Chicago Microfinance Conference - Part 2 of 2
By: Carolyn (Carolina) Kloecker During a “Lunch & Learn” session, we were able to choose from many different presentations. The one I chose was related to the Spanish-speaking population in the U.S. The presenters were MBA students from UCLA, and they mainly talked about the market potential of this group for microfinance and financial services. There are over 1.6 million Hispanic-owned microbusinesses in the U.S. Also, in the past year, only 7% of underserved microentrepreneurs were reached by microenterprise programs. In terms of unmet needs, 20.6 million Latinos are unbanked or underbanked, and 51% of Latinos cite “financial issues” as a reason for not having checking or savings accounts, based on a survey by ACCION USA. The conclusion by the panelists was that more outreach is needed, in order to inform people about their options. Some of these financial service options include credit, business and consumer loans, insurance, and grants. I found this diagram very