Magic BusThe Road to Financial Literacy in Rural IndiaBy Bruce MacDonald

Route 4, ‘Pune Highway’, Maharashtra State, India: The signs for Pune start appearing miles before the city outskirts—an endless parade of towering, glossy billboards promising luxe apartment life in this boomtown of New India. “One Home, Numerous Wishes!” “Make Life an Occasion.” “Experience the Delightful Living!”

And my favorite, the simple and definitive, “This. Is. It.”

Our destination is far more modest—and much further still. Accion’s Usha Gopinath and Sachin Hirani, photographer John Rae and I are headed four more hours southeast beyond Pune, to Satara, and then two more beyond that, to Mhaswad. To Old India—or at least to rural India, where the imprint of modernity remains decidedly more faint.

I’m here to see Accion’s progress in client education. In 2007, Usha joined Accion to examine the feasibility of migrating ‘Dialogue on Business’, our successful business-skills training program, to India. With more than 700,000 Latin American entrepreneurs trained since 1999 and the program licensed to 51 Latino NGOs, universities, banks and city governments, ‘Dialogue’ was clearly in demand. But how would it work in a country of 28 states and no fewer than 22 official languages? What would constitute success?

Continued on page 2

FALL 2012

Spotlight on Our Supporters 4

Voices from the Field 5

In the Streets and Markets 6

I Couldn’t Afford a CEO, So I Raised My Own 8

Thanks to Our Supporters 9

MicroMarket 12

V

entu

res

WOMEN OF MHASWAD, INDIA

LEARN CASH-MANAGEMENT SKILLS

ON THE MANN DESHI FOUNDATION

MICROFINANCE BUS

2 VENTURES | FALL 2012

A day later we stand on a flat, dusty plain, half an hour outside Mhaswad. Stunted, thorny trees shimmer in the heat. A line of ragged blue hills guards the horizon. Modest single-room houses of stone and clay, adobe-like, dot the landscape: the subcontinent’s version of the American Southwest.

“Indian country,” quips John.

In the middle of the plain, incongruously, sits a bus. Not just any bus, but the Mann Deshi Foundation Microfinance Bus. It’s the brainchild of Ms. Chetna Sinha, founder of Mann Deshi Mahila Bank, a regulated cooperative bank run by and for women and, today, with 140,000 clients, the largest microfinance institution in Maharashtra.

Impressed with Accion’s client-training work in southern India with the Muthoot Pappachan Group, Mann Deshi selected Accion for a pilot to see whether financial education and business-skills training could actually work in such a rural setting. A grant from HSBC pays for the bus itself; Accion’s role is to establish the program and train the trainers, with a goal of 1,000 clients trained in basic financial and business skills within the year. Usha tells me they’re at 600 and counting.

At first the bus looks forgotten, but it turns out we’ve timed our arrival perfectly. Within minutes, village women in yellow and blue and purple saris, bright as birthday presents, materialize through the haze. The

bus fills rapidly, a score of eager entrepreneurs jostling for seats at its built-in desks. And so it goes once every week for ten weeks, as female students of all ages spend three hours in spirited interaction with teacher and classmates.

Today’s lesson is ‘Cash Management’—and for me, another quick tutorial in development practicalities. Where are the chalkboards and the pads and pens, I wonder quietly, as the facilitator demonstrates concepts of income and expense by moving red and green plastic balls between Tupperware containers.

“These women are innumerate,” Usha whispers. “This method ensures they understand it easily.”

This is what we do—these pilots, these trials and experiments in inclusion. The application of determination and philanthropy to modest and noble ideas, out here on the edge.

Sadly, I’m a week too late to witness the evocatively-named ‘Self-Management’ class, where women are taught to begin thinking of themselves not just as mothers, not just as housewives, but as entrepreneurs, with creativity and value to add outside the home. But what I do see is just as compelling: a dozen giggling schoolgirls, neat as naval officers in their blue and white uniforms, waiting eagerly in the 90-degree heat for the start of the bus’s weekly class in computer literacy. They gather as early as one o’clock; class starts at four.

Magic BusContinued from page 1

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Two days from now we’ll be what feels like worlds away, in the tropics of Trivandrum, on India’s southern tip—a place where palm trees wave in humid winds and working elephants stroll the streets.

Trivandrum and the states of Kerala, Tamil Nadu and Karnataka mark the real measure of Accion’s progress with ‘Dialogue’ in India. Partnering with the Muthoot group to build their Sthreejyoti—“Women’s Empowerment”—program, Usha has helped launch more than a dozen training modules here, from Self-Management to Sales Strategies, in five regional languages. She has helped direct the training of more than 25,000 women in basic business skills, with a target of 100,000 by 2014. Most recently, with the assis-tance of Citi Foundation and Friends of Women’s World Banking, she has expanded ‘Dialogue’ to the state of Gujarat.

But that’s a whole other story. Right now, it’s all about the bus. This is what we do—these pilots, these trials and experiments in inclusion. The application of determina-tion and philanthropy to modest and noble ideas, out here on the edge. This is what I came 7,500 miles to see.

And this, I am reminded once again, is why I work here.

For more information on Accion’s client education programs, especially Dialogue on Business, visit www.accion.org/dialogue.

In the last issue of Ventures, we included a survey to find out what readers thought about our newsletter. We would like to thank everyone who submitted answers and take this opportunity to address some concerns.

While the feedback was mostly positive, some readers said that they’d want to see their donated dollars go directly to programs that help our clients, rather than to publish materials such as Ventures.

We strive to be as transparent as possible and to keep our supporters closely informed about our work. While the majority of our public communication is done by email, we produce Ventures twice yearly to satisfy readers who prefer print and to reach those who don’t use computers or other electronic devices to get their information. (The survey revealed a significant number of respondents who prefer printed news.)

Wanting to put more resources in the hands of people who need it most is a desire we share with our readers. And your financial support is crucial for us to execute our mission.

Your charitable gifts provide us with the funds we need to work in some of the neediest and most challenging environments around the globe.

For all that you do, we thank you, and we ask you to continue to be a part of our journey. Please continue to give us your feedback by going to our website (www.accion.org), calling us at (617) 625-7080 or emailing info@accion.org.

To learn more about our global impact, visit www.annualreport.accion.org.

Thank You for Your Feedback and Support

13.2 MILLION

People served in the last ten years with

55.7 million microloans, totaling $46 billion lent

5.1 MILLION

Active borrowers in 2011, impacting the lives

of 25.5 million family members and employees

4 VENTURES | FALL 2012

Dan Martin, who co-chaired Accion’s board with Terry and was his close friend, remembers him with these words: “Terry had a rare gift of foresight—he could predict outcomes better than anyone. . . . One of the other things I most envied Terry for was his judgment. He was just so sound when it came to sizing up a situation or person. And if he disagreed with you, he’d pause and fix his gaze on you and say ‘d’you really think so?’ And, after thinking it over, you’d usually realize he was right. I had enormous respect for him as a person, and it was impossible not to enjoy spending time with him.”

John Scott, a longtime friend of Terry’s in Venezuela and in the U.S. and a fellow Accion board member, said, “I remember joining the Accion board because I knew Terry wouldn’t be wasting his time on something not really worthwhile, and I have never regretted a minute, as I know he didn’t either.”

Bill Burrus served as Executive Director under Terry for ten years. He remembers how much he appreciated working with Terry: “I loved his sense of humor, his straightforward approach to life. . . . I knew that I could always go to him with any situation or challenge and he would know what to do. He was a real leader and a true friend.”

Terry will be greatly missed by all of us at Accion. He made an indelible mark on our organization and helped to shape the microfinance industry; in doing so, he touched the lives of millions of hardworking people worldwide.

A special thanks to those who shared memories of Terry with us and who made contributions in his honor to help continue the good work of Accion around the world.

Please join us in sending heartfelt condolences to Terry’s wife Mary and his children, Christopher, Michael and Patricia.

Spotlight on Our Supporters

In Honor of Terry CanavanIt is with sadness that we inform you that Terry Canavan, an Accion emeritus board member and longtime champion of Accion and microfinance, passed away this past March at the age of 78.

Terry was a board director from 1983 through 1999, serving as co-chairman for ten of those years. He was named an emeritus board member after leaving his active post, and he remained supportive of our work throughout the remainder of his life. He and his wife Mary led one of our first delegations to Latin America, and he was instrumental in recruiting board directors for our lending programs in the United States.

Following his graduation from Williams College in 1955, Terry committed to Chemical Bank training and then enlisted in the United States Air Force. After serving as a fighter pilot for four years, Terry returned to Chemical Bank until he retired as executive vice president in 1994. Deeply dedicated to Latin America, Terry opened the bank’s office in Caracas, Venezuela, in 1964; directed the office in Mexico City from 1969 to 1970; and ran Chemical Bank’s finance company in Spain from 1971 to 1972. He returned to Caracas in 1973 to manage a large part of the bank’s Latin America business. Terry later came back to the United States and ran the bank’s business in emerging markets.

TERRY CANAVAN WITH THEN-BOARD MEMBERS NANCY SHERWOOD

TRUITT (FAR LEFT) AND SALWA SMITH (RIGHT) AND HIS WIFE MARY

(FAR RIGHT). NANCY AND SALWA REMAIN ACTIVE WITH ACCION TO

THIS DAY.

WWW.ACCION.ORG 5

Voices from the Field

easier, the demand is already in place. In addition, the increased regulation of the microfinance industry in India that followed the Andhra Pradesh crisis has driven Swadhaar to continuously look for ways to increase the efficiency of its operations.

Swaadhar is launching its pilot this fall in partnership with India’s telecommunications giant Airtel. Swaadhar clients will be able to use Airtel’s current mobile wallet technology platform to make their monthly loan pay-ments. Here is how it works: Clients will be able to go to any Airtel merchant carrier—as you might go to a grocery store to make a wire transfer —and deposit funds into their mobile phone accounts, a process commonly referred to as ‘topping-up.’ Then, when it’s time to pay bills, they can simply send a text message to Swadhaar and the funds for their loan payments will be deducted from their accounts.

“It’s all about usership,” Urmee says with regard to how we’ll know if the pilot is successful. Just because the clients have access to a mobile phone doesn’t necessarily mean that they’ll want to use it to make payments. The service needs to be easy to understand and easy to use—which isn’t necessarily the case when there are many languages in use, such as English, Hindi and a mix of other regional languages. “That is why it is so impor-tant that we get the system right now, in the pilot phase, so that our clients trust and value the new service,” Urmee continues.

If it does work, however, the benefits are numerous. Clients will have access to a new method of safeguarding savings through their mobile wallet accounts. Swadhaar will benefit, too, by reducing payment collection time and allowing loan officers to focus instead on reaching new clients for loans. Additionally, Swadhaar will be able to have up-to-the-minute account information about their clients’ timeliness of payments.

Swadhaar FinServe Pvt. Ltd is a partner of Accion. Their focus on individual clients in the urban slums of Mumbai was unheard of when Accion entered the Indian microfinance industry in 2005.

For more information about how mobile payments work, check out the Accion Ambassadors blog—http://accionambassadors.wordpress.com/author/abhishankjajur/—where Accion Ambassador Abhishank Jajur details the opportunities and challenges of mobile payments in Zambia.

The Future of Financial Inclusion Is Your Mobile PhoneIt’s no secret to industry insiders that the development and use of ‘mobile money’—the term broadly used to describe the ever-growing variety of financial services that can be transacted using a mobile phone—is at a tipping point in the microfinance industry.

And our partner, Swadhaar FinServe in Mumbai, India, is no different. This summer, we spoke with Urmee Mehta, General Manager of Products and Strategy at Swadhaar, about their plans to collect loan payments through their clients’ mobile phones.

Mobile money is at a tipping point in the microfinance industry.

Swadhaar serves as an ideal backdrop for a project of this kind. With a large pool of urban clients who already possess mobile phones and could likely benefit from a service that would make the loan payment process

MexicoThis summer, Accion completed an investment totaling US$1.9 million in CrediConfia, a microfinance institution (MFI) providing financial services to microentrepreneurs and low-income households in rural and semi-urban areas in east-central Mexico. The invest- ment provides Accion with a 9 percent stake in CrediConfia, a board seat and the opportunity to engage in a three-year service contract providing governance, management and technical support to the MFI. A key element of that support will include deployment of Accion’s credit technology to expand and improve the scope of CrediConfia’s products, improve loan quality and profitability and, in turn, help position CrediConfia as a leading provider of microfinance products and services in Mexico. CrediConfia’s goal is to serve the economically active poor in Mexico’s informal economy by offering micro-loans to help expand their businesses and improve their living standards. Currently, CrediConfia serves 21,500 clients through a network of 25 branches covering the states of Mexico, Puebla, Hidalgo and Michoacan.

United StatesAccion Texas Inc., a member of the Accion U.S. Network, has expanded its lending and business support operation beyond Texas and Louisiana. It now includes the states of Alabama, Arkansas, Kentucky, Mississippi, Missouri and Tennessee. The growth was spurred by a partnership with Southeast Missouri State University, the Delta Regional Authority, the U.S. Small Business Administration and others to support entrepreneurship and economic development in the economically distressed Mississippi River Delta region, where access to capital is a critical need. For more information, visit www.acciontexas.org.

ColombiaThis past July, Accion proudly launched Avanza, a new service to manage microfinance portfolios on behalf of banks and microfinance institutions, with the goal of decreasing operating costs and increasing loan disbursement speed and, through better risk analy-sis, improving client protection. It can typically take up to three to five days for loan disbursement in Latin America, but Avanza aims to reduce processing time to as little as just eight hours, helping to get clients the services they need sooner. Avanza makes use of innova-tive credit scoring methods and field technology to manage microfinance risk and make lending more efficient. It is being piloted with Finamérica, Accion’s partner MFI in Colombia, in the high-density municipality of Suba, in northern Bogota.

In the Streets and Markets

6 VENTURES | FALL 2012

WWW.ACCION.ORG 7

India, ChileIn 2008, Accion’s Frontier Investments Group was launched to address the bottlenecks to financial inclusion by making early-stage investments in disruptive business models and tech-nologies to increase the efficiency, reach and scope of financial services to the underserved. To date, Frontier has invested in eight groundbreaking enterprises in areas that include micro-insurance, branchless banking and business process outsourcing. Most recently, Frontier invested in Shubham Housing Development Finance Company, an affordable housing lender in India targeting low-income, self-employed families in urban and semi-urban areas. Frontier has also invested in Tiaxa, a technology service provider based in Chile that has developed a credit-scoring platform providing prepaid phone users instantaneous access to ‘nano-loans’ that are recovered at the next top-up. For more information, visit www.accion.org/frontier.

WorldwideIn recent years, the microfinance industry has made significant strides in advancing responsible practices that protect and appropriately serve clients. However, more work remains. This is why, this past September, micro-finance leaders unveiled the “Global Appeal for Responsible Microfinance,” a landmark document urging all micro-finance stakeholders to take concerted action to ensure a strong and principled microfinance industry. The Global Appeal calls for a more united, deliber-ate effort by stakeholders at all levels, including microfinance professionals, investors and policy makers, to ensure the continued success of the industry. The Global Appeal asks signatories to outline their plans for improving their own practices, making measurable, time-bound commitments on how they will contribute to a responsible sector. Signatories are called to announce their plans by the end of December 2013. For more information, visit www.convergences2015.org.

WorldwideThe Accion Venture Lab launched officially in April 2012 and has gotten off to a fast start, having made two investments so far. Venture Lab is a global impact investment initiative, sponsored by Accion, which provides seed-stage capital and management support to jumpstart innovative startups that can help people living in poverty access financial services. Venture Lab’s first investment is Coda Payments, a company that makes it possible for customers in Southeast Asia to make purchases of “virtual goods” using mobile phone airtime. Venture Lab’s second investment is Demyst.Data, a company that helps financial institutions access and analyze new data sources (such as online and social media) as a way to responsibly lend to those customers who would lack traditional access to credit and other financial services. For more information, visit www.accion.org/venturelab.

8 VENTURES | FALL 2012

A Father-Son Business Grows to Receive National Acclaim

It’s hard not to feel energized the minute you walk through the door of the Golden Crown Panaderia in Albuquerque. Perhaps it’s the hearty smell of their famous green chili bread or the smiles on the faces of Pratt and Chris Morales, father-and-son co-owners. Or, possibly, it’s the free biscochitos.

Pratt Morales has been in the business of baking since 1974. His story is about love—a love for baking and a choice he made to pursue that love over 35 years ago. Formally trained as an accountant, the former auditor-general for the Air Force decided that when it came to his career, he’d rather be working with a different kind of dough. So when he left the Air Force, Pratt chose to invest his life savings into starting a small, local bakery.

“And as it turned out,” Pratt says, “a bakery was an excellent place to raise a son.”

After a divorce left Pratt a single dad while Chris was still young, Pratt had no choice but to bring his son to work. Over time, Pratt taught Chris everything he knew. “He started baking and being a great contributor to the business. It taught him self-confidence. Now look at him—he’s incredible.”

Chris has indeed brought incredible changes to the once-tiny bakery. After studying computer science in college and working in the tech industry, Chris joined his father at the bakery with a vision to put La Panaderia on the map.

“I knew my dad had amazing products,” Chris says. “He had baked bread sculptures in the shape of a turkey for Thanksgiving and even made a Chinese dragon for a wedding, all one piece of bread.”

“When Accion came into the picture it was a huge relief.”

Determined to shine the spotlight on his father’s unique art, Chris contacted major media outlets. In 2003, the Golden Crown was featured on the Food Network’s Food Finds, and national media attention followed.

Once the word got out, the Moraleses were blown away by the volume of customers flocking to their bakery. It was clear that it was time to expand, but in looking to finance the move Pratt found his lack of credit history made working with banks impossible. Then, in 2004, one banker mentioned Accion.

“When Accion came into the picture it was a huge relief,” explains Pratt. “We thought, ‘Now we have something to work with.’ We would still be where we were ten years ago if it weren’t for Accion.”

“How many banks will come sit down with you over a cup of coffee and help you with your business?” asks Chris. “The bigger banks have no way to give the support or the education—that’s why Accion is so important.”

Since the first loan in 2004, the business has grown tremendously. In 2005, the bakery expanded its offerings to include pizzas and sandwiches. Recently, La Panaderia has added a coffee and tea bar with a one-of-a-kind cold brew system. The next step? Chris says an indoor aqua-ponic garden, which will allow them to sustainably grow some of the ingredients they use in the kitchen.

“It’s a world of our own here,” says Pratt. “And it all revolves around love and respect between two human beings. I couldn’t afford a CEO, so I raised my own.”

“If I had one wish, it would be that Accion gets all the money in the world, because they know what to do with it. They know how to communicate on our level. That’s what will turn this country around—it’s about support.”

To learn more about Accion in New Mexico, visit www.accionnm.org.

I Couldn’t Afford a CEO, So I Raised my Own

WWW.ACCION.ORG 9 WWW.ACCION.ORG 9

Thanks to Our Supporters

The following individuals provided generous support between January 1, 2012 and June 30, 2012. We value and appreciate contributions throughout the year.

David A. SmithJames SommervilleGeorge SorosFrances W. StevensonJ. Arnold and

Maxine TeasdaleKelley TorreyRebekah Vickrey

Advocates (US$500–US$999)Anonymous (1)John and Sharon AmdallLeif and Susan AnckerRon and Maria AndersonSharon BowerHugh BradyJoy and Steven BunsonCatherine ByeLorene W. ChangDavid and

Deborah DresslerGary R. FenderC. Peter GiulianoElizabeth and James GlennArlene M. GoodesEdward J. GracelyGail GreenwaldMark and

Sharon GudesblattClifford and Doris GurneyJames C. HandJohn HirschiDavid O. JacksonMonwhea JengCurt and Betty JonesGranvilette W.

KestenbaumEric KorshDaniel J. LewPeter and Ann MartinPaul McCarthy and

Orla O’CallaghanJohn McIntireSarah MorisotRuth I. MortonMichael MulhollandThomas H. O’Connor, Jr.Gail B. OdgersRobert and

Joan PienkowskiJacqueline and

Jean Paul PlumezAlexander Robarts and

Miran Yoon-RobartsPatricia G. RobinsonC. Randolph RossJames and Marjory RussellScott Santin

John H. SchattelesKatharine J. SchraderRJ SerraDouglas J. SimmonsArthur Sklaroff and

Clare Chang-SklaroffMichael StanleyHope B. StevensMark and

Judith StricklandRobert and Bonnie TempleValerie Thomas HamiltonDavid J. TillesLee Van DivortTina Vandersteel and

Matthew CressottiDaniel and

Pamela VolkmannFrances A. WalkerThomas J. WerstoNathan WilliamsKatarzyna WitkowskiJoanne C. Zema

Friends (US$250–US$499)Anonymous (4)Bruce and

Susan AckermanJanet AlseverKatherine and

D. Stan BarnhillMary Jane BarthFrank D. BeanJohn N. BennettPeter and Susan BetzerJerry and Helga BilikJean F. BoniniDouglas and Mary BowerJeffrey W. BrackenWilliam Braden, IIIEregina BradfordMichael Briselli and

Jeannee SackenWalter B. BrissendenDamian G. BulfinC. S. Burgess, Jr.John CarpenterJohn and Nancy CittiChristine CottrellJemma T. CraeRosemary CuccaroPatrick CurleyMary A. DahlgrenWalter and Edith DavieCarl and

Constance DellmuthFrank DiGiacomoRobert and Paula Easton

Ronald J. EdwardsDonald and

Mary Lou EitzmanBetty EllerinCharles and Betty FeltusStanley and Gwen FischerSally and John FishBrenda FormesElizabeth GagneJeanne GersonKurt R.A. GiambastianiHelen W. GjessingWilliam and

Marjorie GloverIrene E. GoodaleConnie and

Kenneth GrahamJonathan GreenMargaret D. GriffelJoseph Hedal and

Jane WojickPamela Markham HellerKonstanze L. HickeyJoyce HirmanElizabeth B. HirschPatricia M. HoeftLinda S. HooverGlenn R. HubbardAnnie M. IsrealCarol and

Kenneth JackmanDilmus and Jeanette JamesJohn and Frances KaneRobert A. KellyJoseph KenderdinePeter KennyKevin and Kathryn KernsChristopher and

Elizabeth KeysShakti KhalsaPatrick KleaverDave and Jan KolstadRussell and Janice KramerAmar and

Rachel KuchinadRobert KuehnleRobert LanniChristian R. LehewWilliam C. LeiningerGertrude and

Jeannette LepineRobert LiebowitzRobert LoftfieldStewart MacaulayWilliam and

Joanne MahoneyGerald and

Madeline MalovanyCharles T. Martin, Jr.Katie MatthewWilliam V. McElwainPatrick E. MeyersMary MichaelSue Miller

Mark A. MoranEduard E. MorfPeter A. MorganJohn Wilson and

Linda MorrisJohn T. NeisesWilliam K. NisbetJames W. NovoselPatrick and

Ellen O’DonnellMairin O’MahonyRobert F. PaashausJane R. PakLivingston and

Joanna ParsonsAndrea PaulsonLyle and Myrna PeacockJoe PersingerHenry Posner, IIIPhilip E. PotterJoyce Mitchell PriceNan RansohoffMark RichmanSharon Rives and

Paul KendallSamuel and

Eleanor RobfogelBarbara Robinson John B. Robinson, Jr.Julie R. RodenCoen RoodWilliam Ruffer, Jr.Richard W. SankeyJohn and Martha ShawMilton and

Elizabeth SmallHenry and

Valerie SmeltzerRoberta SpitzbergPaul StengelKatherine and

Hugh StierhoffJames W. StrickerRazvan SurdulescuToshi T. SuzukiJacueline SwatRobert L. TongWendy C. TuckerGary and Darcia TudorRobert and

Marjorie Van HandelKathryn Van Stone and

Robert SmithEllen WaltonJohn and Susan WierdsmaLinda Wieser and

Jim RosbeMichael O. WillsonJanet F. WinslowHouston WongJohn and Barbara WoodsJean ZamboniJudy and John ZauhaAbbas Zuaiter

Accioinistas (US$10,000–US$99,999)Susan and Eric BoydTitus and

Wendy BrenninkmeijerColleen Foster and

Christopher CanavanRobert FriedeScott and Laura MalkinKatherine C. MooreElizabeth Philipp and

David PettkerSophie Stenbeck

Partners (US$5,000–US$9,999)Lynda Boone FetterSolana CozzoKeith and

Adine KretschmerRichard and Linda MillerThe Estate of Grant

MortensonPaul Rogers and

Rosa LasaosaGabriel and Janet RozmanLucy and Daniel Stroock

Challengers (US$1,000–US$4,999)Anonymous (1)Olivia AldridgeJohn and Linda BennerClinton CaywoodJeffrey and Elena ClarkAlan CodyEleanor CrookBarbara FriedbergRoberta Eisman GoldsteinPatsy M. GrahamCharles and Jill GrossJoe and Luisa HamiltonJohn and Julie HowieMary and George JohnstonJudy JuddFrank H. KaneMorton and Merle KaneArif and Deborah KureshyDavid L. LeppikNagina MalguriaPeter and Isabel MalkinSarah McCabe and

Russell QuongJohn OsbornSarah Pacheco Najarian

and Mark NajarianPerry and Virginia PeineDaniel PierceRobert and Sally Quinn

10 VENTURES | FALL 2012

Hanns J. DerkeLeah and Kenneth DickEileen DicksMary DoerrJeane J. DoncasterAlice DopplerDon and Jan DowningJudy DubinMark EkbladKate ElsleyEPreward, Inc.Vincenza ErcoleDavid EricksonWes G. ErnsbergerSandra EsnerBob EwertHarry FadiganPatrick FalknerKeitha FarneyVivian E. FeaganMark FernquestStephanie and

Owen FoizenDarvin FooArthur R. FosterJohn-Paul and

Katherine FranklinLynn A. FranksDennis and

Carol FriedmanWilliam FrohnWilliam R. GarnerErik Gehring and

Julie WrightGail P. GentryHope Gladney JessupMary L. Glatt-BanksSarah GoldChristine GolliverGlen GraymanVickie and Gary GreavesWilliam J. Hadden, Jr.Lisa and

Richard HajdukiewiczBarbara Hale-SeubertCharles HammerSeymour HananEllen HanleyWendy HarrisSteve and Hilary HarstonThomas F. HeckJonathan HeraDonald L. HeroldJohn D. HicksMichael HighNancy HoukSam and Tristan HoustonMary C. HudginsCharles HughesVirginia W. HulbertJames E. HunterEmmette Jacob

William and Patricia JanasCaren JohnsonPhillipa KafkaSuzanne A. KaneJezra KayeDiana KeeganRayman KeungCarolyn A. KidderJonathan KimmelJanet and Alvin KingWayne and

M. Lynn KinneyMarcella KleinRobert and Jean KlineRobert KoenigGeorge and May KooLouise LaddNina LesavoyJoan M. LevineJames and Elizabeth LicataEileen D. LoganJoan LomakiRobert LoucksJames E. LubbockMary LubyJane W. LuskGeorge and

Beatrice LuthringerPaul E. LuttonGabriella MaertensErnani MagalhaesHenry MahierNagina MalguriaVicki MarksAnne A. MarshallSusan V. MartinVicki Lynne MattinglyLouise McAllisterJean McCownBonnie B. McKenzieMary and

Willard MergenthalJesper J. MichaelsenSteven P. MillardSteven and Rhonda MillerLisa H. MillerMary D. MoonAriel MorgensternWarren F. MorrowEllen C. MudrovichJeffrey and

Trisha MurawskiPatricia R. MurphyLindsay Noll and

Luke LeafgrenEllen C. OpplerElizabeth Osborn and

Joseph GriffithMartin PeterGene and Doris PetersMary Jo PetersJulie Phillips

Sylvia B. PivenLouise B. PopkinEva L. PrescottMary M. PrintzenhoffSai RaoKarla ReedCharlotte RemboltChantal RichardBillie Jo RichardsRebecca RidgewayEileen RileyCharles RobinsonHeather A. RodinGerard RohlfNancy RudolphDonald P. RuehlR. W. RumseyJ. RusciolelliTerrance W. RyanMichel SanterreLes SchofieldMartha K. SchuhKathryn and John SchultePhilip SchuylerJoAnn SchwartzBenjamin SeigelSusan SelbinLuke ShafniskyTom and Sharon SharrattVance ShawGregory and

Josephine ShayaThomas W. SheehanTheresa ShelziEmil SmithJustin E. SockettJohn SpeerRobert SpeierBruce and Julie SpringGuy StrenckDorothy SucatoBeverly J. SuttonBorje SvenssonJane Tan and

Kenneth SchwartzBetsi J. TaylorRoger and Shirley ThomasJennifer TiceAncel C. Tipton, Jr.Nancy T. TrimbleAltagracia TrinidadJennifer M. TweetElisa UdaskinHenry F. ValenteMario ValladaresBenjamin ViemeisterFredrick WashingtonLelon and Jean WeaverSusan WebbMargaret L. WelinLeslie Wilbur

Tonia WillekesJo Ann WilliamsSheila WilliamsEnery WilliamsonVirginia WindleyStuart WolffHelen ZimmermanT. G. Zimmerman

InstitutionsBelgian Investment

Company for Developing Countries (BIO)

The Brinson FoundationCiti FoundationCredit SuisseFirst Congragational

Church Of BillericaThe Ford FoundationFordham UniversityJohn and Mary Franklin

Foundation, Inc.Bill & Melinda Gates

FoundationThe Glickenhaus

FoundationGrassland Finance LtdHardcastle Trading USAHolmdel High School

Spanish Honor SocietyHoneybee FoundationInter-American

Development BankInternational Finance

CorporationKfW BankengruppeKretschmer Private

FoundationThe LaGarde Charitable

TrustThe David and Katherine

Moore Family Foundation

David & Carol Myers Foundation

Netherlands Development Finance Company (FMO)

Nothing Falls Short, LLCRudy and Alice Ramsey

FoundationRobinson Family TrustSagamore Investment

ManagementSL 2005 Family TrustSocial Visionary

FoundationThe Stone Soup FundSwiss Capacity Building

FacilityTrull FoundationUPS FoundationVisa InternationalWeiss Fagen Fund

Sustainer’s SocietyThe Sustainer’s Society honors and recognizes a special group of loyal supporters who demonstrate their commitment to bringing financial empowerment to millions of people by making monthly gifts to Accion.

Anonymous (33)Miriam AdlumRobert R. AmmermanMarguerite P. AndersonJordan J. ArbitBruce W. AshfordChris BacheMikal BakerLinda A. BallasMaria A. BarbieriDarrell and Laurel BatsonPeter and Mayumi BaumMaureen BennettHoward and

Deborah BernsteinVincent J. BertinoPeter BevanNorma BoeckerDaniel F. BostwickDawn S. BowenDouglas and Mary BowerJerry Brady and

Rickie Orchin BradyJohn C. BrandtLisa BrenskelleMolly BrewtonRobert M. BrownAnthony and

Margaret BrowneAnn BrunswickDeborah D. BufftonPatty A. CabotBrandi Carberry VitierBetsy and Steven CardGerda L. CarmichaelMaria CarusoVincent CasalainaDaniel CasarArturo CastilloDavid ChamberlainWilliam M. ClohertyEdward H. CoburnPeter D. CookClelia CoronaNorman CravensRichard S. CrowellKatharine K. DannenbergBrian DaschbachElvin De La CruzHedwig Dekker

Thanks to Our Supporters

WWW.ACCION.ORG 11

Donor Advised Funds, Matching Gift Organizations and Workplace Giving ProgramsAmerica’s CharitiesAmerican Express

FoundationAmerican Tower

CorporationAT&T United Way

Employee Giving Campaign

Ayco Charitable Foundation

Bergen County United Way

BlackRock Matching Gift Program

Boeing Charitable TrustThe Boston

Foundation, Inc.Calvert Social Investment

FoundationChevron CorporationChubb Group of Insurance

CompaniesCombined Jewish

PhilanthropiesThe Community

Foundation for the National Capital Region

Community Foundation of Gaston County

The Community Foundation of Greater Greensboro

Dell Direct Giving ProgramExxonMobil FoundationFidelity Charitable Gift

FundFM Global Foundation of

Massachusetts, Inc.The Freddie Mac

FoundationGE FoundationGlobal ImpactGoldman Sachs & Co. Google, Inc.Grantham, Mayo, Van

Otterloo & Co., LLCThe Greater Kansas City

Community FoundationInsurance Services

Offices, Inc.International Business

MachinesJewish Communal FundThe Jewish Community

Foundation Los AngelesJustGive.orgKaiser Permanente The Liberty Mutual

FoundationThe Merck Company

FoundationMicrosoft CorporationMinneapolis Jewish

FederationMissionFish

Morgan StanleyNetwork For GoodNorthrop Grumman

Employee Charity Organization

Orange County Community Foundation

The Pfizer Foundation, Inc.The Pittsburgh FoundationRazoo FoundationThe Regence Employee

Giving CampaignRochester Area

Community FoundationRussell InvestmentsSabre HoldingsSAP Matching Gift

ProgramThe Schwab Charitable

FundSiemens USAState Employees’

Community CampaignTompkins Charitable Gift

FundU.S. Charitable Gift TrustUnited Way California

Capital RegionUnited Way of

Rhode IslandUnited Way of

Snohomish CountyVanguard Charitable

Endowment ProgramVerizon FoundationWichita Falls Area

Community FoundationWorld Bank Community

Connections FundWPG Solutions, Inc.Xcel Energy YourCause, LLC

In-Kind DonorsKathleen BaumThe Boston Beer CompanyCapital GrilleCorporate Traveler BostonRussell and Carol FaucettG2O Spa and SalonLaura Giadorou-KochDavid and

Catharine HamiltonMargaret and

Robert HerrickDianne and Ron HogeAna and Jeffrey IsenNew England

DevelopmentPost 390Heidi SteigerTuscana West

Recife SocietyThe Recife Society honors and recognizes those loyal supporters who are helping to ensure the future empowerment of hardworking people worldwide through planned giving.

Anonymous (1)Charles A. AbelaAndres Acedo del Olmo

and Belinda BarringtonRonald and

Patricia AndersonRobert and

Margarita BartelsJames Bellevue and

Elena LipkowskiMark and

Margaret BurgessporterLynn CaporaleCarol CavanaughRoger and Shirley ConantWilliam R. DadeRuth O. FrankEmily GarlinGilbert W. GlassFoster Goodwill and

Renee HummelBob and Elly GordmanRuth Hartman and

Gary WolffJune E. HeilmanRoy Jacobowitz and

Roberta MossKeith and

Adine KretschmerRoger L. KrouseRoni Lebauer and

Michelle RyanWendy and

Stanley Marsh, 3Richard and Linda MillerThomas Nagle and

Leslie HallerRobert NewmanCaroline Ramsay MerriamMila Reyes-MesiaAbigail RomeNorman C. RoseRobert and Sibylle ScarlettJosie SentnerGeorge and

Barbara Lou SmythPaul Tregidgo and

Barbara BelchNancy Sherwood TruittDavid and Laurel WaltersGary A. Winter

Recife Society Your Support Can Make a Lasting Change for Generations to Come

Strengthen Accion’s Future through Planned Giving You can leave a legacy of hope and empowerment for millions of people living in poverty. By naming us in your will or trust, you join a special group of friends known as the Recife Society. Named after the city in Brazil where we made the very first microloan in 1973, the Recife Society continues the tradition of helping hardworking people build better lives for themselves and their families.

We invite you to learn more about this dedicated group of supporters by calling or emailing us: (617) 625-7080, plannedgiving@accion.org.

“I named Accion in my will because my hope for the future is that people will be able to decide their economic futures for themselves and not have it dictated to them. Microfinance enables that. I want to make sure that the work continues—the work that I have done for economic justice in my lifetime and the work that Accion is doing.”

CAROLINE RAMSAY MERRIAM,

RECIFE SOCIETY MEMBER

12 VENTURES | FALL 2012

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ACCION

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Accion’s History Preserved

We’ve partnered with Tufts University to establish an official institutional archive. It will serve as a permanent home to corporate documents, financial and statistical data, strategic plans, publications, photographs, memora-bilia, websites and other media that define us as a unique organization and as a pioneer in the evolution of the microfinance industry. The archive will also provide a space—both digital and physical—where past, current and future Accion staff, partners and others can explore and learn from the organization’s long history. For more, visit Tuft’s digital library: dl.tufts.edu.Shop to Support

Small Businesses This Holiday SeasonBrowse through Accion’s MicroMarket to give meaningful virtual gifts in honor of your loved ones and help support hardworking microentrepreneurs abroad.

Find out how it works at www.accionmicromarket.org.

You can also support small businesses throughout the United States by purchasing their products online at www.accionusa.org/marketplace. Photo Credits

John Rae p. 1, 2, 3, 6 (United States), 7 (Worldwide, India, Chile), 8, 11, 12 (MicroMarket)

Accion staff p. 4, 6 (Colombia, Mexico), 12 (History)

Stock imagery p. 5, 7 (Worldwide)Printed on recycled paper made with pulp harvested from well managed forests. Printed with soy inks.