The announcement coincides with a major Kiva expansion in the Gulf Coast through the addition of ACCION Texas-Louisiana, the largest microfinance institution in the country, to the Kiva Field Partners network.
Founded in 1994, ACCION Texas-Louisiana is the nation's largest 501(c) (3) non-profit loan fund and has provided $100 million in more than 11,000 loans.
We're delighted that we can help ACCION find new ways to empower these forward-thinking entrepreneurs.
ACCION began lending in San Antonio in 1994 and later developed and implemented an innovative "blueprint" for establishing microlending and small business programs in new areas.
ACCION USA is the vital link between Kiva lenders, communities and the small business owners in Detroit who need our help," said Gina Harman, President and CEO of ACCION Network in the U.
Through our partnership with Kiva and ACCION USA, we've been able to bring the tools of microfinance to our neighborhood businesses so that they can invest in their growth.
Through this partnership agreement, MSMF and ACCION USA are looking to assist 3,000 entrepreneurs in the first three years.
Partnering with ACCION USA, MSMF anticipates over $1 Million dollars in the first year in available capital to the small business sector of Charlotte.
Conference hosts Opportunity Fund and Kiva, as well as ACCION International, highlighted the need for industry-wide consumer protection standards in microfinance and called on attendees to endorse the Smart Campaign, a global consumer protection initiative.
Adoption and adherence to [the Smart Campaign] principles will, I believe, significantly strengthen the microfinance industry and elevate it as a model of responsible banking around the world," said Michael Schlein, president and CEO of ACCION International, which incubated the Smart Campaign.
This is by far the largest cash gift we have ever received, and we are tremendously grateful to Chase for its support," said Janie Barrera, president and chief executive officer of ACCION Texas-Louisiana.
Barrera estimates the $5 million grant will help ACCION make more than 2,500 loans during the next three years.