Spring/Summer Ventures

Eduarda Rodriguez watched helplessly as her livelihood went up in an ominoustower of flames. She had been slowlybuilding up her market stall business inthis back corner of the Mercado Huembesin Managua, Nicaragua for over a decade.

The vegetable stall, though humble, was the lifeline that supported Eduardaand her nine children. And, just like that,the fire reduced it to a bed of smolder-ing embers.

As we witnessed in Haiti this year, calamityoften lurks just around the corner for the 2.7 billion people worldwide livingon less than $2 a day. Whether victims

(Continued on page 2)

ventures

INSIDE THIS ISSUE

� Scaling Up 3

� From the Field: Alexandra Shaw 4

� Spotlight on Our Supporters: Judy Saryan 5

� In the Streets and Markets 6–7

� Thanks to Our Friends 8–11

NEWSLETTER OF ACCION INTERNATIONAL SPRING/SUMMER 2010

Rising from the WreckageHow Microfinance Helps in Times of Trouble

of an earthquake in Haiti, a market fire inNicaragua, a famine in Sub-Saharan Africaor a tsunami in South Asia, those whohave the least usually stand to lose themost. In a matter of minutes, homes areswept away, businesses are reduced to

rubble and dreams of a better life go upin smoke.

Microfinance is not emergency aid. How-ever, it is well-positioned to be a sourceof support and stability to people wholive in poverty after they endure a disaster.ACCION’s 23 partner microfinance insti-tutions are firmly established in some

While nothing can eliminate the pain and loss

following such calamities, microfinance has emerged

as one resource that can soften the impact and help

people to start the rebuilding process.

Germania Tocagón Peña andher husband, Ventura, plant,harvest and sell 135,000 straw-berry plants on rented landoverlooking the San Pablo Lake near Otavalo, Ecuador.Though hail storms occasion-ally threaten their carefullytended crops, Germania andVentura feel secure because of the relationship they havecultivated with ACCION part-ner microfinance institutionCREDIFE.

www.accion.org

Eduarda Rodriquez of Managua, Nicaragua shows off her wares of corn, rice and beans.She lost her first market stand to a fire several years ago. With the help of ACCION partnerFinanciera FAMA, Eduarda has restored her business and now earns more than before.

� 2 VENTURES Spring/Summer 2010

of the world’s poorest communities andcan quickly mobilize assistance to theircombined 3.3 million clients when disas-ter strikes. And microfinance isn’t goingaway—sustainable by design, it providesa permanent stream of responsible financial tools.

Diversifying Services to Meet aVariety of Needs

Increasingly, the microfinance institu-tions ACCION builds and supports canoffer clients financial safety nets to helpthem deal with disasters in a diversity ofways—including with grants, microcredit,interest-earning savings accounts, insur-ance policies and remittances services.

Following the January earthquake in Haiti,ACCION’s longtime partner microfinanceorganization, SOGESOL, quickly mobilizedits staff to search for clients in affectedareas. Walking the devastated streets ofPort-au-Prince, Leogane, Petit-Goave and Jacmel, SOGESOL staff located eachsurviving client and helped them assessthe damage to their home and business.Leveraging relationships with interna-tional partners like ACCION, SOGESOLwas then able to issue grants to clients tofacilitate the rebuilding process.

Microfinance has a role to play in help-ing people deal with calamity in other,subtler, ways as well. ACCION and othermicrofinance providers are pioneeringthe delivery of savings accounts to

people who have never before had access to a safe, secure place to storetheir earnings.

To help bring savings accounts to millionsmore people, ACCION has initiated asweeping new program, supported by a$5 million grant from the Bill and MelindaGates Foundation, that will extend sav-ings accounts to more than one millionpeople in Latin America within the nextfive years.

We have also invested heavily in theemerging area of “micro”insurance. Offer-ing health, life, crop and a variety of othertypes of insurance policies that start aslow as $1 per month, microinsuranceproviders are proving that the poor areworth insuring, that they are capableclients and that the demand is there.

For our part, ACCION has invested mil-lions in ParaLife, a microinsurance holdingcompany that specializes in providing insurance policies to low-income and disabled people, and LeapFrog Invest-ments, the world’s first microinsurancefund for companies that insure peopleliving with HIV in Africa.

Over the last six years, ACCION has alsostudied the impact that remittances, ormoney transfer services, can have amongthe world's poor in times of need. Remit-tances represent a significant amount of resources in poorer countries: In 2006immigrants in the United States sent morethan $300 billion to family members in Central and South America. Sendingmoney via a microfinance institution allows recipients to leverage funds and

Rising from the Wreckage

( Continued from page 1)

Moving people’s life

savings out of their homes

into insured microfinance

institutions means those

funds are certain to be

there in times of need.

www.accion.org 3 �

SCALING UP

Mumbai’s Sukumar Pal Works on Bulking Up His Enterprise

There are entrepreneurs, and then there are, well, entrepre-

neurs. Sukumar Pal, Mumbai fishmonger, falls squarely into

the second category.

One could easily miss Pal altogether. He reaches maybe 5’4”

in his bare feet, which glisten with the silvery, coin-sized

fish scales lying scattered across his workspace. That space

is a plastic-tarp-covered, open-air stall on a crowded market

street that reverberates with the whines and beeps of motor-

bikes and ‘auto-ricks’. If the noise doesn’t distract, the 95

degree heat will, or the malodorous smells, or the mud

underfoot. And to miss Pal would be a shame, because he

stands as an exemplar of self-improvement.

Every morning at 4:00 a.m., Pal makes a 25-minute trip by

taxi or auto-rick to the city’s central fish market, where he

purchases more than 400 lbs of fish, in as many as 10 to 12

varieties. Then he returns here to sell it—not in one, but in

no less than three, separate stalls. He employs six men to

help him. And he has done this every day, seven days a

week, for the last 18 years.

Not long ago, the fish seller heard about small loans offered

by ACCION partner Swadhaar FinServe in India. And for the

first time in his life, he borrowed some working capital—

13,000 rupees, or about $285. He wanted it for what he calls

‘rolling the inventory’—buying in bulk.

A handful of studies have recently emerged that question

the ability of microfinance to solve the problem of poverty.

But as ACCION’s own Elisabeth Rhyne has said, microfinance

does not claim to singularly cure the world’s poverty ail-

ments; the objective, rather, is to include otherwise ignored

people in the financial sector of their country, allowing

society to take advantage of what society has to offer.

Sukumar Pal would no doubt agree. Access to finance not

only allows him to expand beyond the six men he currently

employs, but it also helps him pay the 25,000 rupees (approx.

$540) per month in school fees required to send his three

children to an English-speaking school. And that, as every-

one in modern India knows, is a key to many doors.

To meet more microentrepreneurs, visit www.accion.org

take advantage of other financial prod-ucts—such as savings accounts, homeimprovement loans, and microinsurance—that can serve as safety nets for the poor.

Out of the Ashes, a Better Business Grows

When particularly hard times hit, theworld’s poor need all the assistance the

local and global communities can raise. Weat ACCION recognize the unique role thatmicrofinance has to play and are commit-ted to making sure people have a place toturn for responsible and reliable financialservices when they need them most.

Thankfully, Eduarda’s story did not endwith her and her family living in destitu-tion. Financiera FAMA, ACCION’s partner

microfinance institution in Nicaragua,was quick to step in after the market firethat destroyed her stand. They offered heran emergency microloan that she applied,along with her tenacity and ingenuity, torestore her business to profitability andmove forward toward a better future.

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

“The objective, rather, is to include otherwise

ignored people in the financial sector of their

country, allowing society to take advantage of

what society has to offer.”

streets of Tanzania—nothing quite compares to thepoverty in India. Millions of Indians live hand to mouth,barely making ends meet in the lowest of circumstances.But access to basic financial services that most of us take for granted, such as loans, insurance and savingsaccounts, is empowering India's marginalized people to work their way out of extreme poverty and face their futures with pride.

A week after meeting Sushma, I interviewed Abdul HamidMohamadsharif, a client of YES SAMPANN. ACCION staffhad met Abdul two years ago when he was first startinghis tailoring business. Since then, he told me, he hasdoubled his business and expanded from tailoring wed-ding garments to making women's undergarments, enabling him to better invest in his family’s well-being.

Back in Sushma Devi’s neighborhood, the streets havewoken up and are erupting in a kaleidoscope of colorand a cacophony of sound: Women in brightly coloredsarees swish past us, while a cow squats in the road, unperturbed by the buzzing stream of auto-ricks. Micro-finance is buzzing here, too, in India, and ACCION’swork is helping spur it on. In the land of Buddha’s enlightenment, I feel humbled, gratified, inspired.

Alexandra Shaw, Communications Manager for ACCION, talks withclients of Saija Finance in Patna's wholesale fish market, in February.

It’s 6:00 a.m. on February 3rd, and I’ve just arrived in a slum of Patna in Bihar—famous for being one ofIndia’s poorest states, but also the place of Buddha’s enlightenment. Photographer John Rae and I reach thedoor of local entrepreneur Sushma Devi, who opens itand welcomes us warmly into her house. As she ushersus into the bedroom that sleeps all five members of her family, her three cows moo at us, bristling in the tinyhouse. Once settled, Sushma proudly explains how aloan of 5,000 rupees ($114) from ACCION partner SaijaFinance has enabled her to expand her business—to buy a buffalo and increase her milk sales and income.

Over the course of the next two weeks, I interviewed 17 other microentrepreneurs like Sushma—clients of ACCION partners Saija Finance, in Patna, and YESSAMPANN and Swadhaar FinServe, in Mumbai. Theyranged from women fish sellers who started work at 4:00 a.m. to men who pedaled wagons loaded with luggage 30 kms a day. All worked hard, determined toimprove their lives and create a brighter future for their children. And each was succeeding with a littlehelp from microfinance.

While India is making tremendous economic progress,millions of people in this country of over one billion arestill stifled by a lack of opportunity. While I have seenpoverty elsewhere—in my previous travels for ACCIONto the slums of Brazil, the markets of Nigeria and the


Alexandra Shaw Is Reminded of Just How Much Microfinance Matterson a Recent Trip to India

VOICES FROM THE FIELD

Judy Saryan and other Eaton Vance MicroBike participants present a check for $31,000 to ACCION at a ceremony in November.


Judy Saryan used to suffer from backpain—pain so gripping that it kept heroff her bicycle for years. Then, she heardabout ACCION’s MicroBike 2009 event.Motivated to saddle up once more, theEaton Vance investment fund managerset out with a team of her co-workers onebeautiful Sunday in October to “pedalagainst poverty” through Boston’s historicEmerald Necklace.

Earlier last year, Judy and a few of hercolleagues at Eaton Vance formed the“Making a Difference” team. Their goal was to promote volunteerism andphilanthropy among the company’s employees. “It’s a hallmark of EatonVance that we want to be involved in our communities,” she explains.

Shortly thereafter, Judy learned about theACCION MicroBike program. She recallsthinking, “It was a natural fit. One of the things that excited me most aboutACCION was, here you are right in Boston,a leader in microfinance, and here also is Eaton Vance, a leader in finance.”

Following the participant-directedMicroBike model, Judy organized a dozenteams of riders comprised of Eaton Vance

Spotlight on Our Supporters

staff, their friends and their family mem-bers. While some of the teams chose morechallenging bike routes, others designedroutes that were fun and leisurely. Therewere also opportunities for people whocouldn’t ride to get in on the action by

fundraising, organizing events and cheer-ing on the riders. “One of the greatestthings about MicroBike,” she says, “isthat people can choose how they wantto participate.”

In the end, Judy and her co-workers raiseda total of $31,000 to support ACCION’swork around the globe. Now Eaton Vanceis carrying the momentum of MicroBikeforward—Judy is already gearing up toorganize another cadre of riders for thisyear’s event. And, notes Judy, the Micro-Bikers carry the spirit of teamwork andaccomplishment through their work atEaton Vance: “It was a wonderful oppor-tunity to relate to people in a differentway. When I see my co-workers who par-ticipated, I now have a special connectionwith them.”

To learn how you can get involved in MicroBike2010, visit www.microbike.org.

Eaton Vance Employee Leads the Pack in ACCION’sMicroBike Event

Judy Saryan, pictured here with an Eaton Vancecolleague during their “microride” throughBoston's Emerald Necklace last October.

“It was a wonderful opportunity to relate to people in

a different way. When I see my co-workers who partic-

ipated, I now have a special connection with them.”


IN THE STREETS AND MARKETS

HaitiFollowing the devastating earthquake in Haiti

in January, ACCION mobilized its base of

supporters to raise funds to help Haitian micro-

finance partner, SOGESOL. ACCION made an

initial gift of $50,000 to SOGESOL in February

and has since enacted a comprehensive plan to

support the MFI over the long-term. SOGESOL,

a leading commercial microfinance institution

in the country, is using the funds to extend

grants to its low-income clients so that they

can begin restoring their businesses, homes

and lives. Thank you to all of you who con-

tributed to the fund and extended your hearts

to the microentrepreneurs of Haiti.

WorldwideEarlier this year, ACCION’s Center for Financial

Inclusion, along with its microfinance industry

partners, launched The Smart Campaign, a

global effort to unite microfinance leaders

around a common goal: to institute client pro-

tection in all that they do in order to better

serve clients and to strengthen the microfinance

industry. The Smart Campaign promotes the

premise that protecting clients is not only the

right thing to do, it’s the smart thing to do. You

can endorse the campaign and show your com-

mitment to keeping clients at the forefront of

microfinance at www.smartcampaign.org.

BrazilACCION announced in February that Brazilian

President Luiz Inácio Lula da Silva has approved

its application to establish ACCION Microfi-

nanças, a new microfinance organization in the

state of Amazonas in Brazil’s remote northern

region. ACCION Microfinanças will begin oper-

ations in Manaus, the largest city in Amazonas,

with plans to extend services to cities through-

out Brazil’s northern region. The northern

region, comprised of seven states with a total

population of about 14.7 million, is home to

an estimated 1.9 million microentrepreneurs,

only 8 to 10 percent of whom have received

any kind of loan from a bank or microfinance

organization. It was in Recife, Brazil that

ACCION first pioneered the concept of micro-

lending, in 1973.


IndiaLate last year, ACCION invested big in small

loans for some of the poorest people on the

planet. ACCION’s newest Indian microfinance

partner, Saija Finance, is based in Bihar in

northeastern India. Bihar is one of the poorest

states in India and has traditionally been

deemed too risky for microfinance. ACCION

thinks differently: Since the partnership began

in November, Saija’s numbers have been

mounting rapidly, and the institution currently

serves over 7,000 clients with a near-perfect

repayment rate. Over the next four years, Saija

plans to expand from group lending to individ-

ual lending and offer all clients microinsurance,

remittances and financial literacy training.

China In February, ACCION proudly inaugurated

ACCION Microfinance China (AMC), the first

foreign-funded microcredit company in Inner

Mongolia and only the second in China. Though

China has emerged as an economic power-

house, income disparity in the country remains

striking and 40 percent of China’s population

lives below the poverty line. AMC, ACCION’s

first majority-owned enterprise, will provide an

important avenue of support for small entre-

preneurs in Inner Mongolia. Over the next five

years, we expect to provide working-capital

and fixed-asset loans starting at $150 to thou-

sands of small and medium-sized enterprises

in both urban and rural communities.

GhanaACCION’s Africa Hub and Training Center,

opened in Accra, Ghana in late 2008, has been

busy hosting training programs for microfinance

staff over the past year. As one of ACCION’s

Global Training Centers, the program delivers

training in lending methodologies, manage-

ment, governance and best microfinance

practices. The multi-level training programs are

designed for ACCION staff, the staff of micro-

finance institutions, as well as individuals with

influence in the sector, such as regulators and

industry association officials. Last year, the

Ghana-based Global Training Center prepared

dozens of men and women to head out into

the streets and markets and expand the reach

of microfinance throughout the region.

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


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Thomas ToayJohn and Barbara WoodsPamela G. WrigleyLisa L. YaleMaxwell Young

Sustainer’s SocietyAnonymous (25)Miriam AdlumJames and Randi AguiarRobert R. AmmermanJordan J. ArbitDarrell and Laurel BatsonAnne BaumJanet M. BendannAlberto BernhardtVincent J. BertinoPeter BevanAdam J. BoltzJane BonwellDaniel F. BostwickJean-Christian BourcartDawn S. BowenMary BowerH. Leon BradlowErin Branagan and

Sergio KakehashiDevin BranstetterRobert BrownDeborah D. BufftonCarole L. BurgerJacqueline BurnettPatty A. CabotKimiye CabreraTraci and Dan CalabreseJane F. CampbellBetsy S. CardJonathan CheethamPaul Civili and Mary HartEdward H. CoburnRichard ConnKatherine M. ConoverBetty DearbornWalter DenleySandra DetwilerRichard H. DiamondLeah and Kenneth DickEileen DicksStephen D. DictorMary DoerrJeane J. DoncasterAlice DopplerNellie DornDon and Jan DowningSandra J. DownsFrancois DuboucheronMargaret Eberbach

William ElseyJason EricksonWes G. ErnsbergerJill EvensizerKeitha FarneyKathryn FeigMark FernquestMaribel FinleyJudith FlynnStephanie FoizenWilliam ForbesTim FoulkesDennis and Carol FriedmanWilliam FrohnMaxine and D. A. FullerJohn FultonWilliam R. GarnerIlse GayDaniel GilgoffMary L. Glatt-BanksLief GodlinAruna GoelGerard J. GoodmanCatherine GrantGlen Grayman and

Karla Rodine-GraymanVickie and Gary GreavesCami GroverMichael and

Barbara GruberIra P. GunnJulio GutierrezKenneth and

Carolyn HafnerBarbara Hale-SeubertSeymour HananEllen HanleyJudith HarrisNathan HatchRyan and Danelle HeatwoleThomas F. HeckRuth and Carol HeimerRobert HeinzJonathan HeraNancy HoukMary HudginsJacques F. JacobsonAndres JatomblianskyEllen JohnsonDiana KeeganJonathan KimmelJanet and Alvin KingWayne and M. Lynn KinneyRobert and Jean KlineEric KlootwykElisabeth and

Kenneth KraftYves and Carol KrausKendra and Phillip KrolikFrederick and

Emily KunreutherPeter LaneDavid Langford

Christopher LeeEdward Lesen and

Clarice PollockDaniel LewEileen D. LoganGreg and Marlene LooneyRobert LoucksJudith LuckowJane W. LuskGeorge and

Beatrice LuthringerSusan MartinBetty A. MazzoniDiane L. McAvoyMargaret J. McComasAlisa and Josh MeggittLuis MendozaJohn MessengerBill MesserschmidtJesper J. MichaelsenSteven P. MillardSteven and Rhonda MillerRoger MillerMeg MilliganMary D. MoonAriel MorgensternAlisha MosebyTerrence MuchaJeffrey and Trisha MurawskiRobert and Jana NortonEllen OpplerSarah OrtizAngeline PappasA. G. ParksAndrew A. PatricioWilliam and Mary Jo PetersGeorge PetersonMary M. PrintzenhoffKarla ReedWilliam ReichertBillie Jo RichardsMichael RinaldiCharles RobinsonFran and Maura RobyHeather A. RodinDavid RoscoeCassidy RowlandNancy RudolphGlenn and Sharon RuppelJ. RusciolelliMichel SanterreCalvin L. SatterfieldLinda SchreiberMartha K. SchuhJoAnn SchwartzConnie SegalGregory and

Josephine ShayaEvelyn H. SheltrownR.L. ShoemakerJohanna T. SizickSandi Skeckowski

Darrell SmithEmil SmithDavid R. SouthernRobert SpandeMatthew J. SpenceNaomi L. SternKevin M. StonerBeverly J. SuttonKathleen A. SweetLoyola SylvanPaul TiceNancy T. TrimbleAltagracia TrinidadMario ValladaresJordan VanderLaanPaige VarneyBenjamin ViemeisterPauline VuLelon and Jean WeaverDonn WeaverMargaret WelinCoralie WellsBarbara Wendt and

Larry LomaxJames WhiteLeslie WilburTonia WillekesJo Ann WilliamsEnery WilliamsonMurray B. WilsonCatherine YoungenT. G. Zimmerman

Recife SocietyAnonymous (2)Andres Acedo and

Belinda BarringtonRonald and

Patricia AndersonJames Bellevue and

Elena LipkowskiAlbert BildnerMark and

Margaret BurgessporterLynn CaporaleCarol CavanaughRoger and Shirley ConantRussell and Carol FaucettJames and Ruth FrankEmily GarlinGilbert W. GlassRobert and Ellen GordmanJune E. HeilmanRoy Jacobowitz and

Roberta MossKeith and

Adine KretschmerWendy and

Stanley Marsh 3Caroline Ramsay MerriamRichard and Linda MillerThomas Nagle and

Leslie Haller

Mila Reyes-MesiaAbigail RomeNorman RoseRobert and Sibylle ScarlettJosie SentnerGeorge and

Barbara Lou SmythIrene G. SteinerNancy S. TruittGary A. Winter

Institutions$100,000 and aboveCiti FoundationCredit Suisse GroupBill & Melinda Gates

FoundationInter-American

Development BankMasterCard FoundationNetherlands Development

Finance Company (FMO)Visa International

Institutions$250 - $99,999Anonymous (5)Academy for Educational

DevelopmentACCION Investments in

Microfinance, SPCJ.C. & S. Adams Fund of

the Community Founda-tion of Jackson Hole

The Barrington Foundation Inc.

Bridgemill FoundationCascade FoundationChrist United Methodist

ChurchCumming FoundationThe Dawe Family

FoundationDeutsche Bank Americas

FoundationThe Doehring FoundationDuff & Phelps, LLCEaton Vance ManagementECLOF InternationalFaucett Family FoundationDavid and Hilda Fins

Family FoundationJohn and Mary Franklin

Foundation, Inc.Frenzel FoundationRollin M. Gerstacker

FoundationThe Glickenhaus

FoundationGreen Cay Asset

ManagementHoneybee FoundationThe Immaculata Parish

Thanks to Our Friends (cont.)


SECURING BRIGHTER FUTURES. PASS IT ON.Help Hardworking Families Overcome Poverty Well into the Future

You can easily make a long-term commitment to helping

people work their way out of poverty by naming ACCION

in your will or trust and becoming a member of our

Recife Society.

Besides giving hardworking people and their families a

hand up out of poverty, supporting ACCION through a

planned gift offers you great tax benefits too.

We invite you to learn more about how to join this inner

circle of dedicated ACCION supporters by contacting Heidi

Eagles, ACCION’s Planned Giving Officer, at (617) 616-1577

or [email protected].

Regardless of the size or manner of your planned gift to

ACCION, you can make a difference in the lives of millions,

well into the future.

Electronic Arts Inc.Ernst & Young FoundationExxonMobil FoundationFidelity Charitable Gift FundFiduciary Trust CompanyThe Foundation for

Enhancing CommunitiesGE FoundationGlobal ImpactGoldman SachsHewlett-PackardHuron Consulting GroupI Do FoundationING FoundationInternational Business

MachinesJewish Communal FundJewish Community

Endowment FundJPMorgan Chase & Co.JustGive.orgKing County Employee

Giving ProgramKPMG The Liberty Mutual

FoundationLutheran Community

FoundationMasterCard International The Merck Company

FoundationMicrosoft CorporationMidland NationalMorgan Stanley

Network For GoodOracle Corporation The Pew Charitable TrustsThe Pfizer Foundation, Inc.The Regence Employee

Giving CampaignThe Grace Jones

Richardson TrustSacramento Region

Community FoundationThe Schwab Fund for

Charitable GivingThe Standard Employee

Community CampaignState Employees’

Community CampaignThe T. Rowe Price Program

for Charitable GivingThe Tides FoundationTyco Electronics United Jewish Federation

of Greater PittsburghFoundation

United Way California Capital Region

United Way of New York City

United Way of Rhode Island

Vanguard Charitable Endowment Program

World Bank CommunityConnections Fund

Xcel Energy

Donor Advised Funds,Matching Gift Organi-zations & WorkplaceGiving ProgramsAmerican Endowment

FoundationAmerican International

Group Inc.America’s CharitiesThe Amgen FoundationAustin Community

Foundation for the Capital Area

Ayco Charitable Foundation

Bank of America Becton, Dickinson and

CompanyBergen County United WayThe Boeing CompanyThe Boston Foundation, Inc.Catholic Community

FoundationThe Community Founda-

tion of Jackson HoleCommunity Foundation

of New JerseyThe Community

Foundation, NationalCapital Region

Dell Direct Giving ProgramEaton Vance ManagementEdison International

“For me, that ‘future

generations’ part is really

important, because mil-

lions of children are born

into poverty today. I want

to leave a meaningful legacy ensuring that

ACCION will be there to help those children

and their children after I’m gone.”

Nancy Truitt, ACCION Recife Society Member.

International Finance Corporation

Jambo International CenterThe Irving & Alwyn Johnson

Family FoundationLautman, Maska,

Neill & CompanyThe Lifshutz FoundationThe David and

Katherine Moore FamilyFoundation

The Vincent Mulford Foundation

The Hilda Mullen Foundation

The Nararo FoundationThe Nordemann

FoundationNorth Community ChurchPalmer Walker FoundationL.Q. Pang FoundationThe Carol Pfleiderer FundRobert and Helen Reedy

Family FundThe Rumsfeld FoundationSarita Kenedy East

Foundation, Inc.Seedtime Fund, Inc.Albert & Lillian Small

Foundation

Charles Spear CharitableTrust

Sprayregen Family Foundation, Inc.

The Spurlino FoundationSt. Brendan the Navigator

Episcopal ChurchRoger and Susan Stone

Family FoundationThe Stone Soup FundStuart Family FoundationSundance Pay It Forward

FoundationSupport Programme for

Enterprise Empowermentand Development(SPEED)

SymbioticsThe Thanksgiving FundThe Tides FoundationTrull FoundationUnitusWalter and Alice Abrams

Family FundWallace Global FundWeiss Fagen FundDavid F. and

Sara K. Weston FundYusko Family Foundation


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

MicroBike 2010Are you eager to take action in the fight against global poverty?

Do you want to support a smart, sustainable approach to helpingthe world’s poor help themselves?

Then it’s time to dust off your helmet, step outside and saddle up. That’s right, get readyto pedal against poverty this fall with MicroBike 2010!

Visit www.microbike.org for details and the latest news. Registration opens in May.

JOIN US!

PHOTO CREDITS

Pages 1, 3, 4, 6, 7: John Rae forACCION International

Page 2: Rohanna Mertens for ACCION International

Page 6: Associated Press

Back cover: Ellen Bauer

FSClogo tocome

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