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FINCA International
Type Nonprofit Organization
Founded 1984
Headquarters Flag of the United States Washington, DC
Key people John Hatch
Products Financial Services
Microfinance
Revenue $68,373,004 (Aug 31, 2005)[1]
Total assets $133,876,055 (Aug 31, 2005)[1]
Employees 3,304 (Aug 31, 2005)[1]
Website www.villagebanking.org

The Foundation for International Community Assistance (FINCA International) is a non-profit, microfinance organization, founded by John Hatch in 1984. A non-profit organization ( abbreviated "NPO" also "not-for-profit" is a legally constituted Organization whose objective is to support or engage Year 1984 ( MCMLXXXIV) was a Leap year starting on Sunday (link displays the 1984 Gregorian calendar) Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D This page is on the American economic development expert For the American Civil War general see John Porter Hatch. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Financial services refer to services provided by the finance industry. Microfinance refers to the provision of financial services to poor or low-income clients including consumers and the self-employed In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services In Business and Accounting, assets are everything owned by a person or company (all tangible and intangible property that can be converted into cash. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages A non-profit organization ( abbreviated "NPO" also "not-for-profit" is a legally constituted Organization whose objective is to support or engage Microfinance refers to the provision of financial services to poor or low-income clients including consumers and the self-employed This page is on the American economic development expert For the American Civil War general see John Porter Hatch. Sometimes referred to as the "World Bank for the Poor" and a "poverty vaccine for the planet"[2], FINCA is the innovator of the village banking methodology in microcredit and is widely regarded as one of the pioneers of modern day microfinance. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e Village Banking is a Microcredit methodology developed by FINCA International founder John Hatch. This article is specific to small loans For financial services to the poor see Microfinance. With its headquarters in Washington, DC, FINCA has 21 affiliated host-country institutions (affiliates), in Latin America, the Caribbean, Africa, Eastern Europe, the Caucasus and Central Asia. The Caribbean (ˌkærəˡbiən kæ'rəbiən Cariben|Caraïben or Caraïben; Caraïbe or more commonly Antilles; Caribe is a Region consisting Eastern Europe is a general term that refers to the Geopolitical region encompassing the easternmost part of the European continent. The Caucasus ( also referred to as North Caucasus) is a geopolitical region located between Europe Asia & Middle East Central Asia is a region of Asia from the Caspian Sea in the west to central China in the east and from southern Russia in the north to northern Pakistan in the south Along with Grameen Bank and Accion International, FINCA is considered to be one of the most influential microfinance organizations in the world. The Grameen Bank (গ্রামীণ ব্যাংক is a Microfinance organization and Community development bank started in Bangladesh that ACCION International is a Non-profit organization founded in 1961 whose mission it is to provide small loans and technical assistance to those around the world who [3]

Contents

Background and History

John Hatch, FINCA founder
John Hatch, FINCA founder

In 1984, Hatch, a Fulbright-trained economist and international development expert, conceived a new method for delivering assistance to the poor. This page is on the American economic development expert For the American Civil War general see John Porter Hatch. The Fulbright Program, including the Fulbright-Hays Program, is a program of grants for international educational exchange for scholars educators graduate In an airplane high above the Andes, Hatch was en route to a consultant assignment in Bolivia, when inspiration struck. The Andes form the world's longest exposed Mountain range. They lie as a continuous chain of highland along the western coast of South America. The Republic of Bolivia (República de Bolivia) named after Simón Bolívar, is a Landlocked country in central South America. He grabbed in-flight cocktail napkins, scraps of paper, and a pen and began writing down ideas, equations, and flow charts as fast as he could. By the time he landed in La Paz, he had the outline of a radically different approach to poverty alleviation: a financial services program that put the poor in charge. Nuestra Señora de La Paz is the administrative Capital of Bolivia, as well as the departmental capital of La Paz Department. “Give poor communities the opportunity, and then get out of the way!” he said. He called the idea "village banking". [4] This approach gave the poor the opportunity to obtain loans without collateral-the poor's main obstacle to accessing credit—at market-level interest rates. In lending agreements collateral is a borrower's asset that is Forfeited to the lender if the borrower is insolvent—that is unable to pay back the principal and interest on

Hatch first had to convince a group of USAID officers that his epiphany would pay off—for the rural poor and the government of the United States, whose grant dollars would fund the first projects. The United States Agency for International Development (or USAID) is the United States federal government organization responsible for most non- military Remarkably, the officials liked his innovative idea and provided an initial grant of $1 million. Hatch and his Peruvian business partner, Aquiles Lanoa, launched the program in five separate geographical areas of Bolivia and within four weeks, they had created funds in 280 villages serving 14,000 families with loans worth $630,000. Hatch's clients in Bolivia were puzzled at first by village banking because it represented a significant departure from business as usual. They were intrigued enough to try it, however, and it was an immediate success. When Hatch's client in Bolivia changed its in-country team, the new representatives shut the program down. More cautious than the original client team, the new group acknowledged the program's success but still felt that uncollateralized lending to very poor people was too risky. In lending agreements collateral is a borrower's asset that is Forfeited to the lender if the borrower is insolvent—that is unable to pay back the principal and interest on Undeterred, Hatch spent the next few months training others in the village banking methodology, helping open new programs throughout Latin America, and building the institution that would come to be known as FINCA International. FINCA incorporated in 1985. [5]

Its ability to achieve financial sustainability allowed FINCA to make considerable expansions in the 1980s and 1990s in Latin America, the Caribbean, Africa, and the Newly Independent States of the Former Soviet Union. The Caribbean (ˌkærəˡbiən kæ'rəbiən Cariben|Caraïben or Caraïben; Caraïbe or more commonly Antilles; Caribe is a Region consisting The post-Soviet states, also commonly known as former Soviet republics, are the 15 independent nations that split off from the Union of Soviet Socialist Republics The post-Soviet states, also commonly known as former Soviet republics, are the 15 independent nations that split off from the Union of Soviet Socialist Republics In the 2000s, FINCA continued its penetration into the Newly Independent States by establishing new programs in Central Asia. Its most recent programs were launched in Afghanistan, in 2004 (see FINCA Afghanistan), and Jordan in 2007. Afghanistan /æfˈgænɪstæn/ officially the Islamic Republic of Afghanistan ( Pashto: د افغانستان اسلامي جمهوریت, FINCA Afghanistan is a Nonprofit Microfinance organization and an affiliate of FINCA International.

Mission and Focus on Women

The mission of FINCA International is to provide "financial services to the world's lowest-income entrepreneurs so they can create jobs, build assets, and improve their standard of living". [4] Today, FINCA's mission reaches out to over 500,000 clients worldwide. In an ambitious push forward, it aims to double its outreach to over one million clients by the end of 2010. [6]

The premise of its mission is to have a systematic and generational impact on poverty by making business loans available to poor women on a massive scale. According to Rupert Scofield, FINCA's executive director, "women have historically proved to be better credit risks, as they tend to be more responsible, perhaps from having to take care of the children. And frankly, they tend to be more creative and risk-taking than the men. Because they manage the household money, they know where the returns are in the marketplace on any given day. "

In the microfinance industry, FINCA is known for reaching the very poorest market segments, particularly women. As of 2005, women comprised 80 percent of its small loan clients.

Village Banking

FINCA village bank clients in Afghanistan
FINCA village bank clients in Afghanistan

Pioneered by FINCA, village banking is arguably the world’s most widely-imitated microfinance methodology. Village Banking is a Microcredit methodology developed by FINCA International founder John Hatch. FINCA Afghanistan is a Nonprofit Microfinance organization and an affiliate of FINCA International. Village Banking is a Microcredit methodology developed by FINCA International founder John Hatch. [7] Among US-based non-profit agencies alone there are at least 31 microfinance institutions (MFIs) that have collectively created over 400 village banking programs in at least 90 countries. And in many of these countries there are host-country MFIs—sometimes dozens—that are village banking practitioners as well. [7]

A village bank is an informal self-help support group of 20-30 members, predominantly female heads-of-household. If the program is “on mission”, in a normal village bank about 50% of all new members entering the program will be severely poor—representing families with a daily per-capita expenditure (DPCE) of less than US$1; the rest are moderately poor (DPCE=$1-2/day) or non-poor (DPCE >$2). [7] These women meet once a week in the home of one of their members to avail themselves of working capital loans, a safe place to save, skill training, mentoring, and motivation. Loans normally start at $50-$100 and are linked to savings such that the more a client saves the more she can borrow. The normal loan period is four months and is repaid in 16 weekly installments. [7]

As with many other microcredit methodologies, village banking eliminates collateral (the poor man's obstacle to receiving commercial bank loans) as a loan prerequisite. Instead, it relies on on a system of cross-guarantees, where each member of a village bank ensures the loan of every other member. This system gives rise to an atmosphere of social pressure within the village bank, where the cost of social embarrassment motivates bank members to repay their loans in full. The admixture of cross-guarantees and social pressure makes it possible for even the poorest people to receive loans. This method has proven very effective for FINCA, yielding a repayment rate of over 97% in its worldwide network. [8]

Market interest rates apply to village bank loans, usually matching what local commercial banks charge their customers[7] but usually only a tiny fraction of the usurious rates charged by local moneylenders. Usury (ˈjuːʒəri comes from the Medieval Latin usuria, "interest" or "excessive interest" from the Latin usura "interest" A moneylender offers small Personal loans at high rates of interest, usually higher rates than the market rate charged on Credit cards or on The capital for these loans is provided by FINCA with on-time weekly installment repayments collectively guaranteed by all members—i. In Economics, capital or capital Goods or real capital refers to items of extensive value e. , a shortfall by one member must be covered by other group members. Village banks are highly democratic, self-managed, grassroots organizations. They elect their own leaders, select their own members, create their own bylaws, do their own bookkeeping, manage all funds, disburse and deposit all funds, resolve loan delinquency problems, and levy their own fines on members who come late, miss meetings, or fall behind in their payments. [7]

Worldwide FINCA’s 21 affiliates have about 3,300 staff, of which about 2,600 are field staff (credit officers and supervisors), and among these many are the better-educated children FINCA clients. Each credit officer (CO) attends the weekly meeting of each of her 10-15 village banks to coach its leadership committee and monitor the bank’s activities. In addition to motivation and adult education, the CO supervises client attendance, monitors bookkeeping accuracy, checks the accuracy of the current week’s loan and savings collections, and checks when the deposit receipt of the previous meeting. In turn, each village bank is managed by its elected officers—a president (who leads the bank’s democratic decision-making process), secretary (who takes attendance and keeps minutes) and a treasurer (responsible for accurately handling all cash transactions). Finally, each village banker has her own passbook, and her recorded balances of loan payments and savings deposits must always be the same as those recorded in the treasurer’s record for each client. [7]

How FINCA Programs Grow

A FINCA program begins in the city center, then in a widening ink-blot fashion expands into the peri-urban communities that surround the city, and finally (once the program’s break-even point is reached) expands into rural areas. Normally a new program will establish a single headquarters in the capital city where both administrative and program staff are based. [7]

Then as the program continues to grow it starts to decentralize its operations by creating offices (usually located in the largest market towns) to serve different regions. At the field level each credit officer is expected to grow her own coverage sub-region containing 10-15 village banks. This coverage region should be delimited by a frontier which, from its center, does not exceed one hour’s travel in any direction. Within this coverage area the credit officer organizes village banks along specific “routes”—each route corresponding to a different day of the week—and schedules village bank meeting days and times so she can attend several (2-4) meetings each day on the same route. [7]

Transformation of FINCA Programs into Microbanks

To expand its access to capital, FINCA is in the process of transforming the majority of its credit-only NGOs into licensed, regulated, micro-deposit taking institutions (i. e. “microbanks”), in order to mobilize savings from its clients, which its NGO counterparts are legally unable to do. [6] Access to client deposits will afford FINCA programs greater independence from donor and government funding, attract private investment and improve financial sector stability. This will allow FINCA to expand its outreach to a greater number of clients, and to provide them with a wider range of products and services. [9]

FINCA International, which is a nonprofit organization, will retain majority ownership of these transformed institutions, to ensure that the banks remain focused on FINCA’s mission to serve the world’s poor. Already, several of FINCA’s programs have successfully transformed into microbanks, including Ecuador, Uganda, and Kyrgyzstan.

Funding

Nearly all FINCA programs begin as nonprofit institutions rather than regulated commercial finance institutions. As such they can not legally collect the savings of their clients for financing their loan portfolio (as a conventional bank would do). Thus, FINCA usually finances its start-up programs with grants or soft loans. FINCA estimates that for a typical country program to reach its break-even point requires (1) three years, (2) a minimum of 7,000 clients, and (3) about $2 million in funding—where half is for loan capital and the other half subsidizes a declining share of its operating costs over a period of three years. Historically, FINCA has raised most of this start-up money from USAID. But in recent years, FINCA has financed an increasing share of its program start-up costs from private sector donors (corporations, foundations, and individuals). Once a FINCA program reaches break-even it can continue to grow its portfolio by re-investing its net operating surplus. It also becomes “bankable”, i. e. eligible to borrow from local commercial banks for re-lending to its clients. These loans are guaranteed by means of a dollar-denominated letter of credit from FINCA International’s Village Bank Capital Fund (VBCF). A letter of credit is a document issued mostly by a Financial institution, used primarily in Trade finance, which usually provides an irrevocable payment undertaking Today some 20% of FINCA’s global lending is financed by borrowed capital from host-country commercial banks. [7]

Innovations and Partnerships

A FINCA village bank client from Ecuador
A FINCA village bank client from Ecuador

While the original village bank credit and savings program remains the core product in the African programs, FINCA has partnered with leading insurance companies to offer health and life insurance products, health care, and business-interruption coverage in response to the AIDS crisis occurring in Africa. Village Banking is a Microcredit methodology developed by FINCA International founder John Hatch. For a topic outline on this subject see List of basic Ecuador topics. FINCA Uganda, which is a world pioneer in microinsurance, has partnered with AIG to provide life insurance, to ensure that the death of a village bank member does not result in hardship for the other village bank members or the family of the deceased as the client's loan is paid off. Generous funding from the Bill and Melinda Gates Foundation is making it possible for FINCA and the Johns Hopkins University Bloomberg School of Public Health's Center for Communication Programs to provide HIV/AIDS prevention education by using FINCA Malawi's established network of village bank groups. The Bill & Melinda Gates Foundation (B&MGF is the largest transparently operated Private foundation in the world founded by Bill and Melinda The Johns Hopkins Bloomberg School of Public Health is part of Johns Hopkins University in Baltimore Maryland, U [10][11]

In the Newly Independent States (countries of the former USSR), FINCA's product offerings have expanded to include larger, individual loans, collateralized by office or specialized equipment, vehicles, or property.

Three of FINCA's most successful programs, Ecuador, Uganda, and Kyrgyzstan have transformed into regulated deposit-taking institutions (MDIs). MDIs can accept savings from the public and then lend those savings to fuel much faster program outreach. [5]

On January 24, 2004, USAID, FINCA and Visa International launched a major public-private partnership that aims to bring new efficiency and security to microfinance clients in the developing world utilizing electronic payment products. The United States Agency for International Development (or USAID) is the United States federal government organization responsible for most non- military The partnership has tested how Visa solutions can provide FINCA and its clients both cost- and time-saving processes, allowing FINCA to expand its outreach to more of the world's poor by minimizing loan transaction times for both clients and microfinance providers; lowering transaction costs for processing loans; providing microfinance clients more secure access to their loan capital; reducing the possibility of cash theft; expanding the variety of financial service products available to FINCA's clients; and introducing a new market segment to participating commercial banks. [12]

In November 2006, FINCA Afghanistan received a $10 million grant from USAID as part of an $80 million rural microfinance project to promote development and stability in Afghanistan. FINCA Afghanistan is a Nonprofit Microfinance organization and an affiliate of FINCA International. The project, the Agriculture, Rural Investment and Enterprise Strengthening (ARIES) Program, will also complement USAID's existing Alternative Livelihoods Program and will help establish a market-based, wholesale Rural Investment Fund to provide financing to cooperatives, farmers' associations, and small and midsize enterprises throughout the country, in a push to eradicate the cultivation of opium poppies. Alternative Livelihood Programs are the name given to government attempts especially in South America to replace the illicit cultivation of banned substances such as The opium poppy, Papaver somniferum, is the type of Poppy from which Opium and many refined opiates such as Morphine, Thebaine [13]

Since establishing its program in Afghanistan, FINCA has offered a line of sharia-compliant microfinance products, developed after careful vetting with local religious leaders, and confirmed through a fatwa acquired from Al-Azhar University in Cairo, Egypt (the world’s most respected Islamic institution of higher learning). Sharia ( Arabic: ar شريعة) is the body of Islamic Religious law. A fatwā (فتوى plural fatāwā فتاوى in the Islamic faith is a religious opinion on Islamic law issued by an Al-Azhar University (pronounced "az-HAR" الأزهر الشريف, "the Noble Azhar" in Egypt, founded in 975 is the chief centre of Cairo () which means "the Vanquisher" or "the Triumphant" is the capital and largest city of Egypt. This article is about the country of Egypt For a topic outline on this subject see List of basic Egypt topics. Its current line of murabaha loan products is based on an agreement where the seller (FINCA) expressly mentions the cost he has incurred on the commodities to be sold and sells it to another person (the client) by adding a markup on the original cost, which is known to the buyer. Murabaha (accurate transliteration murābaḥa, Arabic مرابحه is defined as a particular kind of sale compliant with Shariah, where the seller expressly mentions It is one of the most popular modes of exchange used by banks in Islamic countries, such as Afghanistan, to promote interest-free transactions (interest being forbidden by Islamic law. Sharia ( Arabic: ar شريعة) is the body of Islamic Religious law. Aside from being Afghanistan’s first sharia-compliant microfinance organization, FINCA Afghanistan can perhaps claim to have created the world’s first murabaha group-lending products.

Celebrity Support

Natalie Portman meeting with Senator Hillary Clinton on behalf of FINCA on May 18, 2004
Natalie Portman meeting with Senator Hillary Clinton on behalf of FINCA on May 18, 2004[14]

In 2003, Her Majesty Queen Rania of Jordan accepted an invitation from FINCA International to join its board of directors, formalizing a relationship of support and advocacy that began in 2000. Natalie Portman (נטלי פורטמן born Natalie Hershlag June 9 1981 is an Israeli American Actress. A senate is a Deliberative body, often the Upper house or chamber of a Legislature or Parliament. Hillary Diane Rodham Clinton (born October 26 1947 is the junior United States Senator from Rania Queen of Jordan (رانيا العبدالله (born Rania Al-Yassin on 31 August 1970 is the spouse of King Abdullah II of Jordan. In accepting the invitation, the Queen reaffirmed her belief in FINCA's vision that microfinance institutions offer a tangible means of providing large numbers of the world's poorest a real stake in their societies. [15]

International film actress Natalie Portman joined FINCA as an "Ambassador of Hope" in 2003, following a meeting with Queen Rania. Natalie Portman (נטלי פורטמן born Natalie Hershlag June 9 1981 is an Israeli American Actress. About the meeting, she explains, "Because I'm Israeli and Queen Rania is probably the most high-profile Palestinian woman in the world, I had this dream of meeting with her and doing something that would promote peace and working together between Israeli and Palestinian women. Palestinian people or Palestinians ( الشعب الفلسطيني, ash-sha`b al-filasTīni; الفلسطينيون, al-filasTīnīyyūn She talked to me a lot about what she calls the 'hope gap' that exists between the one third of the world that has and the two thirds that do not. I wasn't even aware that two thirds of the world population are extremely poor, living on less than a dollar a day, and that 70 percent of those people are women and children. It's not something they teach you in school in the States". Since then, Portman has visited FINCA field projects in Mexico, Guatemala, Uganda, and Ecuador and met with several members of Congress to argue for more government funding for such microfinance initiatives. [16]

Of her trip to Uganda, Portman recalls, ". . . in Uganda I met a woman named Efuwa who was one of the first clients of FINCA in Uganda 11 years ago and she--when she started she had 10 children. Her husband was beating her, she was on 80-cents a day and she was--she was telling us how she would borrow dirty laundry water from her neighbors to--to clean her clothes because--and her children’s clothes because she couldn’t even afford a little bit of soap. Now 11 years later, she’s opened up a restaurant. Her loans are up to $2,000 now because she’s been such a--you know reliable client. She hired seven other women. She sends all of her daughters to school. One of them is in University now; they like all pooled their money together to--to send the smartest one to University and it’s just amazing the--the amount of responsibility and pride that these women who have no education and virtually no hope can take with themselves with just a little bit of input. "[17]

Philanthropic Accolades

FINCA has consistently received a four-star rating (the highest in philanthropic rating circles) from Charity Navigator, the premier American charity evaluator. Charity Navigator is an independent non-profit organization that evaluates American charities. The rating demonstrates exceptional financial management, and the outperforming of industry competitors in allocating and growing finances. [18]

FINCA has also earned a grade "A" rating from the American Institute of Philanthropy (AIP), a prominent American charity watchdog service whose purpose is to help donors make informed giving decisions. The American Institute of Philanthropy (AIP is a 501(c(3 nonprofit organization that was created by Daniel Borochoff in 1992 to address the continuing need for

In December 2001, FINCA was selected from among more than 800,000 U. S. nonprofits for inclusion in Worth Magazine's "Top 100 Charities" – nominated by its own donors. Worth is a personal finance and luxury lifestyle Magazine in the United States. The magazine’s cover story, "A Gift for Giving," recommended charities distinguished by their mission impact, financial controls and sound management. [19]

Countries where FINCA Operates

References

  1. ^ a b c Give.org Charity Report: FINCA International. For a topic outline on this subject see List of basic Ecuador topics. El Salvador ( República de El Salvador,) is a country in Central America. Guatemala (República de Guatemala) is a country in Central America bordered by Mexico to the north and west the Pacific Ocean to the southwest Haiti ( English: ˈheɪ·tiː or haɪ·ˈjiː·tiː French Haïti a·i·ti Haitian Creole: Honduras in Spanish, República de Honduras) is a democratic republic in Central America. The United Mexican States ( or commonly Mexico (ˈmɛksɪkoʊ () is a federal constitutional Republic in North America. Nicaragua (ˌnɪkəˈrɑgwə officially the Republic of Nicaragua () is a representative democratic republic and the largest nation in Central America Armenia (Հայաստան transliterated: Hayastan,) officially the Republic of Armenia (Հայաստանի Հանրապետություն Hayastani Azerbaijan ( English; Azərbaycan officially the Republic of Azerbaijan (Azərbaycan Respublikası is the largest and most populous country in the South Georgia ( საქართველო, Sakartvelo) is a Transcontinental country in the Caucasus region situated at the dividing line between Kyrgyzstan (ˈkɻ̩gɪztɑn (AmE or /'kɝgəztan/ (BrE Kyrgyz: Кыргызстан; Russian: Киргизия or Киргизстан or Кыргызстан Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending Tajikistan (təˈdʒɪkɨstæn or /təˈdʒiːkɨstæn/ Тоҷикистон tɔʤikɪsˈtɔn or, Persian تاجیکستان‎ taajikestaan officially the Republic of Uzbekistan, officially the Republic of Uzbekistan ( Uzbek: O‘zbekiston Respublikasi or Ўзбекистон Республикаси is a doubly The Democratic Republic of the Congo (République démocratique du Congo often referred to as DR Congo, DRC or RDC, and formerly known or referred to The Republic of Malawi (məˈlɑːwi or; formerly Nyasaland) is in southern Africa. Tanzania ˌtænzəˈniːə officially the United Republic of Tanzania (Jamhuri ya Muungano wa Tanzania is a country in East Africa bordered by Kenya The Republic of Uganda is a Landlocked country in East Africa. The Republic of Zambia (ˈzæmbɪə is a Landlocked country in Southern Africa. Afghanistan /æfˈgænɪstæn/ officially the Islamic Republic of Afghanistan ( Pashto: د افغانستان اسلامي جمهوریت, Jordan, officially the Hashemite Kingdom of Jordan (الأردنّ al-Urdunn) is an Arab country in Southwest Asia spanning the southern Ukraine (Україна Ukrayina, /ukrɑˈjinɑ/ is a country in Eastern Europe. Retrieved on 2007-04-30. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 313 - Roman emperor Licinius unifies the entire Eastern Roman Empire under his rule
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  4. ^ a b FINCA's Official Website. Retrieved on 2007-04-26. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1467 - The miraculous image in Our Lady of Good Counsel appear in Genazzano, Italy.
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  7. ^ a b c d e f g h i j "A Brief Primer on FINCA", a lecture by John Hatch at the University of Berkeley's Haas School of Business, July 21, 2004. Retrieved on 2007-04-24. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1479 BC - Thutmose III ascends to the throne of Egypt, although power effectively shifts to Hatshepsut (according to
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  10. ^ Ian McDonald, Liam Pleven and Eric Beliman, "Agents of Change", Wall Street Journal article on microinsurance. February 12, 2007
  11. ^ Gates Foundation Website, FINCA Grant. Retrieved on 2007-04-23. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 215 BC - A temple is built on the Capitoline Hill dedicated to Venus Erycina to commemorate the Roman defeat at
  12. ^ "USAID, FINCA International and Visa Announce Microfinance Partnership", Visa Website, January 24, 2004. Retrieved on 2007-04-23. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 215 BC - A temple is built on the Capitoline Hill dedicated to Venus Erycina to commemorate the Roman defeat at
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  14. ^ Natalie Portman's Website. Retrieved on 2007-04-24. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1479 BC - Thutmose III ascends to the throne of Egypt, although power effectively shifts to Hatshepsut (according to
  15. ^ FINCA International welcomes Queen to board of directors. Retrieved on 2007-04-23. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 215 BC - A temple is built on the Capitoline Hill dedicated to Venus Erycina to commemorate the Roman defeat at
  16. ^ Sarah Bailey, "The Million Dollar Dress". Harper's Bazaar, November 2006
  17. ^ In Focus: Natalie Portman and Microfinance, transcript from an interview with Fareed Zakaria on Foreign Exchange TV. Retrieved on 2007-04-26. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1467 - The miraculous image in Our Lady of Good Counsel appear in Genazzano, Italy.
  18. ^ Charity Navigator Website on FINCA. Retrieved on 2007-04-24. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1479 BC - Thutmose III ascends to the throne of Egypt, although power effectively shifts to Hatshepsut (according to
  19. ^ St. Olaf Nobel Peace Prize Forum, February 2004. Retrieved on 2007-05-05. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 553 - The Second Council of Constantinople begins 1215 - Rebel Barons renounce their allegiance to King John

See also

External links

This page is on the American economic development expert For the American Civil War general see John Porter Hatch. Village Banking is a Microcredit methodology developed by FINCA International founder John Hatch. FINCA Afghanistan is a Nonprofit Microfinance organization and an affiliate of FINCA International. This article is specific to small loans For financial services to the poor see Microfinance. Microfinance refers to the provision of financial services to poor or low-income clients including consumers and the self-employed
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