Fifty years ago in America, hope spranganew. John F. Kennedy had just beensworn in as the 35th president, proclaim-ing, “The world is very different now. For man holds in his mortal hands thepower to abolish all forms of humanpoverty…” It was a time of promise forAmerica’s youth.

Joe Blatchford was one of those inspiredby the sense of possibility sweeping hisgeneration. The young tennis standouthad just graduated from UCLA and embarked on a goodwill tennis tour ofLatin America. He was alarmed at the intractable poverty he encountered inevery city he visited and returned homedetermined to do something about it.

So in 1961, he and a few friends startedACCION (an acronym for Americans for Community Cooperation in OtherNations) to marry that spirit of service

(Continued on page 2)

ventures

INSIDE THIS ISSUE

� Expanding the Herd 3

� From the Field: Smart Microfinance 4

� Spotlight on Our Supporters: The Gillett Family 5

� A Lifetime of Helping MillionsHelp Themselves 5

� In the Streets and Markets 6–7

� Thanks to Our Supporters 8–11

NEWSLETTER OF ACCION INTERNATIONAL SPRING/SUMMER 2011

‘The World Is Very Different Now’50 Years in, ACCION Takes on Full Financial Inclusion

with the grit and determination ofVenezuela’s “barrio people”—and ultimately find a way to improve people’s lives.

The idea of ACCION was

simple—to help people

help themselves and thus

find a more sustainable

solution to poverty and

deprivation.

In its efforts to find better ways to spurbottom-up development, ACCION experi-mented with a new way to generate economic opportunity, piloting the ideaof microcredit—tiny loans for the self-employed poor—in northeastern Brazil in 1973. They discovered that peoplepaid back their loans, expanded their

www.accion.org

A microentrepreneur in Yuanbaoshan, Inner Mongolia—home of ACCION’s own microfinance institution, ACCION Microfinance China(founded in 2009). ACCION was one of the first organiza-tions to create a privatelyowned microcredit companyin China, where more than300 million people live on lessthan $2 a day.

to financial services can make a differ-ence and help mitigate the persistentvulnerability of living in poverty.

Full financial inclusion means going beyond microcredit. It means providingindividuals with the same range andquality of financial products and servicesthat those of us in the developed worldhave come to take for granted. Regardlessof income or collateral, people should beable to save for their children’s educationin a savings account, open an insurancepolicy to protect against floods or fires,send and receive remittances safely andcheaply between countries and take outaffordable loans to bring their micro-enterprises to the next level of profitability.

And, perhaps most importantly, peopleshould be able to do all of this whilebeing treated with respect and dignity.

into the trap of over-indebtedness, alongwith irresponsible lending and collec-tions practices by some microfinance institutions.

These developments are deeply concern-ing to the world’s microfinance leaders,including ACCION. In a way, these challenges force us to return to the basics.What we collectively need to strive for,and what ACCION’s newly focused strategic direction centers upon, is full financial inclusion. That means provid-ing access to everyone who can benefit, including many of the two billion peopleacross the globe who still lack access toformal financial services.

Why is full financial inclusion so impor-tant? Living in poverty is an incrediblyfragile existence, right on the edge—a single event away from destitution, deprivation and even starvation. Access

businesses and increased opportunitiesfor themselves and their families. And sobegan the field of microfinance.

Today, along with countless tales of micro-entrepreneurs working their way out ofpoverty, we also hear of people falling

Clients visit a BancoSol branch in La Paz, Bolivia. BancoSol, which ACCION helped establish in 1992, was the world’s first commercial bank dedicated solely to the poor.

� 2 VENTURES Spring/Summer 2011

‘The World Is Very Different Now’( Continued from page 1)

Thirty-eight years later,

the industry has shown

both promise and progress

—150 million people are

now being reached by

microfinance. But this

growth is accompanied

by increasing complexity

and uncertainty.

www.accion.org 3 �

That is why these principles are the cruxof ACCION’s newly revised strategic plan and lie at the heart of the SmartCampaign, a global initiative to promoteclient protection principles in microfi-nance, for which ACCION, through itsCenter for Financial Inclusion, serves asthe secretariat.

Going forward, ACCION will continue to harness the world’s capital markets tobuild bigger and better microfinance institutions that seek not just a financial

bottom line, but a double bottom line.Our goal is to maximize social andeconomic returns. By pursuing socialgoals through commercial means, clients,institutions and investors all benefit.

ACCION has never been more committedto helping millions help themselves. Weaim to do so through our expert manage-ment services, our investment activities,our governance role at microfinance institutions around the world and our industry collaboration.

Tanzania’s Ndeni Tengeru Uses Microfinance to Shepherd Her Family Forward

In a lush green area near the town of Arusha, northern

Tanzania, Ndeni Tengeru runs a small farm where she

raises livestock—cows and goats for milk, and chickens

for eggs. She cherishes her cows in particular, giving them

names like ‘Bahati,’ which means good luck in Swahili.

Forty-two-year-old Ndeni began raising livestock 20

years ago to supplement the small farming business that

she ran with her brothers and sisters; farming alone

was too risky to support them each sustainably. As she

started raising a daughter in addition to her animals,

the pressure of another mouth to feed began to weigh

on her. In 2000, Ndeni turned to ACCION partner Akiba

Commercial Bank to secure a loan for US $370. The

money enabled her to pay for her daughter’s school

fees outright and reinvest her income from selling milk

and eggs back into raising livestock.

With eight subsequent loans, Ndeni has bought

additional goats and chickens. The extra money has

also served as a security net, enabling her to save

for unplanned events, like when she needed to pay

a doctor to help one of her cows give birth. And

with added income, she is now able to build a shed

to house her expanding herd of beloved cows.

Akiba is growing, too. Today,

ACCION provides Akiba with its

signature package of institutional-

level support—including investment,

management and governance—

helping the institution to develop

and deliver financial services that

empower nearly 20,000 microentre-

preneurs like Ndeni, and 127,000

savers, with opportunity.

To meet more microentrepreneurs, visit www.accion.org

Fifty years ago, JFK gave voice to the am-bitions of a small group of recent collegegraduates. Today, ACCION continues tobe motivated by his message and by the people we serve—the hardworkingmen and women and their families—who shape our work. It is their courageand ingenuity, and the power of theirdreams, that continue to inspire us.

For more information about ACCION's workaround the globe, visit www.accion.org.

EXPANDING THE HERD

Top row from top left: Isabelle Barrès, Yuhe Zheng; bottom row from left: Mila Mercado-Bunker, Elena Ameriva, Thomas RodriguezSmart Microfinance

Industry Professionals Reflect on the Importance of Client Protection in Microfinance

This year, ACCION has sharpened its focus on a keystrategic priority: full financial inclusion. Full financial inclusion means high-quality financial services, pro-vided at affordable prices, in a convenient manner andwith dignity for clients. This last pillar, protecting clients’ dignity and rights, lies at the heart of the Smart Campaign, a global initiative made up of microfinanceleaders from around the world who believe that pro-tecting clients is not only the right thing to do, but thesmart thing to do. The Campaign, led by ACCION, isequipping the microfinance industry with training, toolsand more to ensure a mutually beneficial scenario inwhich both clients and institutions thrive.

In January, Ventures caught up with participants of theSmart Campaign’s “Smart Assessors Training” in MexicoCity and asked them to share their thoughts on clientprotection and the Campaign:

“The protection of the clients is very, very important because they are the people we serve. They deserve thebest services and they need to be protected from anythingthat may happen to them, to alleviate them from poverty,which is the mission of microfinance.“—Mila Mercado-Bunker, Ahon Sa Hirap, Inc./Microfinance Council of the Philippines, Inc., Philippines

� 4 VENTURES Spring/Summer 2011

VOICES FROM THE FIELD

“The Smart Campaign means a lot to me. Honestly, I takethis as a great opportunity to learn and see the wholeworld of microfinance develop.”—Yuhe Zheng, Harbin Bank, China

“The client is everything. If there are no clients, there is nobusiness. If clients are not satisfied, you cannot succeed.”—Elena Ameriva, Microfinance Centre, Poland

“We [at REDCAMIF] understand that client protection is thefirst step in social performance management. We need tobe responsible to the clients and promote financial education,to make sure they know about our services and products.We try to help our clients to live better.”—Thomas Rodriguez, REDCAMIF, El Salvador

To learn more and endorse the Smart Campaign, please visit www.smartcampaign.org.

“My hope for the future of the Smart Campaign

is that it becomes obsolete. That stakeholders

involved in the microfinance industry ... live

and breathe client protection principles and take

them into consideration in every aspect

of their operations.”

—Isabelle Barrès, Director of the Smart Campaign

Agents of Change: The Gillett Family of Chicago

To talk to long-time ACCION supportersJohn and Michele Gillett is to be inspired.Their collective work supporting micro-entrepreneurs throughout Latin America,street children in Mexico and victims ofdomestic violence in Chicago has been acalling to which they’ve enthusiasticallyresponded for many years.

In fact, it was after a tour in the PeaceCorps that John first heard about ACCION,back in the 1970s. He remembers think-ing about microfinance, “Now that’s agreat idea.” Years later, when John andMichele attended their first ACCION

delegation to Guatemala in 1992, thepower of the model really hit home forthem. Says John, “It was a huge mile-stone experience for me … seeing howyou’re transforming people’s experi-ences through their own work. It wasjust fascinating.”

At that point, John and Michele hadbegun to pass along their passion for social change to their four children. Theyhad brought their daughter Zoe alongon the delegation to Guatemala. The trip would later inspire Zoe to partnerwith a Guatemalan school teacher andanother ACCION supporter to create a

John (second from left) and Michele Gillett (farright) at home in Chicago with their four children,(from left) Simonie, Bryant, Zach and Zoe.

network of private schools in Guatemalathat uses a practical, skills-based model to educate low-income children.

Throughout the 1990s, the Gilletts attended several more ACCION delega-tions, bringing along their other childrenand inspiring in them both a love of LatinAmerican cultures and a life of activeengagement. Back home, John translatedhis enthusiasm for ACCION’s work inLatin America by becoming a foundingboard member of ACCION Chicago in1994. “Our experiences with ACCIONhave continued over the course of ourlives,” reflects John.

Today, John and Michele split their timebetween a home in Chicago and a homein Sayulita, Mexico, where Michele is on the board of a thriving communitycenter called entreAmigos. When askedabout the role volunteering and philan-thropy have played in her life, she an-swers without hesitation, “I feel, from aselfish standpoint, that it has fueled mybeing. I couldn’t operate without thatconnection—it’s been life-completing.”

To learn more about how you can support ACCION’s work around the globe, visit www.accion.org/donate, call 617-625-7080 ext.1445 or email donate@accion.org.

ACCION would like to

thank all of the individuals

and families who have

contributed to ACCION’s

mission to build sustain-

able solutions to help

empower the world’s poor.

On behalf of the millions

of people you have

helped, thank you for

your generous support.

www.accion.org 5 �

Spotlight on Our SupportersThis year, as ACCION marks its50th anniversary, we celebratethose individuals who have givenso generously to help microentre-preneurs around the world.

The following individuals are ensuring brighter futures forcountless families through theirlifetime giving of over $50,000.

Anonymous (11)Peter and Joanne AckermanKaren and Jim AnsaraRobert and Patricia AyresThomas C. BarryAlbert BildnerSusan and Eric BoydTitus and Wendy BrenninkmeijerWilliam Buffett and Susan KennedyAmy Butte and David LiebowitzMichael and Victoria ChuBrian and Susan ClancyEleanor CrookLisa Crosby and Paul BeckerDonna Dubinsky and Leonard ShustekJohn C. DuncanRussell and Carol FaucettKenny and Joyce FelderPamela and Peter FlahertyRobert L. FriedeTimothy and Jane GeisseJohn and Michele GillettGilbert W. GlassBob and Elly GordmanPatrick and Margaret GraceMadeleine B. GrantJoseph and Patricia GrossEric and Susan GrossmanEsmond Harmsworth Alfredo Harp HeluGustavo A. HerreroRonald and Dianne HogeRichard and Roberta HuberThe Estate of Judith JonesEdwin A. JosephJohn and Marjorie KayserChristopher KennanTara C. KenneyMarcia and Eric KesslerTimothy and Jennifer KingstonKeith and Adine KretschmerBarbara Lucas and Richard NessonDaniel R. MartinCharles E. Merrill, Jr.Richard and Linda MillerDavid and Katherine Moore Birch and Catherine MullinsMike and Joyce MurrayThomas Nagle and Leslie HallerMichael O’ShaughnessyRobert and Katie PattilloWendy J. PaulsonLawrence and Pamela PhelanMichael G. RauenhorstArthur and Toni RockDavid RockefellerÁlvaro and Marcela Rodríguez ArreguiGabriela and Bob RomanowNorman C. RoseWilliam and Anne RussellJames and Susan SchoedingerJohn and Marilyn ScottJane M. SiebelsMark D. SmithRichard L. SmithSalwa and Robert SmithThe Estate of Estelle SmuckerCyrus and Joanne SpurlinoThe Estate of Irene G. SteinerRoger and Susan StoneLucy and Daniel StroockKathleen M. WaldronPeter and Annabelle Wallace

A Lifetime of Helping Millions Help Themselves

� 6 VENTURES Spring/Summer 2011

IN THE STREETS AND MARKETS

CameroonOn February 18, ACCION and Ecobank, a

leading pan-African bank, officially inaugurated

EB-ACCION Microfinance. The new microfi-

nance institution is already serving over 6,000

enterprising individuals in Douala, Cameroon

with microloans, savings accounts, insurance

and money transfers. For Cameroon, where

microfinance is nascent and the informal sector

is thriving (77 percent of economic activity

and employment is estimated to be generated

by the informal sector), this is exciting progress

toward financial inclusion. To view a slideshow

of images from EB-ACCION Microfinance, visit

ACCION’s Media Center on www.accion.org.

BrazilOn February 1, ACCION opened the doors

of ACCION Microfinanças, a new microfinance

institution in Manaus, Brazil. Located in this

remote city of roughly 1.5 million in the heart

of the Amazon, the new bank will reach out

to the region’s estimated one million entre-

preneurial poor with loans, bank accounts

and more.

MexicoIn January, ACCION and SEEP welcomed 30

microfinance professionals representing

20 international networks to Mexico City for

a first-of-its-kind training aimed at making the

microfinance industry more responsive to client

needs. Part of the global Smart Campaign, the

workshop trained these network representatives

in the Campaign’s Client Protection Principles.

Learn more at www.smartcampaign.org.

www.accion.org 7 �

IndiaACCION recently issued two credit guarantees

to its Indian partners Swadhaar and Saija

in order to help them continue serving their

combined 68,500 active clients. Through

these guarantees, ACCION is underscoring its

commitment to strengthening microfinance

in India amidst funding constraints created

by the uncertainty surrounding microfinance

regulation there.

In addition, ACCION’s Frontier Investments

Group recently invested in Vindhya, a

Bangalore-based business process outsourcing

company that specializes in helping micro-

finance institutions to reduce their operational

costs. Vindhya differentiates itself from the

competition by having a staff that is 95 per-

cent people with disabilities.

For more information about ACCION's workaround the globe, visit www.accion.org.

WorldwideEven though a significant percentage of the

world’s unbanked poor are people with

disabilities, they account for less than one half

of one percent of all microfinance clients. To

begin breaking down the barriers to finance

that currently separate microfinance institu-

tions from those with a disability, ACCION’s

Center for Financial Inclusion has launched a

new initiative to bring together experts on

both disability and microfinance from the

public, private and third sectors. Learn more

at www.centerforfinancialinclusion.org.

Get Ready toPedal AgainstPoverty!Do you want to support a smart,

sustainable approach to helping

the world’s poor help themselves?

Join MicroBike October 1–2, 2011

MicroBike invites you to get onyour bike and design your own“microride”—or link up with one in your community—to raiseawareness about global poverty.With MicroBike, you and yourfellow riders will help to advancethe ability of microfinance tohelp millions of people buildbrighter futures for themselvesand their families.

Visit www.microbike.orgfor all the details!

You can also join us on Facebookor follow us on Twitter.

� 8 VENTURES Spring/Summer 2011

Leadership Circle($100,000+)Anonymous (2)Russell and Carol Faucett

ACCIONistas($10,000 – $99,999)Anonymous (4)Robert and Patricia AyresLynda Boone FetterSusan and Eric BoydTitus and Wendy Brenninkmeijer

Amy Butte and DavidLiebowitz

Donna Dubinsky andLeonard Shustek

Robert L. FriedeBob and Elly GordmanEric and Susan GrossmanJoe and Luisa HamiltonGustavo A. HerreroJohn and Marjorie KayserMarcia and Eric KesslerTimothy and Jennifer Kingston

Barbara Lucas and Richard Nesson

Lawrence and Pamela Phelan

Richard L. SmithCyrus and Joanne SpurlinoThe Estate of Irene G. Steiner

Roger and Susan StoneLucy and Daniel StroockDiana L. Taylor

Partners ($5,000 – $9,999)Anonymous (2)Thomas C. BarryCharles and Martha Clifford

Gregory and Mary FallonRobert C. Fox, Jr.Arlene H. GagePhilip and Marcia GiudiceJoseph and Patricia GrossRonald and Dianne HogeJudith Ann and Robert Kellogg

Tara C. KenneyMichael and Toby Gail Kumin

Michael and Cheryl LextonL. Taylor MudgeMitchell Nadel and Beth Bennett

Patrick Peterson and Shirley Tsai

Barry and Christine PhillipsMichael G. RauenhorstMichael and Jennifer RiedelPaul Rogers and Rosa Lasaosa

Gabriel and Janet RozmanMargaret SenturiaJames H. SmallMark D. SmithMark and Anne VeldmanJane WatkinsMimi C. Yu

Challengers ($1,000 – $4,999)Anonymous (6)Charles A. AbelaPauline M. AbernathyWalter and Alice AbramsYvonne AdamsJoseph Albright and Marcia Kunstel

Robert and Margaret AyresSteven BargThomas and Karin BeecherMartin Bernstein andPamela Oxenberg

Nancy BirdsallMary BowerSusan Okie BushAnne CadenassoPatrick Cahn andMadeleine Schulman

Clinton CaywoodSteve Chapman and Carol Francis

Brian and Allayne ChappelleNirmal and Ellen Chatterjee

Michael and Victoria ChuAnne and George Cleveland

Ron and Kathy CollinsElizabeth Conant andCamille Cox

Roger and Shirley ConantEleanor CrookCristina Danguillecourt

Roberto and Pauline DañinoWilliam Michael DanteAlexandra de Saint PhalleJames Dehnert and Patricia Worthington

Pam DooleyPaul and Winifred DooleyRebecca A. DowdakinRobert ErckWelcome FawcettDaniel FeinbergRichard A. FinkJohn-Paul and Katherine Franklin

Michael FrenzelRoger FreyLauren Friedman and Jack Himmelstein

Robert and Maria Goldstein

Don R. GoodmanPatsy GrahamRené GranerRobert A. GranieriCarl Haefling and Pamela Johnson

Deborah HebblewhiteRichard HeddenRobert and Betsy HelanderDavid and Brenda HummBarbara L. HuntAmy K. HunterRoy Jacobowitz andRoberta Moss

James JanneyJames S. JarvisKen E. JoyEdward M. JudaSamuel KardonJeanie and Murray KilgourJack KotzSukhpal and Jaswinder Kumar

Gabriella LaszloMarta Jo LawrenceErik LazarBonnie H. LedyardBenjamin and Clare LentzMorelle I. LevineMary LiebmanWarren LindeleafMartha LockeJames J. LongJennifer LovelandBenjamin and Sandy LovellSteve MarkJoan Y. McCabeSarah McCabe and Russell Quong

Mark S. McConnell

Chandler McDowell andWendy Belluomini

Mark E. MeachenHenry and Shelby MillerSteven and Rhonda MillerRobert MorrisDaniel NicholsonJohn and Gloria O’FarrellMartha Okie and Anthony Fouracre

María Otero and Joseph Eldridge

Jonathan M. OwenArturo PachecoSarah Pacheco and Mark Najarian

Ernest PaikDavid PierceCatherine Quense andSandy Ahlstrom

Mel and Dee RaffRobert and Julia RainerJeanne Raisler and Jonathan Cohn

John ReichertzBenjamin W. RitceyRita M. RodriguezSusan E. Ruland andDorothea Vafiadis

Bernard SandersStuart and Mary SchonfieldJodi SchwartzJohn and Marilyn ScottRichard and Gitte SheaDavid and Elizabeth Sherman

Martha SibertJane M. SiebelsDavid A. SmithRobert and Andrea Solomon

Anne SternlichtFrances W. StevensonJ. Arnold TeasdaleBenjamin and Lara TorgesenAmir TorkamanDavid and Kathy TriceNancy S. TruittMarcia Tugendhat andJames Montanaro

Neil and Christine Valentine

Rebekah VickreyElizabeth WalgrenBarry and Elsa WaxmanEllen Low WebsterChristopher J. WinterKatarzyna WitkowskiJudith and George WriterWenwei YangJerrold and Linda Zindler

Advocates ($500 – $999)Anonymous (6)David AldridgeJill Aspinall and Rick MolzChris BacheJerald and Virginia Bachman

Jeffrey BealeGerald and Dianne BermanPeter BevanMichael and Lonna BloomTheodore BlumenthalThomas K. BoydValerie Brackett and Nikolaos Monoyios

John N. BradyJack N. BriggsDavid and Sheri BrinkmanCarol BrownReto BuettikerPatty A. CabotTerence C. CanavanRoberta G. CarlisleLorene W. ChangPamela ChurchBernard L. CohenMichael CohenRichard M. CoolerRussell Curtis and Joanne Giannino

John and Nicolette DavisSuzanne DayAnthony DesiderioCristhian DickRalph and Esther DorseyRichard DumlerStuart EdwardsAnne EhrlichRonn ElmoreDavid and Elisabeth EurkusJack EvansKaylene FarleyJames Feldman and Natalie Wexler

Gary FenderGeorge FlemingCarol L. FranklinSandra Galejs and Peter Warren

Zach GastJohn and Michele GillettElizabeth and James GlennEdward GracelyDean and Marilyn Greenberg

Sally S. GreenleafCharles and Jill GrossC.W. and Therese Hagemann

Thanks to Our Supporters

The following individuals provided generoussupport between July 1, 2010 and December 31,2010. We value and appreciate contributionsthroughout the year.

www.accion.org 9 �

Robert HaggeJohn and Renata Hahn-Francini

Ruth Hartman and Gary Wolff

James and Judith HealeyTyler HeishmanJeff HewittDavid and Sharon HicksJohn HirschiJerry and Helen HopsonDon and Bonnie HowardDennis A. HunterEmmette JacobNeilson JacobsMonwhea JengIrving and Alwyn JohnsonCurt and Betty JonesJudy JuddFrank KaneDavid KanowitzMatthew KellBarbara A. KelleyJohn and Lissa KenneyJerry Kickenson and Kathleen Michels

Tienna Kim and Junmo LeeGary and Diane KingRobert and Jean KlineSteve and Evelyn KnaebelChristine KnutesonJennifer and Erik KolderupJanice KopecMichael and Natasha KosoffKendra and Phillip KrolikFrederick and Emily Kunreuther

Stephen and Dawn LairdPeter LaneBarbara LeBel and Hari AretiChristian LehewWilliam C. LeiningerTerry and Barbara LenkerDaniel LewDon and Pam LichtyHeidi LoganMarvin and Jane MaasJudy and Will MackMary A. MaldonadoDaniel R. MartinAlfonso and Christine Martinez-Fonts

Andrew MatteisPaul McCarthy and Orla O’Callaghan

Stephen P. McElroyMike and Lynda MeirickCatherine S. MenandJesper J. Michaelsen

Jay and Catherine MorrowGrant and Barbara Mortenson

William MuellerJoseph and Rosemary Mullaney

Wenzel MüllerPeter A. MullinRobert and Jana NortonKaren M. NunleyGail OdgersEwele OfulueJoe O’ShieldsPaul OuztsScott PageDipesh PatelAdele F. PaynterChet Pelton and Peggy Dalton

John and Sigrun PfisterGeorgia PierceJohn R. PooleLeonard and Ruth RauWilliam ReichertDuncan RichardsonJulie RodenNicholas Rodenhouse andMarianne Moore

Carlos RodriquezJames and Marjory RussellArlene SaryanThomas Savignano andPeter Benson

Lyle SchafferJohn H. SchattelesJames Scheuermann andMichalina Pendzich

Michael Schlein and Jordan Tamagni

Katharine SchraderMichael C. SharpJoanne M. ShoemakerMitzi SimmonsTajinder SinghArthur Sklaroff and Clare Chang-Sklaroff

Louis and Jean SlossKathryn StahmannGary StollerLea Stublarec and Curtis Peterson

Garrett Stuck and Pamela Coravos

Detlev and Ellen SuderowCeleste J. TambaroGomer ThomasValerie Thomas HamiltonTina Vandersteel andMatthew Cressotti

Niel WaldAlice and Frederick Wall

John WardStephen J. WeedHolly WellsKatherine and Jakob Westra

Linda Wieser and Jim Rosbe

Tonia WillekesDavid R. WilleyMarcelle M. WillockArlene M. WilsonErin WongA.M. Yackshaw

Friends ($250 – $499)Anonymous (14)Robert and Rosalind Abernathy

Bruce and Susan AckermanGary AdamsMaya AhlstromGregory AlperLeif and Susan AnckerEllen and Edward AntalJordan J. ArbitWilliam and Carrie AshleyNancy AtwellKatherine and D. BarnhillCarole Barth and James Zepp

Dawn BaxterElizabeth Letitia BeardElizabeth BedfordBurton BelzerDebbie L. BennerAnn BerlinMaria and Bryan BertramEsther and Alfred BeynonPatricia S. BidwillWilliam and Wylla Mae Bitner

Henry and Joan BlissDonn W. BlockBhikkhu Bodhi and Chin Lee

Paul BoothJoseph BorodachDawn S. BowenJohn BradleyHugh BradyChristopher BrookfieldMarshall Brooks andStephanie Greene

Marcia BrownFrances BurdenJ. Murfree and Patricia Butler

Pauline Ho Bynum

Paul D. CadwalladerTraci and Dan CalabreseMargaret C. CampbellBetsy S. CardKent and Sarah CarringtonJohn CecilConstance and Neal ClarkFrederic H. ClarkWilliam and Elloine ClarkCynthia ClemsonGeorgette CoakleyEdward H. CoburnLawrence Cohan and Pat Kreger

Joseph and Mary ColacoAndrew ColaoLinda CommonDon CookLarry and Marilyn CooperKay and Tom CottleJohn and Carole CottonPatrick CurleyJudy D’AndreaAubrey DavisJames DavisCarl and Constance Dellmuth

Stephen D. DictorFrank DiGiacomoDaniel DokosSuzanne Frankel DunbarRandall and Linda DunnAlan DynnerSteven DysonMargaret EberbachPaul EgermanPaul and Sharon EklofSkip and Johnny ElliottDonald EndebrockT. G. and Ralph EntrikinJason EricksonWes G. ErnsbergerPatrick FalknerDavid L. FangerTerence and Sharon FaulCelia FelsherDenise and William FinardSally and John FishSally FriedmanKathryn D. FriesCris GardnerSheryl P. GardnerRobert GaskinsMarjorie GebhartKurt R.A. GiambastianiJohn GivenHelen W. GjessingMarvin and Sherna GluckJonathan Gold

Maggie GoldDaniel Goldstein and Laura Williams

Irene GoodaleZihna GordonGail Gorlitz and Samuel Gorlitz

Lee GraberMildred G. GrosserPaul F. HaasMohammed HafeezRussel HamiltonJames C. HandJeanne L. HansenGina HarmanPreston M. Harrington, IIIRichard Hart and Jennifer Rose

Margaret A. HawkinsCharles S. HerringKonstanze HickeyFrederic and Caroline Hoppin

Consuelo and John Isaacson

James and Nancy JanneyStewart JohnsonBernard KastinCarolyn KatzRaymond J. KeaneyJohn and Cassie KeenerBrooks M. KelleyPatricia Hill KelleyRobert A. KellyJoseph KenderdinePeter KennyKevin and Kathryn KernsWayne andM. Lynn Kinney

J. Richard KintPatrick KleaverMargaret KnightBarry and Laura KorobkinArif and Deborah KureshyMary KurienMark and Leigh KutilJames Lake and Shirley Sea-man Lake

Patricia and Samuel LanciaRichard and Dee LawrenceLinda M. LeClairRoger and Joan LewinElizabeth A. LichterCarole LongJeffrey C. LordVicki MarksNicholas MarshallPhilip MartensNicholas Mathewson

� 10 VENTURES Spring/Summer 2011

Dan and Melissa McCanceDonald and Nancy McDaniel

Thomas MelsheimerMary A. MichaudKerry and Patricia MillerDick MillspaughConnie MilnerGeneva Moores and Peter de Boor

Mark MoranTheresa MullanJeffrey and Trisha Murawski

Robert NewmanSam NewmanBrian NewnamLindsay Noll and Luke Leafgren

Patrick and Ellen O’DonnellWilliam OhsKim OrnelasMary A. PadolKeith PagnaniTucker PartelHenrik and Donna PatelAndrew A. PatricioPerry C. PeineKaren L. PercyRichard PerottiTheodore PeytonGary PiccionePatricia and Thomas PinkosCarole PittelmanSean and Sarah PocockHelga and Greig PorterJoshua R. RaiAbraham and Senta Raizen

Robin Ratcliffe andLawrence Pixley

Karla ReedSamuel and Eleanor Robfogel

John B. Robinson, Jr.Barbara RobinsonJoan RoginEdward RoseNorman C. RoseJeffrey and Elinor RossRobert RothhouseWilliam RufferJoan RyderJoel and Carolyn SalonLaura SandersMichel SanterreGeorge SautterAnand and Padma SavurCarol R. Schaffer

Jonathan Schaffzin andMelissa Benzuly

Catherine SchmidtRoy SchmidtSvato SchutznerPhilip SchuylerJoAnn SchwartzJonathan SchwartzLisa SebestaTasha SeitzRJ SerraMaura ShaughnessyJohn and Martha ShawThomas W. SheehanRoss and Kathleen Sherbrooke

Mogan ShiehHarold and Jane ShuteDouglas J. SimmonsDaniel and Elizabeth SlottjeJustin E. SockettAlbert SohaChris SorensenJohn and Catherine Spragins

Anne Godley St. GoarAnne SteeleAnnette SteinerRobert StepanRobert A. StolzbergEric and Mayra StrandJames W. StrickerBenjamin SunooToshi T. SuzukiMark TaschNathaniel TeichmanNeeza ThandiRussell TrippKaren TruesdellJennifer D. WagnerEllen WaltonScott and June WaltzAndrew WaplesLelon and Jean WeaverLawrence WeschlerLora L. WesternJames WheatonAnna S. WhitcombMichael O. WillsonJoseph and Alison WinterBarbara WornumPamela G. WrigleyMary Jean ZamboniJoanne C. ZemaT. G. Zimmerman

Sustainer’s SocietyThe Sustainer’s Societyhonors and recognizes aspecial group of loyalsupporters who demon-strate their long-termcommitment to alleviat-ing poverty by makingmonthly gifts.

Anonymous (30)Michele AbruzzoMiriam AdlumRobert R. AmmermanJordan J. ArbitMikal BakerLinda BallasDarrell and Laurel BatsonAnne BaumBarbara BechtelAlberto BernhardtVincent J. BertinoPeter BevanSondra BirkenesAdam J. BoltzDaniel F. BostwickDawn S. BowenMary BowerMolly BrewtonMarcia BrownDeborah D. BufftonJacqueline BurnettVirginia BurnsPatty A. CabotTraci and Dan CalabreseBetsy S. CardGerda CarmichaelMaria CarusoVincent CasalainaNicole Soucy CassidyJonathan CheethamEdward H. CoburnRichard ConnJames DavisElvin De La CruzWalter DenleySandra DetwilerLeah and Kenneth DickEileen DicksStephen D. DictorMary DoerrJeane J. DoncasterAlice DopplerNellie DornDon and Jan DowningSandra J. DownsMargaret EberbachMark EkbladJason EricksonWes G. ErnsbergerSandra Esner

Robert EvansPatrick FalknerKeitha FarneyKathryn FeigMark FernquestMaribel FinleyJudith FlynnStephanie and Owen Foizen

Darvin FooArthur R. FosterTim FoulkesDennis and Carol FriedmanWilliam FrohnWilliam R. GarnerIlse GayMary L. Glatt-BanksAruna GoelHazal GokmenGerard J. GoodmanVickie and Gary GreavesJames and LucindaGrovenburg

Cami GroverBarbara Hale-SeubertSeymour HananElen HanleySteve and Hilary HarstonThomas F. HeckRobert and Sonia HeinzJonathan HeraJohn HoffmanNancy HoukMary HudginsPhilip IncaoEmmette JacobJacques F. JacobsonEllen JohnsonDiana KeeganGerald KercherJonathan KimmelJanet and Alvin KingWayne and M. Lynn KinneyMarcella KleinRobert and Jean KlineEric KlootwykYves and Carol KrausKendra and Phillip KrolikFrederick and Emily Kunreuther

Louise LaddPeter LaneDavid LangfordChristopher LeeEdward Lesen and Clarice Pollock

Joan LevineDaniel LewEileen D. LoganJoan Lomaki

Larry Lomax and Barbara Wendt

Robert LoucksJane W. LuskGeorge and Beatrice Luthringer

Ron LuzGabriella MaertensErnani MagalhaesVicki MarksSusan MartinEverett MatzBeverly MaughanDiane L. McAvoyJohn H. McConnellJames McPhersonLuis MendozaBill MesserschmidtJesper J. MichaelsenSteven P. MillardRoger MillerSteven and Rhonda MillerMary D. MoonAriel MorgensternJeffrey and Trisha MurawskiPatricia MurphyLindsay Noll and Luke Leafgren

Robert and Jana NortonEllen OpplerAngeline PappasAndrew A. PatricioWilliam and Mary Jo PetersGeorge PetersonLouise PopkinEva PrescottMary M. PrintzenhoffKarla ReedWilliam ReichertSara RhotonBillie Jo RichardsCharles RobinsonFran and Maura RobyHeather A. RodinDavid RoscoeLawrence RosenNancy RudolphR. W. RumseyJ. RusciolelliTerrance W. RyanMichel SanterreCalvin L. SatterfieldLinda SchreiberMartha K. SchuhJoAnn SchwartzLuke ShafniskyGregory and Josephine Shaya

Thomas W. SheehanDavid M. SilvermanDarrell Smith

Thanks to Our Supporters (cont.)

www.accion.org 11 �

Emil SmithJustin E. SockettDavid R. SouthernBruce and Julie SpringKevin M. StonerBeverly J. SuttonE. Michael SweeneyLoyola SylvanBetsi J. TaylorPaul TiceJennifer TiceNancy T. TrimbleAltagracia TrinidadRussell TrippHenry ValenteMario ValladaresLeon B. Van LeeuwenJordan VanderLaanBenjamin ViemeisterPauline VuLelon and Jean WeaverMargaret WelinLeslie WilburTonia WillekesJo Ann WilliamsSheila WilliamsEnery WilliamsonVirginia WindleyCatherine YoungenH. Berrien ZettlerDavid ZimmermanT. G. Zimmerman

Institutions$100,000 and aboveGDS Services InternationalLimited

Academy for EducationalDevelopment

Citi FoundationCredit Suisse GroupFaucett Family FoundationThe Ford FoundationInter-American Develop-ment Bank

International Finance Corporation

MasterCard FoundationNetherlands DevelopmentFinance Company (FMO)

Institutions$250 – $99,999The Lansdowne FundLasky Charitable Lead TrustWalter and Alice AbramsFamily Fund

ACCION Investments inMicrofinance, SPC

J.C. & S. Adams Fund ofthe Community Founda-tion of Jackson Hole

ANSYS, Inc.Argyle FoundationThe Barrington Foundation Inc.

The Bungie FoundationAngelo R. Cali & Mary V. Cali FamilyFoundation, Inc.

CalmeadowCascade FoundationThe John and Mary Corco-ran Family Foundation

Patrick and Anna M. Cudahy Fund

The Dawe Family Foundation

Deutsche Bank AmericasFoundation

The Doehring FoundationEaton Vance ManagementFemmeDavid and Hilda Fins Family Foundation

John and Mary FranklinFoundation, Inc.

The Frenzel FoundationFund for the Poor, Inc.Rollin M. Gerstacker Foundation

Green Cay Asset Management

The Green Park FoundationThe International Foundation

The Ken and Judith JoyFamily Foundation

KfW BankengruppeLautman, Maska, Neill & Company

Mouat Charitable TrustThe Vincent Mulford Foundation

The Nararo FoundationThe Narnia FoundationNew York Stock ExchangeFoundation

The Nordemann Foundation

North Community ChurchOn the House FoundationThe Palmer Walker Foundation

Peterson-Tsai FoundationRedwine Family Foundation

The Grace Jones Richardson Trust

Rivinus Family FoundationRobinson Family TrustThe Rumsfeld FoundationSeedtime Fund, Inc.

Albert & Lillian SmallFoundation

Charles Spear CharitableTrust

The Spurlino FoundationRoger and Susan StoneFamily Foundation

The Thanksgiving FundTrinity Episcopal ChurchTrull FoundationThe Turvey Family Foundation

Weiss Fagen FundDavid F. and Sara K. Weston Fund

Derk A. Young MemorialFund

Donor AdvisedFunds, Matching GiftOrganizations &Workplace GivingProgramsAmerican EndowmentFoundation

America’s CharitiesAST Capital Trust Company of Delaware

Austin Community Foundation for the Capital Area

Ayco Charitable Foundation

Bank of AmericaBlackRock Matching GiftProgram

The Boston Foundation, Inc.

Catholic CommunityFoundation

The Chicago CommunityTrust

The Columbus FoundationCombined Jewish Philanthropies

The Community Founda-tion for Northern Virginia

The Community Founda-tion of Jackson Hole

The Community Founda-tion, National Capital Region

Dell Direct Giving ProgramThe DuPage CommunityFoundation

Eaton Vance ManagementEmployees Charity Organi-zation of NorthropGrumman

ExxonMobil FoundationFidelity Charitable GiftFund

Fiduciary Trust Company

GE FoundationGlobal ImpactGoldman SachsGoogle Inc.The Greater Kansas CityCommunity Foundation

International Business Machines

Jewish Communal FundJewish Community Endowment Fund

Jewish Federation of Met-ropolitan Chicago

JustGive.orgThe Liberty Mutual Foundation

The Merck CompanyFoundation

Microsoft CorporationNetwork For GoodThe Pfizer Foundation, Inc.Piedmont Financial TrustCompany

The Regence EmployeeGiving Campaign

The Schwab Fund forCharitable Giving

State Street Bank and Trust Co.

United Jewish Federationof Greater PittsburghFoundation

Vanguard Charitable Endowment Program

Wichita Falls Area Commu-nity Foundation

World Bank CommunityConnections Fund

Xcel Energy

In-Kind DonorsAllen & Overy LLPBlassys MicroenterpriseeMagazine

Amy Butte and David Liebowitz

District Hardware/The Bike Shop

Foley Hoag LLPFreshfields Bruckhaus Deringer LLP

Gómez-Pinzón Zuleta Abogados S.A.

Goodwin Procter LLPGoulston Storrs Hogan Lovells US LLP Latham & Watkins LLPMayer Brown LLPMeg Rodney PhotographyRopes & Gray LLPStuart and Janice Shorenstein

Sidley Austin LLP

Recife SocietyThe Recife Society honorsand recognizes thoseloyal supporters who arehelping to ensure the future of hardworkingpoor people worldwidethrough planned giving.

Anonymous (2)Charles A. AbelaAndres Acedo del Olmoand Belinda Barrington

Ronald and Patricia Anderson

James Bellevue and Elena Lipkowski

Albert BildnerMark and Margaret Burgessporter

Lynn CaporaleCarol CavanaughRoger and Shirley ConantWilliam R. DadeRuth O. FrankEmily GarlinGilbert W. GlassFoster Goodwill and Renee Hummel

Bob and Elly GordmanRuth Hartman and Gary Wolff

June E. HeilmanRoy Jacobowitz andRoberta Moss

Keith and AdineKretschmer

Roger L. KrouseRoni Lebauer and Michelle Ryan

Wendy and Stanley Marsh, 3

Caroline Ramsay MerriamRichard and Linda MillerThomas Nagle and Leslie Haller

Mila Reyes-MesiaAbigail RomeNorman C. RoseRobert and Sibylle ScarlettJosie SentnerGeorge and Barbara Lou Smyth

Irene G. Steiner*Nancy S. TruittDavid and Laurel WaltersGary A. Winter

* Denotes deceased

ACCION International56 Roland Street, Suite 300Boston, Massachusetts 02129 USA

Address Service RequestedReturn Postage Guaranteed NON-PROFIT ORG

U.S. POSTAGE PAID

BOSTON, MA

PERMIT NO. 56294

2011 marks 50 years of helping millionshelp themselves at ACCION International!As we think about our past contributions, we remain sharply focused on our vision for the future. Pleasejoin us as we celebrate the promise of a world where everyone has access to quality financial services.

Learn more and get involved at www.accion.org/fiftyyears

FSC logo to come

50 YEARS–ONE MISSION

1 9 6 0 s > 1 9 7 0 s > 1 9 8 0 s > 1 9 9 0 s > 2 0 0 0 s

PHOTO CREDITS

John Rae for ACCION Internationalp. 1, p. 2, p. 3, p. 4 all, p. 5 all except center-bottom, p. 6 center-top and bottom, p. 12 top-right,bottom-left, bottom-right

FSClogo tocome