First of all, although this is a blog about my internship at a microfinance foundation, I may title some of my posts with quotes from Will Ferrell movies. I’m sorry/you’re welcome.
The Grameen Foundation is currently part of a competition sponsored by American Express. Forty eight charities, divided into five categories by type, are competing for funding. Anyone can sign on to the site and vote once a week for the duration of this round (until August 22nd). At the end of the round, the winning charity from each category wins $200,000.
Click here to vote. You can vote once a week, and if you have a Facebook account you can use your username and password to log in, otherwise you can go through a quick sign up process.
Some examples of how the Grameen Foundation would use unrestricted funding, like the winnings from this competition, are:
- To leverage and lend to microfinance instutions. For example: $200,000 leveraged at 2x would become $400,000 worth of funding for a microfinance institution, which in turn could be used to create thousands of loans, and increase the institution’s financial sustainability and outreach.
-Funds could go towards Grameen’s non-financial innovations such as the development and implementation of Mifos, an open source microfinance information management system that enables microfinance institutions to increase their efficiency and facilitates the measurement of their social and business impact.
Also, you should vote because the idea of charities competing against each other is at least somewhat comical.