Tuesday, October 30, 2007

Bernanke on Microfinance

Small business lender ACCION Texas is organizing its first Summit on Microfinance in the country and has received a commitment from Federal Reserve Chairman Ben Bernanke to deliver the keynote address.

The summit will be held Nov. 6-7 at the Henry B. Gonzalez Convention Center. Bernanke will deliver his presentation on Tuesday, Nov. 6, at noon. ACCION officials are anticipating upwards of 1,000 people in attendance. He will highlight the importance of microfinance and microenterprise to the national economy.

"Microfinance is a proven and effective tool for getting capital to entrepreneurs," says ACCION Texas Chairman Ken Olson. "The summit will highlight the great work currently underway and, more importantly, bring together leaders to discuss ways to expand the impact of microfinance in the U.S.".

As a microlender itself, ACCION Texas works to provide access to capital to small businesses that do not have access to loans from traditional banking sources.

"ACCION Texas helps low-income people start or grow a business and develop financial knowledge and skills, which, in turn, builds assets and long-term financial stability," founding President and CEO Janie Barrera says.

"ACCION Texas invests in people by giving them a hand up not a hand out," she says.

The San Antonio-based microlender has 11 offices in nine cities in Texas.

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