening in Manhattan:

For more video about Grameen America check out their video files

• Dissecting emails they received by their customer service team, at contactus@kiva.org
• Initiated an online poll that asked “Do you support Kiva’s decision to allow loan requests from the U.S.?”
• Read users comments posted to the letter posted on this blog on June 19
• Monitored messages posted to Lending Team message boards (Here’s a look at some of the notes for the Seattle Group)
• Monitored discussions hosted on KivaFriends.org
• They hosted a Community Conference Call on July 15th in which lenders were invited to give their feedback on the U.S. pilot

Here is a summary to their response to the main criticisms after Kiva collected data from it’s supporters:

Through the previously mentioned feedback channels, we have monitored the questions and criticisms that have been raised by the Kiva community. There are a number of themes that recurred throughout. We’d like to address the major themes of these criticisms here:

1 – “Loans to the developed world do not serve Kiva’s mission.”

There have been a number of criticisms of Kiva’s U.S. launch that fall within this theme. They include “U.S. borrowers are not poor”, “Kiva has strayed from its mission”, and “Loans to the developed world do not fight poverty.” The themes that connect these criticisms together are:
1. Definition of poverty: how poor is “poor”?, does poverty exist in the developed world?
2. Definition of Kiva’s social mission: do developed world loans contribute towards Kiva’s social mission, or do they detract from it?

We believe poverty is relative. There are many definitions of poverty that exist. One very common global definition is those who live on less than $1 a day. Many countries measure income to create their own “poverty line”, below which those living in that country are considered “poor”. The United Nations Development Program uses a Human Poverty Index that considers life expectancy, literacy, unemployment and income level. Others believe that poverty is something more abstract.

We believe there is no exclusive definition of poverty that defines who is poor and who is not poor. We respect that there are many different opinions of what it means to be poor, and we respect an individual’s interpretation of poverty that is most meaningful to them. We also believe that, within any poverty definition, one might further distinguish moderate poverty from extreme poverty, and we respect that there are many different ways an individual may understand the various levels of poverty that may exist.

We believe there are many factors that contribute to poverty. These can include access to credit, access to employment, access to education, access to health services, and access to food and clean water. As there are many contributing factors to poverty, there are also many solutions to poverty, none of which can eradicate poverty alone.

We also believe poverty is an impermanent state. We believe that it is possible for an individual to move out of poverty, as well as to fall into poverty, according to circumstances that take place.

As such, Kiva does not define poverty for each individual entrepreneur on the Kiva website. Instead, we strive to provide an environment where people can choose who to support based on their own definition of poverty.

2 – “Loans to the developed world dilute Kiva’s brand.”

Kiva’s brand has been built on the concept of individual loans, to individual people, for poverty alleviation.

The first loans on the Kiva website were to entrepreneurs in East Africa. Over time, Kiva added Field Partners in different regions of the world, such as Asia, Eastern Europe and the Americas, and loans to entrepreneurs from these regions were funded on the Kiva website.

We have always considered Kiva to be a global organization, and, as such, we consider our brand a global one. We have celebrated each new country added to our global portfolio, as we have Kiva Lenders who have joined the Kiva community from new countries around the world.

While we recognize that early perceptions of Kiva may have been that our intention was to stay within one region of the world, defined by geography or development, this was never a part of our vision for the organization.

We believe that the addition of the United States to Kiva’s global portfolio does not dilute our brand, but strengthens it, as it emphasizes the global nature of the Kiva platform, reaching across nations, continents, and economies. We recognize that the addition of the United States to Kiva’s global portfolio may be the first time many in the Kiva community have been exposed to this idea.

3 – “Loans to the developed world take money from the developing world.”

Many Kiva Lenders have expressed concern that the addition of developed world entrepreneurs to the Kiva website would negatively impact the amount of money loaned to developing world entrepreneurs. The implication is that developing world entrepreneurs are more deserving, or more in need, of Kiva loans than developed world entrepreneurs.

We neither define poverty for our community, nor do we define which countries are more deserving, or more in need, of Kiva loans than another. Each time a new country is added to Kiva’s global portfolio, there is a risk that loans to entrepreneurs in this country might be more highly desired by the Kiva community than loans to entrepreneurs in another country. For example, loans to entrepreneurs in a post-conflict area that is experiencing high exposure in the media may be more popular than loans to entrepreneurs in a peaceful country with little attention by the media.

To ensure that Kiva’s global portfolio does not become “overwhelmed” by loans to entrepreneurs in one country, or one region of the world, Kiva enforces fundraising limits on each Field Partner, which contribute to a country limit of no more than 10% of the entire global portfolio. These country limits allow Kiva to both minimize risk to Kiva’s loan portfolio as a result of events on a national scale, and also to maintain a well-balanced global portfolio.

4 – “Loans to the developed world have fundamentally changed what Kiva is.”

We understand that for some in the Kiva community, facilitating loans to developed world entrepreneurs feels like a fundamental shift in what Kiva is and stands for. While we recognize that this sentiment exists, we respectfully do not share it with those who feel that way.

To us, Kiva has always been about making loans to people around the world. As the fundamentals of Kiva, for us, were never defined by country, we don’t feel that we have fundamentally changed.

5 – “Listing developed and developing world entrepreneurs side-by-side, on the same platform, is insulting to the developing world entrepreneur.”

There have been suggestions that Kiva should build a second website to facilitate loans to developed world entrepreneurs, in order that they not be listed alongside developing world entrepreneurs. The implication is that entrepreneurs from the developing world are so different from developed world entrepreneurs, that grouping them together is offensive to either group.

Our opinion contrasts entirely with this sentiment. Kiva believes that loans promote dignity and mutual respect, and we endeavor to carry these qualities through all areas of the Kiva platform.

By separating entrepreneurs according to the part of the world they are from, we would be highlighting the differences between them, based on geography. Kiva strives to highlight the similarities between entrepreneurs across the globe, not the differences, based on personal qualities, not geographical location. By focusing on personal qualities, we believe we can encourage the type of dignity and mutual respect developed when meeting a person.

Furthermore, the feedback we have received from our contacts in the developing world, Field Partners and entrepreneurs, demonstrates that listing developed world entrepreneurs beside developing world entrepreneurs is a source of pride, not insult. No longer are individuals differentiated according to the wealth of their nation, rather entrepreneurs from the poorest nations of the world are situated alongside entrepreneurs from one of the wealthiest nations of the world. We believe this promotes equality and engenders dignity, not insult.

In support of Chef Cimarusti’s effort, the Grameen Foundation is asking its supporters to help raise an additional $10,000 in online donations around the episode’s airing on July 22nd.  To help support the Grameen Founation donate here.

Kiva rocked the microfinance world today by announcing on Good Morning America this morning (RyanC, thanks for the heads up on Twitter) that they have now opened up loans to the US as well.  There has been quite the press on this issue this morning already, I’m sure it will get more attention as the day goes on.  There have been positive and negative comments surrounding this announcement.  Some people like the fact that microfinance is making a bigger push here in the US, while others think that the focus should be more on third world countries where capital is harder to raise.
Here are some of the recent comments this morning from people here in Seattle on the SeaMo Team on Kiva:

“While I do not necessarily agree with lending to US entrepreneurs (although many such people in the US face redlining/discriminatory practices when attempting to borrow), none of us is required to lend to these people and can continue to lend outside the US if that is our preference. I suggest that we refrain from inferring that people are rich just because they live here and refrain from inflammatory statements.”

“Kiva has started to lend to US entrepreneurs in 2009. These US entrepreneurs might have more money than most Kiva lenders do. Why don’t these US entrepreneurs use their own savings or get a loan from the bank to start their businesses. Why US entrepreneurs shift the risks to Kiva lenders and getting interest free loans from Kiva lenders for their personal benefits? The altruistic meaning of helping the poor is lost. If lending to US entrepreneurs is for business reasons, then Kiva.org should require these rich US entrepreneurs to pay interest and share a percentage of the interest return to Kiva lender so both Kiva.org, Kiva lenders, and US entrepreneurs or First World entrepreneurs can benefit from this. To sum it up in one sentence, Kiva Lenders should ask Kiva.org to demand interest payment from these First World Rich Borrowers who might have higher networth than their Kiva lenders. Please message Kiva.org and spread the words if you agree.”

“I agree with ####. I am also disappointed in Kiva’s decision. Sources for funding businesses in the US are vastly more available than in undeveloped countries. Kiva is diverting financial assistance from those who need it most and have the least access to it. Bad idea, in my opinion.”

“Of course is it for altruistic reasons #####. But did you know that Kiva is starting to lend to US entrepreneurs who are looking for interest free money to start their businesses? These US entrepreneurs might have more money than most of us but still asking for free loans on Kiva rather than using their own saving or going to the banks. The meaning of helping the poor is lose and there are many people lending to these US entrepreneurs for free or no knowthing that they won’t get interest. Kiva should at least require interest payment from these rich borrowers and share some percentage of the interest to the lenders.”

“I do not agree with you. We are in this, not for the money, but out of altruistic reasons. Since the money is disbursed immediately and is not earning interest, out of what funds do you think Kiva should pay us interest? Any funds should go to finding more people in need and training field staff.”

“I think Kiva should consider giving lenders some interest payment for doing good and lending to there people. what do you guys/gals think?”

“I just went and checked out the US listings on Kiva (see my note below for my initial reaction). Now I am even more outraged after reading the following:
For 15 years, Mark worked in architecture offices as a graphic designer, producing websites and scale images of architecture projects. He liked the work, but the jobs were inconsistent and had long dry spells that were difficult to manage. Mark knew that he could do it better as his own boss, so in late 2008 he decided to start his company, Urban Digital.
Urban Digital specializes in marketing and visual tools for builders and architect engineers. With a degree in architecture and many years of experience, Mark is an expert at producing technical images, websites, marketing kiosks and other materials that architects need. But getting started is hard, especially given the high upfront cost of all the hardware and technical software he needs to complete the projects he is pitching to clients. With a $7,000 loan from Opportunity Fund, Mark will be able to make these purchases and truly get his business up to speed.
Mark is saving money right now by running the business out of his home, but his goal is to bring in enough clients that he can hire employees and establish a real office.
Visit: www.urbandigitalworks.com
Excuse my French here, but holy crap, what are you thinking and what have you done?? THIS guy is in need of $7000 more than, say 7 truly destitute families in Africa????
Yes I can still choose to loan to any country I want, but the OTHER folks who contribute to the US borrowers are taking (perhaps literally) food from the mouths of babes to give it to the rich. THIS guy has a MILLION other avenues to get where he wants; a family in Africa is desperate.
I am totally ASHAMED of Kiva’s decision on this matter and outraged you didn’t think it through farther. I urge you to ABANDON this program immediately.”

“Hi fellow Seattleites,

Kiva announced today on Good Morning America, BBC, NPR and other major media outlets that it will be facilitating loans to US entrepreneurs. The first set of loans are now available on the site, so it is a great time to invite additional friends and family to the site, or to use up those repaid loan funds.Thanks to everybody for helping our team to reach $25,000 in loans. Let’s see if we can catch the Atlanta lending team, which has made almost $50,000 in loans. We can do it!
Ryan
Seattle Team Captain”

Personally, I like this idea that Kiva had.  People are not forced to donate to the US companies.  If you are opposed to giving to a US borrower, then don’t.  You can always choose one of the many thrid world countries that Kiva allows lenders to donate to.  I think that by opening Kiva up to the US,  more first time lenders will be attracted to the cause.  Many people do not know what is going on in different countries, and are hestitant to donate to causes they don’t know about.  By having microfinance be local,  it allows lenders to donate to borrowers who are closer to their community.

Could just be my outlook on things, anybody else have any thoughts?  Please share.

Date: June 25

Time: Doors open at 5:30pm, presentation begins at 6:15

Location: Spitfire 2219 4th Ave

RSVP: Facebook Event page or by email

Suggested Donation of $5

Today more than two billion people worldwide live on less than $2 a day. They are facing rising food prices and widespread hunger. Calls for expanding civil and political rights in countries plagued by mass hunger and disease will fall on deaf ears unless democracy actually delivers material benefits that improve people’s lives while weeding out the corruption that too often stands in the way of progress.

Our foreign policy must reflect our deep commitment to the cause of making human rights a reality for millions of oppressed people around the world. Of particular concern to me is the plight of women and girls, who comprise the majority of the world’s unhealthy, unschooled, unfed, and unpaid. If half of the world’s population remains vulnerable to economic, political, legal, and social marginalization, our hope of advancing democracy and prosperity will remain in serious jeopardy. We still have a long way to go and the United States must remain an unambiguous and unequivocal voice in support of women’s rights in every country, every region, on every continent.

As a personal aside, I want to mention that President-elect Obama’s mother, Ann Dunham, was a pioneer in microfinance in Indonesia. In my own work on microfinance around the world – from Bangladesh to Chile to Vietnam to South Africa and many other countries — I’ve seen firsthand how small loans given to poor women to start small businesses can raise standards of living and transform local economies. President-elect Obama’s mother had planned to attend a microfinance forum at the Beijing women’s conference in 1995 that I participated in. Unfortunately, she was very ill and couldn’t travel and sadly passed away a few months later. But I think it’s fair to say that her work in international development, the care and concern she showed for women and for poor people around the world, mattered greatly to her son, and certainly has informed his views and his vision. We will be honored to carry on Ann Dunham’s work in the months and years ahead. (Hilary Clinton’s Statement at Senate Confirmation Hearing)

New Sec. State Hilary Clinton and former President Bill Clinton have long been involved in microfinance initiatives.  Bill Clinton wrote about such topics in his book Giving and both have actively encouraged the work of the Grameen Bank and Kiva (which naturally I am quite excited about since I am currently helping with the work for Kiva).

Aside from the Clintons, Nancy Barry, a close advisor to President Obama, was formerly the President of the Women’s World Banking for several years and holds close relations to the Obama family, as she worked with Ann Dunham, President Obama’s mother.

President Obama himself has traveled Kenya and visited micro-finance locations within the country (BBC News: Obama Draws Crowds on Slum Tour).

President Obama’s leadership holds experience and dedication to the field of microfinance.  The question is, what will become of it?  Where will the cause rank amongst the presidential agenda? I recently joined “Microfinance for Obama”, a part of President Obama and Vice-President Biden’s campaign page, with high expectations.  I’m the fifth member (not quite what I expected).