The spectacular Toronto Reference Library was the location of what turned out to be one of the most important events in the Micro Finance movement in Canada, the Toronto Micro Finance Conference. This took place on Saturday, November 14th. I attended in my role as Co-Chair of the Board of Directors for ACCESS Community Capital Fund. Besides being a co-sponsor, ACCESS also played a major role in the success of this event. The Outreach Committee chair, Delilah Panio was the event's co-chair as well as the moderator for the Break Out Session on North American micro credit. All in all, it was a good day.
The conference was co-hosted by the Rotary International District 7070 Microfinance Committee, Rotarian Action Group for Microcredit, FINCA International, ACCESS Community Capital Fund, Grameen Foundation, Oikocredit, Opportunity International and Foundation for Women. It was sponsored by Scotia Bank and Crann Law Firm.
As you can see from the photos, the attendance was fantastic with professionals attending from all over the world.
Micro credit is quite simply the best model for peer to peer loans and it is operating successfully around the world. The gamit runs from loans of $250.00 to the "poorest of the poor" in San Diego to many thousands of dollars being lent to small businesses in our nation's capital and here in Toronto. The borrowers either have had credit problems in the past (for example, bankruptcy) or have no credit history whatsoever in which case, traditional borrowing is not an option for them.
I expect governments to jump on the band wagon in the months to come. They're beginning to view this as one way to lure people off of social assistance. Those of us who have been witnessing the value of these loans know first hand that the successful applicants end up with a livable income and most importantly, dignity in their day to day lives.