OUR MISSION
Microfinance Academy provides a tried-and-true framework to help high schools around the United States start their own Microfinance groups.
Our Mission
Microfinance Academy provides a tried-and-true framework to help high schools around the United States start their own Microfinance groups.
What is Microfinance?
Microfinance is the process of sending "microloans" ($25-$500) to underprivileged people and groups across the world. These are people who do not have access to a traditional bank and rely on microfinance groups for loans. These loans could go towards nearly anything but are generally used to start businesses or fund agricultural ventures.
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Microfinance is especially powerful because of the magnitude of its impacts. When someone receives a microloan, the local economy also benefits from the influx of capital. Our loans are paid back at a 97% rate, and once received back, we are able to reinvest the money in other communities, creating a cycle of growth.
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Microfinance Academy was developed by the Microfinance Club Leadership Team at Hinsdale Central High School in the suburbs of Chicago. As one of the largest Microfinance Clubs in the country, we use the knowledge we have gained to provide a comprehensive process, as well as in-person visits and other resources, to turn this club into a reality at any high school.
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Who is the Academy, and what do we do?
Our Evolution at Hinsdale Central
October 22nd, 2022
80 club members
So small, we didn't even take a picture!
Sept 10th, 2021
10 club members
Sept 28th, 2023
243 club members
Over this time, we have increased our average loan amount per week from $50-100 to $350+!
We see microfinance as one of the most powerful weapons out there for battling the cycle of poverty in third-world nations. The influx of capital provided by our loans works to completely transform communities; as our small loan circulates, people have more seed money to start businesses and buy goods, thus creating more complex economies with every dollar we loan. This is a creative, relatively new way to make a positive impact even at the high school level, and we want to make this an opportunity for more students across the country.
