Microfinance Panel Event This Saturday with LAMN & Hub LA

[Jessica Yueh]

Please see below and attached for an invitation to a microfinance panel event taking place this Saturday in Downtown LA (at Hub LA's new space!) from LA Microfinance Network.

Tickets @ http://lamicrofinancenetwork.eventbrite.com/

I am thinking about going. If anyone else is going - let me know! Would be down to carpool from West LA.

---------- Forwarded message ----------
From: Raheem Parpia <rah...@lamicrofinancenetwork.org>

Los Angeles Microfinance Network

The Microfinance industry is in flux. It has been receiving heavy scrutiny from former industry professionals and self-proclaimed scholars who question it's success in alleviating poverty. While scrutiny is good, as it incites industries to fix themselves, the criticism has turned hateful. This is surprising since Dr. Muhammad Yunus was awarded the Nobel Peace Prize in 2006 for his work in Microfinance, the Medal of Freedom by Obama in 2009, and a slew of other awards. His Microfinance Institution, Grameen Bank, has brought over 50 million people out of acute poverty, lent well over $10 Billion, boasts an impressive 96% repayment rate and has a model that has been replicated in over 40 countries. 

In 2011, due to a political power struggle where Dr. Yunus was thought to be running for office, he was forced to retire as Managing Director of Grameen Bank due to his "old age" of 72. The Finance Minister of Bangladesh who demanded his resignation was 77. Nonetheless, this exemplifies the recent issues that the Microfinance industry has encountered. Muhammad Yunus revolutionized foreign aid with his work, and brought tens of millions of individuals above the poverty line of $2/day - not to mention the unparalleled levels of empowerment a small loan can provide for someone, and the benefits that a sustainable income can have on a family for generations (it typically means education for the children). 97% of Grameen borrowers are women, and these women actually own 94% equity in Grameen Bank; some of them have even gone on to hold leadership positions in the Bangladeshi government.

So why are people hating? It's a great question, and one of many that we'll be diving into at this event. It will be an Engaged Conversation between David Roodman (Author of Due Diligence, Senior Fellow at the Center for Global Development) and Chris Dunford (Former President of Freedom from Hunger for 20 years, current Senior Research Fellow), both of whom are elite and notable scholars in the Microfinance industry with vastly different perspectives on it's utility.

Dr. Bhagwan Chowdhry from UCLA Anderson School of Management will be moderating the event. If any of you watch Entourage, you may remember him from the last season where he made a cameo promoting his organization FAB (Financial Access at Birth).

The event will be held at Hub LA in downtown L.A. They were recently mentioned in Forbes and Fast Company for their social mission and brand new space!

Tickets: http://lamicrofinancenetwork.eventbrite.com. If you guys are even remotely interested in learning more about Microfinance, and the future of this nascent industry, I encourage you to come out. If you're feeling adventurous, but can't attend, feel free to donate a couple bucks through Eventbrite. Every little bit counts, and as an organization we need all the help that we can get. If you can't attend the event, we urge you to donate a few dollars to allow us to continue hosting our educational events for the Los Angeles community! You can donate through Eventbrite.com.

Any donation means you will receive access to a recording of the event.

If you or your organization are interested in Sponsorship opportunities, please contact in...@lamicrofinancenetwork.org.