Carmen Velasco Cofounder of Pro Mujer Highlights Power of Microfinance at White House Conference on the Americas



Thanks to small loans and business training provided by Pro Mujer, a leading microfinance network in Latin America, thousands of poor Latin American women have earned 20 percent more than their counterparts and spent more of their income on health and education.

Describing the work of Pro Mujer at the July 9 White House Conference on the Americas, Carmen Velasco, Pro Mujer International Executive Director and Co-founder, pointed out that, "while not a panacea, microfinance offers a hand up, not a handout, because it enables people to create their own jobs and work themselves out of poverty."

At a panel on expanding economic opportunities in Latin America, moderated by US Treasury Secretary Henry Paulson, Ms. Velasco explained that Pro Mujer provides the working capital loans and business training poor women need to start or expand their small businesses. Over time, as their businesses become more profitable, these microentrepreneurs' use their increased earnings to send their children to school, access health services and improve their homes.

We believe that the best way to break the poverty cycle is to invest in women's empowerment and education, because women are committed to helping their children live better lives. Investing in women is the most effective strategy to combat poverty.

The conference, with the theme "Advancing the Cause of Social Justice in the Americas," drew representatives of foundations, non-governmental organizations and business groups based in the US and Latin America.

About Pro Mujer

Pro Mujer is an international microfinance and women's development network that offers financial services, business training and healthcare to poor women in Latin America, helping them to achieve economic security and improved health.

Founded in 1990, the network comprises organizations in Argentina, Bolivia, Mexico, Nicaragua and Peru. Since its inception, the network of microfinance institutions has disbursed more than US$287 million in small loans averaging approximately US$190. Pro Mujer clients have saved US$10 million.

Pro Mujer is a 501(c)(3) tax-exempt organization. More information is available on the website,



Carmen Velasco Cofounder of Pro Mujer Highlights Power of Microfinance at White House Conference on the Americas