Domestic Microfinance, Credit Unions, and Payday Loans

Robin Greiner of Accion Chicago, a nonprofit microlender, traced Accion's origins as a 1960s student volunteer project in Caracas, explained how the group-lending model used abroad was adapted into individual loans under $50,000 in the United States, and gave figures on Accion Chicago's portfolio, clientele, interest rates, and reliance on subsidy. She recounted several client stories. Audience questions covered capitalization, SBA and state funding, business incubators, and the role of payday and online lenders.