Professor Venkataramanan
Did you know that a $50 secondhand sewing machine can change the lives of an entire family in Ghana?
Students at Indiana University’s Kelley School of Business understand the transformative power of small loans to aspiring entrepreneurs in developing countries like Ghana. Their action plan: Launch a microfinancing initiative that will make a lasting impact on the global community.
The Kelley School’s Center for International Business Education and Research (CIBER) launched the new initiative in honor of Louise Siffin, the center’s late managing director. Louise’s passion for global development and human rights issues inspired undergraduate students to raise additional funds to expand her microfinancing initiative.
"The initial approach is to work with a non-governmental organization (NGO) involved in promoting women’s welfare and self-reliance," said Professor Munirpallam Venkataramanan, chair of Kelley’s undergraduate program. "In the future, we expect students will not only provide funding, advice, and a business plan, but also visit Ghana to have face to face contact in evaluating progress."
The initiative’s likely partner is Women in Progress, an international NGO that works to alleviate poverty in developing nations through the sustainable growth of small women-owned businesses. During spring break 2008, a group from the Kelley School will travel to Ghana to lay the groundwork for the partnership.
"As has been the case in so many Kelley efforts, the microfinance initiative was born and nurtured by our undergraduate students," said Rick Dupree, executive director of development at the Kelley School. "Each additional gift to the project makes a very important difference in our students’ ability to effect change in Ghana."
The beauty of the initiative is two-fold, according to Venkataramanan. It helps individuals lift themselves out of poverty, and it hones the skills of Kelley School students. As future leaders, those students will be positioned to make positive change in the global community.
"The world is making increasing demands on business leaders in terms of global knowledge and community service, and this initiative is a prime example of how Kelley School of Business students are meeting this challenge."