Linda Peng - August 2010
STUDENTS AND U.S. MICROFINANCE: APPENDICES I. Student Microfinance Initiatives in the U.S. - Activity Snapshots SNAPSHOT – Students as Service Providers to Local Entrepreneurs School
Status
Services
The Intersect Fund New Brunswick, NJ (Rutgers University)
501(c)(3), recent grad fulltime staff, supported by undergraduate and graduate students
Loans between $500 and $5000 (0% default rate so far), business training course, one-on-one mentorship with a MicroMentor professional, Quickbooks training, free business tax preparation (for those earning less than $50,000 a year), graphic and website design, semi-annual gala for clients and community partners, access to a computer lab
The Elmseed Enterprise Fund New Haven, CT (Yale University)
501(c)(3), one summer manager continued Elmseed activities for the first time over the summer in 2010, run by Yale undergraduates
Loans of $2000 (12% default rate so far), business training class (English and Spanish), one-on-one consulting, business plan writing program
Big Red Microcapital (BRM) Johnston County, NY (Cornell Business School)
Graduate student organization under the Johnson School Center for Sustainable Global Enterprise at Cornell University
One-on-one coaching, loans from $5000 to $15,000
CHOMI Deland, FL (Stetson University)
Stetson University class taught by two faculty members; program (a component of the class) is executed by Stetson students
Workshops on business plan construction (integrated with class), loans of $1000 to $4000
Capital Good Fund New Providence, RI (Brown University)
501(c)(3), recent grad fulltime staff, Americorps staff, and Brown undergraduates
Business loans between $1000 and $5000 (1 loan default of 40 total), immigration loans of $875, and green loans of $200. Also offers
Students and U.S. Microfinance: Final Report APPENDICES
Linda Peng - August 2010 business basics workshop. Notre Dame Microfinance Initiative South Bend, Indiana (Notre Dame University)
Notre Dame undergraduates working in conjunction with a faculty-taught program under the Mendoza College of Business.
Business training workshops (to launch Fall 2010), faculty-advised student consulting teams
Community Empowerment Fund Orange County and Durham, NC (University of North Carolina)
501(c)(3), recent grad fulltime staff, undergraduates
6-week business training course, 10-week savings program, microloans, one-on-one coaching
Cambridge Microfinance Initiative Boston, MA (Harvard University)
Harvard undergraduates
Small business training and networking conference
SNAPSHOT – Students as Fund Raisers School MicrOlin (University of Washington at St. Louis) Gumball Capital (Stanford University) University of St. Thomas MicroCredit Program (University of St. Thomas) Goizeta Microfinance Club and Fund (Emory Business School) $2 Day Challenge Microfinance Abroad (Various Schools) Princeton Microfinance Organization OWL Microfinance (Rice University)
Impact Received $300 unsolicited donation from a fraternity; planning to use all funds towards loans Raised over $20,000 since its founding in 2007; current Executive Director now participating in a 7-continent marathon run to raise $125,000 Distributed $13,275.00 in loans on Kiva since founding in Fall 2007 Invested $40,000 in its first year in a loan fund to IMPRO University of Mary Washington raised more than $6,750 for La Ceiba the first year for Challenge week. Other schools’ successes are not reported. Raised $2000 to for FINCA to establish a village bank Honored at the Clinton Global Initiative in 2009 for initiatives to support microfinance; goal of raising $10,000 reached the first year. Lends primarily on KIVA and Wokai.
SNAPSHOT – Students Supporting Microentrepreneurs Abroad School Activities GLOBE Lending and consulting. Each team has a liasion
Students and U.S. Microfinance: Final Report APPENDICES
Linda Peng - August 2010 Daughters of Charity – various countries (St. John’s University)
Global Microfinance Brigades Various locations in Honduras (Chapman University, University of Southern Cailfornia… TBC) Microcredit Program at University of St. Thomas KIVA clients – various countries; expanding locally (University of St. Thomas) Students 4 Sustainability (George Washington University) La Ceiba Honduras (University of Mary Washington) The Zambia Project (Messiah College)
Examples of School s that have hosted conferences on campus: Princeton Microfinance Organization Duke University Microfinance Leadership Initiative University of Pennsylvania Microfinance Club SEED (UVA) Trockman Microfinance Initiative (Indiana University)
person that communicates with a representative of the Daughters of Charity, GLOBE’s field partners, who operate in over 90 countries in the world, some 76 of which are classified as developing countries. Has raised over $60,000 since its founding in Spring 2009. 7 days spent learning about the community, investing funds into the community, and training local inhabitants on each trip. Funds invested in the two projects so far: $800 and $1600. Lending, Consulting. Already operating in Yucatan, Pakistan, Chile, and Turkey. Exploring domestic program launches in New Orleans and New Mexico. Selling merchandise made by entrepreneurs abroad on campus Selling handbags and pouches from women entrepreneurs in Honduras, lending, consulting Started two credit and savings associations in Zambia.
Examples of invited speakers:
CGAP representatives FINCA representatives Morgan Stanley representatives Pro Mujer representatives Self-Help representatives ACCION International representatives Microcredit Summit Campaign BRAC USA founder KIVA founder Jessica Jackley Acumen Fund founder Ashoka fellows
Students and U.S. Microfinance: Final Report APPENDICES
Linda Peng - August 2010
II. Student Microfinance Initiatives in the U.S. - Master List Key Green background: Blue background: Red background: Orange background:
Recently launched organization Primarily faculty-guided student initiatives Founders have stayed within the organization and/or hired full-time staff Primarily graduate school student led
A. Student Microfinance Organizations I interviewed Organization & University Affiliation
Geographic Focus
Lending
One-onone Consulting
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
BR Microcapital (Cornell Business School) Cambridge Microfinance Initiative (Harvard) Capital Good Fund (Brown)
Johnston County, NY
Yes
Yes
No
No
Yes
No
Boston, MA
No
Yes
Yes
No
Yes
No
Providence, RI
Yes
Yes
Yes
Founders Yes and Americorps staff
Community Empowerment Fund (UNC) CHOMI (Center for Holistic Microcredit Initiatives), Stetson University Elmseed Fund (Yale)
Chapel Hill and Durham, NC Spring Hill, FL
Yes
Yes
Yes
Founders
Yes
No
Yes
Yes – faculty
New Haven, CT
Yes
Yes
Yes
No
Yes
Elon Microfinance Initiative (Elon) GLOBE (St. John’s University)
Everywhere
No
No
No
No
Potentia lly
International
Yes – Daughte rs of
No
No
Yes – faculty
Yes
Students and U.S. Microfinance: Final Report APPENDICES
Yes (fundrai sing) Yes – two faculty advisors
Yes – $25 business training class entrance fee No
No
Yes - $30 initial membership fee No
No
Linda Peng - August 2010 Organization & University Affiliation
Geographic Focus
Lending
La Ceiba (College of William and Mary and University of Mary Washington) MicrOlin (Washington University in St. Louis) Notre Dame Microfinance Club SEED (University of Virginia) The Intersect Fund (Rutgers)
Honduras
Charity (MFO) Yes
University of St. Thomas Micro-Credit Program
One-onone Consulting
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
Yes
Yes
Faculty
Yes
No
Everywhere
Yes – Kiva
No
No
No
Yes
No
South Bend, IN
Eventua lly
No
Yes
Faculty
Yes
No
Everywhere
No
Yes
NGO Consulting
No
Yes
No
New Jersey
Yes
Yes
Yes
Yes – founders and hired staff
Yes
New Orleans, Turkey, Pakistan, Chile, Yucatan, Turkey
YesKiva and other partners
No
No
Yes Faculty
Yes
Yes – different postgraduation services No
B. Other Sources I interviewed Organization Individual(s) MBA Program Professor Small business (Grocery Store)
Manager
UC San Diego School of Business
Alumnus 1
Description Skeptical of undergraduate savvy with business and capacity for completing quality consulting projects Gave input on how students could help small businesses and non-profits the most. “Volunteering to create the flyers and use Google maps to sketch out a flyering route” => often more useful than writing a business plan or creating marketing plans that talk about the need to flyer Input on business plan writing and value of business degree
Students and U.S. Microfinance: Final Report APPENDICES
Linda Peng - August 2010 UC San Diego School of Business Campus Kiva*
Alumnus 2
MBA grad with interest in microfinance
Campus Kiva Interns
Gumball Capital*
Current President
Two-Dollar Challenge*
Founder
Catchafire.org*
CEO/Founder
MoreMarbles.com*
CEO/Founder
Campus Kiva has over 50 university groups lending on KIVA. We are in talks to put a blurb about ACCION USA’s student partnership program on the Campus Kiva website (under “Partners”). The Gumball Challenge teaches students entrepreneurship by challenging them to invent creative ways to fundraise for microfinance organizations. Students entering the one-week challenge are given small microloans. Dr. Sean Humphrey is also the faculty advisor of La Ceiba at the University of Mary Washington. Volunteer-non-profit connection site for professionals founded by a former Goldman Sachs investment banker. Piloted in 2010; currently open to only nonprofits in the NY region. ACCION USA can benefit from volunteer professionals with real expertise in logo design, publicity campaigns, and creating marketing plans. Founded by recent MBA grad and former staff member at Opportunity Fund. MoreMarbles connects university consulting teams (with a faculty advisor) to small businesses or non-profits. Projects typically last a semester, and small businesses or non-profits pay $500 minimum to connect to the students. Interviewed staff member about meeting with University of Chicago undergraduates who wanted to volunteer to do some field work with ACCION Chicago
ACCION Chicago
* Potential partner organizations for ACCION USA’s Student Program
C. Other Student Organizations (Websites Online) Organization & University Affiliation
Geographic Focus
Lending
Bentley College
Waltham, MA Bolivia, Nicaragua Everywhere
Yes
Boston College Bucknell University Carleton College Carolina Microfinance
Everywhere Not Sure
One-onone Consulting
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
Yes
Not Sure
Not Sure
No
No
No
No
Not Sure
Not Sure
Yes Kiva Yes – Kiva Not Sure
No
No
Faculty Advisor Faculty Advisor No
Yes
No
No
No
No
Yes
No
Not Sure
Not Sure
Not Sure
Yes
Not Sure
Students and U.S. Microfinance: Final Report APPENDICES
Linda Peng - August 2010 Organization & University Affiliation
Initiative (UNC) Chapman University
Geographic Focus
Lending
One-onone Consulting
Honduras, Panama
Global Microfin ance Brigades Yes – Kiva Global Microfin ance Brigades No
Chapman University Columbia University
Everywhere
Microfinance Working Group (Columbia University) Davidson College Duke University
N/A
Honduras, Panama
Everywhere India, Uganda
Eastern N/A University (Note: inactive) Goizeta Bolivia Microfinance Club and Fund (Emory Business School) Students 4 Guatemala Sustainability (George Washington University) Hamilton College
Utica, NY
Haverford Microfinance
Mexico, Local
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
Not Sure
No
No
Yes
No
No
No
No
Yes
No
No
No
No
Yes
No
No
No
No
Yes
No
Yes – Kiva Yes – Partnersh ip with Ugandan and Indian MFOs No
No
No
No
Yes
No
Yes
No
No
Yes
No
No
No
No
No
Yes – IMPRO (MFO)
No
No
No
Yes – Conferen ce Yes
No
No
No
No
Yes
Yes – ACCESS Federal Credit Union acts as an advisor Not Sure
Not Sure
Not Sure
Yes – faculty
Not Sure
Social Business – selling international microentrepr eneur goods Not Sure
Yes
Not Sure
No
Yes
Not Sure
Students and U.S. Microfinance: Final Report APPENDICES
No
Linda Peng - August 2010 Organization & University Affiliation
Geographic Focus
Lending
Consulting Club (Haverford College) Trockman Microfinance Initiative (Indiana University)
Community
Everywhere; interest in local MFIs
Yes – Kiva
Lehigh Microfinance Club
Everywhere
Macalester Development Group (Macalester College) Messiah College Microchange (Cornell)
One-onone Consulting
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
No
No
No
Yes
Yes – Kiva
Yes
No
No
Yes – Expo for local businesse s and Conferen ce
Everywhere
Not Sure
No
No
No
Yes – speakers
Social Business – distributing international microentrepr eneur goods Social Business – selling handmade gifts from Ten Thousand Villages No
Zambia Peru
Yes Yes – Kiva
Yes No
No No
No No
Yes Yes
No No
NYU Microfinance Initiative (NYU Stern Business School)
Everywhere
No
No
No
No
No
OWU Student Initiative for International Development (Ohio Wesleyan University) Owl Microfinance (Rice University)
Everywhere (also has good relationship with nearby town) Everywhere
Yes – Kiva
No
No
No
Yes – Microfin ance simulcast and events Yes
No
No
No
Everywhere
No
No
No
Yes – Mr. Asia competiti on fundraise r Yes
No
Point Loma Nazarene University
Yes – Kiva, Wokai, Hashoo Foundati on Yes – Kiva
Students and U.S. Microfinance: Final Report APPENDICES
No
No
Linda Peng - August 2010 Organization & University Affiliation
Geographic Focus
Lending
Princeton University Microfinance Club Seattle Pacific University
Everywhere
Not Sure
Everywhere
Soka University of America
Southern New Hampshire Microenterprise Development Institute Spartan Global Development Fund (Michigan State University) Streetbank (Georgetown) Tufts UC Berkeley Microfinance Simulcast USD Microfinance Club (UC San Diego) UC Santa Cruz
University of Chicago Microfinance Initiative at the University of Houston University of Illinois at UrbanaChampaign
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
No
No
No
Yes
No
Not Sure
No
No
No
No
Everywhere
No
No
No
No
Everywhere
N/A
N/A
N/A
N/A
Yes – Conferen ce Yes club members interested in academic s N/A
Everywhere
Yes – Kiva
No
No
No
Yes
No
D.C. or elsewhere (unsure) International Everywhere
Yes
Yes
No
No
Yes
No
Yes N/A
No N/A
No N/A
No Dr. Sean Foote
Not Sure Yes
Not Sure N/A
Everywhere
Yes
Not Sure
Not Sure
Not Sure
Not Sure
Not Sure
Honduras and Panama
Microfin ance Brigades Yes – Kiva Not Sure
No
No
No
Yes
No
Not Sure
Not Sure
No
Yes
Not Sure
Not Sure
Not Sure
No
Yes
No
Microfin ance Brigades
No
No
No
Yes
No
Everywhere Everywhere
Honduras and Panama
One-onone Consulting
Students and U.S. Microfinance: Final Report APPENDICES
No
N/A
Linda Peng - August 2010 Organization & University Affiliation
Geographic Focus
Lending
University of Minnesota
Everywhere
Not Sure
Maple Microdevelopme nt (University of Oregon) University of Pennsylvania
Uganda, Guatemala
University of WisconsinMadison Vanderbilt University
Business Training Workshops
Full-Time Staff
Events On Campus
Earned Income (not fundraising)
No
No
No
No
No
Yes
Yes
No
Yes – host speakers No
Everywhere
Yes – lending
Potentiall y
Potentially No
No
Not Sure
Not Sure
Not Sure
Not Sure
Not Sure
Yes – 4th Annual Conferen ce just complete d Yes speakers
Kyrgyzstan
Yes
Yes – writing business plans No
No
No
Yes speakers
No
No
Yes – faculty
Yes
No
Not Sure Yes
Not Sure
Not Sure
Not Sure
Not Sure
Not Sure
No
Yes
No
No
Not Sure
No
General Everywhere Development Initiative (Washington and Lee University) Wesleyan Not Sure Global Youth Connection (Wooster College) A Drop in the International Ocean (Harvard University)
Yes – Develo.o rg
One-onone Consulting
Students and U.S. Microfinance: Final Report APPENDICES
No
Not Sure