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'theWeek' raises money, awareness for microfinance

By Peter Hill '08
November 6, 2007

In the developing world, a few dollars can make a world of difference to a budding entrepreneur. Microfinance is the practice of delivering financial services to communities in which they would otherwise be inaccessible. As part of a week-long celebration to be called theWeek, St. Olaf will host a series of speakers and workshops to raise awareness of micro-lending -- one of the most influential microfinance activities.

theWeek will include myriad opportunities to learn about and support microfinance initiatives in the developing world. On Tuesday, Nov. 6, at 8 p.m. in the Buntrock Commons Ballroom, Chingwell Mutombu will discuss her experiences starting a microlending institution in the Democratic Republic of the Congo. On Thursday, Nov. 8, at 7 p.m. (also in the ballroom), Helen Yuen, vice president of annual giving at the Grameen Foundation, will speak about her international experience with one of the largest microcredit institutions in the world. Both of these events are free and open to the public.

Other events will include a benefit concert, silent auction and microlending simulation.

Thinking small
Since the 1970s micro-lending institutions have offered loans, usually of $200 or less, to entrepreneurs in developing countries. These loans are used for capital investments and to encourage saving. According to the Grameen Foundation, microfinance loans boast repayment rates of up to 98 percent.

When a loan is repaid, the proceeds generally are lent to another entrepreneur. "The cyclical nature of microfinance makes it an essential piece of international development," says St. Olaf student Nathaniel Black '09, who is organizing the event.

Gumballs for a cause
theWeek will include a series of events designed to raise money for Gumball Capital, an organization that raises money for microfinance organizations around the world. Founded by Stanford University students, Gumball Capital works through Kiva, an online community that connects lenders with borrowers in developing countries. St. Olaf is the only small liberal arts college to be officially sanctioned for the upcoming Gumball Challenge.

Contact David Gonnerman at 507-786-3315 or gonnermd@stolaf.edu.