Bipartisan Support for Microfinance Bill Gains Steam in Senate

Many Malians, especially women, face tremendous obstacles to overcoming poverty. But Flani Toure's story is different. She received a small loan from her Village Savings and Loan Association, a group of women who pool their own money — often just a few pennies a week — and make loans from their pooled savings to help start small businesses, pay for education for their children, food for their families, and medicines. Flani started her own business and is now one of the village's handful of entrepreneurs.

CARE reaches more people in Africa with financial services than any other international group. 

From right to left: Senator Bob Corker (R-TN) at podium; seated at table: Helene Gayle, CARE president and CEO; Lauren Hendricks, executive director, Access Africa; Susie Hares, senior manager, Global Community Partnerships, Barclays; Darryl Skoog, senior vice-president of technology, Opportunity International; Amy Davis, associate director of International Housing Finance, Habitat for Humanity; Ritu Sharma, president and co-founder, Women Thrive © 2009 Sharon Farmer/CARE

At a briefing on Capitol Hill, where CARE unveiled a new report at the briefing that details our unique approach to providing Africa's poorest people with financial services, Senator Bob Corker (R-TN) said, "I am a witness to CARE's way of working to empower people. Its program of microfinance savings has a successful track record."

The report, "Microfinance in Africa: Bringing Financial Services to Africa's Poor," stands in stark contrast to the financial practices blamed for the collapse of major U.S. banks a year ago. It shows how, with much transparency but no outside capital investment, poor women are working through CARE Village Savings and Loan Associations to break the cycle of poverty.

"Nearly four decades of global microfinance experience shows us that when poor people — primarily women — have access to basic financial services, they can build stronger communities," says Dr. Helene Gayle, president and CEO of CARE. "When women make an income, they typically spend it improving the education, nutrition and health of their families, creating a multiplier effect that can lift entire communities out of poverty."

The briefing also highlighted the GROWTH (Global resources and Opportunities for Women to Thrive) Act (S. 1425), a bipartisan Senate bill that, if passed, would empower millions of women with economic tools. The growing list of the bill's co-sponsors, of which there are currently 12, include two Republicans and one Independent.

• Learn more about CARE's report and what you can do to support women's empowerment.
  
• Urge your senators to co-sponsor the GROWTH Act today!
  
• Read what Women Thrive WorldWide is saying about CARE's report.

Founded in 1945, CARE reaches more people with financial services in Africa than any other international humanitarian organization. CARE places special focus on working alongside poor women because, equipped with the proper resources, women have the power to help whole families and entire communities escape poverty. In nearly 70 countries, women are at the heart of CARE's community-based efforts to improve education, health and economic opportunity.