Fall 2014

Enterprise Development and Program Impact Audits
Log #1
By: Abigail Titus

The GLOBE experience is off to a good and exciting start. Discussing the issues of poverty with my classmates and Dr. Sama has provided a solid foundation for the work that we are just beginning to embark on.  This information is particularly important for my team as we work to develop information for our clients that goes beyond the economic view. One goal we hope to accomplish is to distribute basic health information to our borrowers. This serves two functions. The first is to help our clients in more than just one area of their lives but also to improve the overall quality of their lives. Health education and disease prevention has an economic benefit as well because it eliminates a major cause of defaulted loans. As we further study the broad issues of global poverty, my team and I can learn other ways in which our partners can use support.

The aspect of this semester that I am looking forward to in particular is working on looking into the expansion for our GLOBE program into new countries. I think that getting us ready to expand to even one more country would be a huge accomplishment and one that I specifically feel passionate about achieving. My teammates and I have been strong in setting reasonable and measurable goals so far. We have also communicated efficiently. I know that we will be put to the test throughout the coming weeks, but I feel we have started very strongly and have faith that we will be successful.

Finance, Budgets and Risk Assessment Team
Log # 1
By: Mariam Makram

When I first heard of GLOBE I was drawn to the mission of the class and what it stands for. I’ve always wanted to make an impact in some way or another on less fortunate people, especially since I grew up among them and got to see first hand the struggles they go through and how tough it can be to break the cycle of poverty. To be able to do that and learn, on a professional level, how to be part of that was an opportunity I could not pass up.

Coming into GLOBE, I did not know what to expect, but I was definitely expecting to do a lot of work. I felt really privileged to be part of such a great class, but what struck me the most about the class was that I was not the only one who wanted to make a difference. We are all different people, with our own personal stories as to how we ended up where we are now. We all have an entirely different perspective on things and are able to bring a piece of ourselves to everything we do. This in itself moved me.

I grew up in Kenya, two minutes away from the second biggest slum in the world. It sounds like a rough time, but it was the best childhood I could have ever asked for. I moved to Plainview, Long Island in the middle of 10^th grade and, needless to say, it took me a while to really settle and fit in, find myself, and figure out who I want to be. Moving here was one of the hardest experiences I have ever gone through, but it shaped my character into who I am today and helped me realize that I have the opportunity to make the best of my time here; I can do something for the people who would do anything to be in my position. My struggle of adapting into this new culture turned into a journey of coming to terms with the fact that I am here to do something different.

Being part of GLOBE with a group of inspiring, motivated peers who are likeminded was encouraging because it showed me that even though as a generation we have proven to be the most self-centered and most demanding, we can also be the generation that makes the biggest change in other’s lives; we can be the generation that goes against the status quo, and it all starts one person or group at a time.

Marketing and Fundraising Team
Log # 1
By: Happi Hongla

Prior to our first class at the beginning of the semester I was a bit tense and nervous towards the expectations of GLOBE. Surprisingly I found out I had nothing to worry about. After observation from our first class I understood that the classroom consisted of numerous individuals all from different homes with different experiences all relating to GLOBE in one way or another. One thing we did share in common was the drive, determination, and mentality to achieve one common goal and create change in others’ lives. 

Muhammad Yunus states, “Microcredit is a program for putting homelessness and destitution in a museum, so that one day our children will visit it and ask how we could have allowed such a terrible thing to go on for so long.” In our first lecture I learned about poverty and its real presence on earth. Who are we to blame others for their poverty if it’s something they have no control over? This really touched me and motivated me to really try and make a difference in others’ lives.

As great as it sounds thinking about it, it would even be better if it could turn this quote into a reality. This past week I was able to find some clarity about microfinance. It is defined as, “an approach to economic development that benefits low-income clients through provision of financial services. Microfinance gives low-income families an opportunity to take an idea and turn into capital to provide a better lifestyle for themselves and their family.”  Why isn’t “microfinance” popularly known or widespread yet? This is due to the fact that most developing countries already have an informal finance history; therefore, they aren’t even given the chance to prove that they can be reliable when it comes to loans.

There’s a quote that says; “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” This is the role we play as GLOBE Managers- to be different and give ambitious individuals a chance to prove themselves. It isn’t just about giving money to people but to teach them what it means to take these little loans we give them and use them as a means to provide for entire families for the future.

From working with the members in my group, I truly am excited about this semester and all the great ideas we are thinking about. We intend to take marketing a step ahead and reach more of the St. John’s community as well as neighboring businesses involved. In reference to the reading for this week, I was able to really understand the significance of gender.

Technology and Communications Team
Log # 1
By: Nakeya Burnett

Who knew running social media could be such a difficult task? It’s so easy to run social media for yourself and your own brand. You just post what you like or what you’re doing or how you’re feeling. But running social media for a company is a whole different ball game. It’s not about you anymore. You’re representing a whole team of people and you have to do so in a way that’s positive, that emphasizes the company’s mission, and that also appeals to the audience. It’s a huge responsibility, one that I was in no way prepared for. Previous GLOBE members warned me that this was not an easy class. Even Dr. Sama said we’d feel defeated at times, I just didn’t think it’d be this early in the semester! Nonetheless, whenever I begin to doubt myself, I just think of my optimistic father. He always told me that one could only grow if they stepped outside of their comfort zone. I think of the amazing things GLOBE has accomplished in the past and what an honor it is to be a part of such an organization. I also think about the things we hope to achieve in the future and the additional lives that we will change.

In the short time that I’ve been with GLOBE, I’ve already learned so much. For instance, I didn’t have any knowledge about microfinance. But now I see its power and what it can do. I was also unaware of the fact that women are better borrowers than men, since men tend to default on their loans more often, spending the money they’re given on things for personal gain. GLOBE has even opened my eyes to the world of poverty in general. By reading books by Muhammad Yunus, I’m learning about the real causes of poverty, how different poverty is in other countries, and how this awful phenomenon can be solved. I was definitely one of those people Muhammad Yunus mentioned that thought I was just one person who couldn’t possibly help solve such a big problem. But being a part of GLOBE is a great first step to changing that mindset and realizing that even the smallest of gestures can make a huge difference.

Enterprise Development and Program Impact Audits
Log # 2
By: Jasmine Mbadugha

Tuesdays are very good for me particularly because it’s GLOBE Tuesday! The learning experience I get from GLOBE is like no other; Dr. Sama has an innovative way of teaching students about microfinance. It has only been about three weeks, and I have learned so much. The best part about GLOBE is that it is hands on- we are running a business so we have to be alert at all times! GLOBE is the only class in which I get to act as a manager and student at the same time. Last week’s class was really interesting; we were able to give our first presentation on what we learned by reading Muhammad’s Yunus’ book. We also learned a lot from the Marketing and Fundraising Team!

We were very excited to meet the alumni from the Enterprise Development and Impact Audit Teams.  They gave us valuable feedback that included what they did previously, what mistakes they made, and good constructive criticism. We were able to collect their contact information so we can reach out to them whenever we find the need to.

I was able to attend the Steering Committee meeting yesterday on behalf of my team. I was a little nervous when I was reading out my team’s objectives but it turned out great. I am confident that our objectives are feasible and we will reach our goals before the end of the semester. We are currently working on a timeline so that we can have deadlines that will make us work smoother and faster. Last week, Nakeya Burnett from the IT Team was able to connect us with the public health global brigades on campus. We are working on establishing a relationship with them. I was also able to get three valuable contacts from a friend in the Public Health Department; my team and I will be reaching out to them very soon. In today’s class, we hope to get more straightforward objectives from the Marketing and Finance Teams so we can start our surveys.

Finance, Budgets and Risk Assessment Team
Log # 2
By: Kevin Roque

This past week we got all the loans translated thanks to Danielle. This honestly opened my eyes to how GLOBE is not only about the students in the class but also about anyone who wants to help or finds a calling in making a difference. This was also evident when the past GLOBE managers came to our last class just to give us insights on what mistakes have been made and how to avoid them. They also let us know what they think worked best for them. This shows that the students that are and were part of GLOBE care about making a difference and helping GLOBE continue to grow and help others. Even though this class has just started, I can tell it’s a class that requires a lot of work, but if you truly have an interest in it, it becomes work that you want to do and time you want to put into it!

We started looking at our first five loan applications and it has really been a great experience. Working in a team really gives you different insights on the same applications. After reviewing the first 5 applications, it really felt like I was looking at businesses that I've seen people in my home country have. El Salvador, which is another Central American country, has a lot of businesses that still consist of people selling food on the roads or in markets. I've seen those succeed when they exist in tourist-y areas because tourists want to taste the local food. I felt that having a first hand experience with it really let me look at the loans and its applicants from a different angle. Whenever I was doing the research on the loans, I honestly felt a connection to the people asking for the loans. At first it surprised me, but then I realized it was because the borrowers from Nicaragua are trying to open businesses that I used to see all the time when I would go visit El Salvador.

Being in GLOBE for only 4 weeks might seem like a short time but it is enough to truly get to know your team, other teams, and build connections since everyone has a desire to make a difference and help those who need it. It is unlike any other class in the sense that the assignments are not directly assigned to you. You do them because you want to and you know what you are doing is actually making a difference. I think the biggest factors in being a GLOBE member is having that drive and desire to make a difference knowing that you might be helping out only one family at a time. You never know who that family might help once they have, as Dr. Sama says, “grasped on the bottom rung of the ladder of poverty” and start to move up.

Marketing and Fundraising Team
Log # 2
By: Amira Sharif

Being a GLOBE manager is one of the best things that you can be at St. John’s University. I’ve realized this after speaking to each of my classes about the program. After concluding that there isn't much buzz on campus about our program, my team and I decided to speak to each of our own classes about the program. In my economics class, no one had even heard of the program, and many were not aware that a program even existed on campus that was based around microfinancing. This was quite surprising to me because the class is part of the Tobin College of Business, as is GLOBE. I then proceeded to speak to the students about our initiatives and our mantra, “at least 95 cents of every donated dollar goes directly to our borrowers and related student fieldwork.” There was not one person in the classroom that wasn’t intrigued by what we were doing. They all seemed to be highly interested in the program, and commended our group for all that we are doing.

Speaking to my class truly gave me a new motivation to bring change to someone’s life. It is unreal to think that by approving one loan application that is sent to us, we have the power to put bread on a family’s table. We are in the position of gaining new learning opportunities, whilst becoming aware of the issues of social justice when it comes to women. As a GLOBE Manager, I am making it my duty to bring awareness to our program. I believe that it is so important to educate the public and tell them what their help can do for one family. Scott VanDeusen made a statement that stuck with me. He stated that, “in our generation people aren’t interested in anything that won’t benefit them.” I completely agree with this. People usually believe that they are wasting their time if they become involved in something that does not benefit them in one way or another. Due to many not being aware of what their efforts can do for the program, we want to educate the public about how their few dollars can benefit a country and someone’s life. We want to use more “YOUs” and less “I’s.”

In week 3 of our class, my team was required to present our ideas on gender roles in microfinancing. After reading chapter 7 of The Economics of Microfinance, I was informed about the bias in microlending. It spoke highly of lending to women and the positives that this can bring to a company. I became aware that serving women is seen as the top priority due to their high repayment rates and meeting of social goals. Microlending to women can change their position in society. It supports women’s empowerment and gives women the momentum to push forward in their lives and support their families by starting their own businesses. Empowering women strongly resonates with me, and I hope to use my connections with women as a platform for spreading awareness of our program.

Technology and Communications Team
Log # 2
By: Aleksandra Wachowicz

We are in the fourth week of the semester and we have already met our fair share of successes and challenges. Also, I have been able to expand my knowledge of the microfinance industry through the lectures and supplementary readings.

Our Technology and Communications Team is on the right path to achieve team goals for the fall of 2014. The GLOBE Facebook page is becoming more and more popular. We managed to increase page ‘likes’, reach, page views, and visits. Our total reach has increased by 45.4% from last week, whereas post reach increased by 57%. Engagement has increased by 104.3% from last week. Although the numbers are increasing, we are not satisfied yet. We want to reach out to as many people as possible and spread awareness about GLOBE. Our posts on Twitter and Instagram are reaching more and more users every day.

I realized that a social network defines an entrepreneur’s relationships and contact with others. Social networking is a way to build trust, reciprocity, and long-term relationships with other people. As our team works on promoting GLOBE through social media, I realize that social media is a very powerful marketing tool. Social media platforms have become mainstream communication tools for businesses. Never before has connecting and sharing real-time information with users been so easy, fast, and effective.

Proper and consistent use of social media is the key, and building a strong following is not an overnight occurrence. It takes time. Our Technology and Communications Team is committed and ready to use social media to spread awareness about GLOBE. Our outstanding goals include to alleviate poverty and to make the world a better place to live.

Enterprise Development and Program Impact Audits
Log #3
By: Jasmine Mbadugha

“Never look down on someone unless you are helping them up.” That quote resonated with me throughout last week’s lecture. I learned that microfinance is a way of helping someone in need without necessary giving them a handout. Microfinance empowers people with the necessary skills they need to become budding entrepreneurs. Microfinance gives people—especially women—a sense of independence. The reality is that no one likes to feel poor and needy. Through microfinance women can gain independence and have a sustainable way of providing livelihoods for themselves and their family. 

Last week, I learned about Jamii Bora, a microfinance institution that helps thousands of women take out loans day-to-day. The amazing thing about microfinance is that it gives women a sense of community. When women get these loans, it stays within the community, and from that they are empowered. For example, if a woman has a problem with her husband, other women in the community will come together and ensure that the husband starts treating his wife with dignity and respect. So microfinance also helps thwart social problems within the community. GLOBE helps women reach the same goals. All of the interest we get back stays within GLOBE, and is usually given back to the community of the borrowers. Microfinance changes lives!

Although there are a lot of advantages to microfinance, some disadvantages have been noted. Microfinance might lead to inequality; the emergence of more money may bring about corruption and violence. Some microfinance institutions have been known to have high interest rates that leave borrowers in a cycle of debt. There have also been large opportunity costs for some institutions. Microfinance is usually only available to the fortunate amongst the poor because they have more access to education, and are more likely to pay back the loans. 

Even if microfinance has received a little criticism, there is no doubt that the benefits outweigh the costs. In GLOBE, we charge only 3% interest rate over a feasible period of time. All of our interest goes back to the borrowers community, so more children in that area can end up having access to education and schoolbooks. GLOBE is very sustainable; our borrowers learn how to care and fend for themselves overtime. They also learn sound money management skills. I learned that people go through a transformation when they opt for microfinance. 

Finance, Budgets and Risk Assessment Team
Log # 3
By: Marcel Chuo

After going through two thirds of the loan applicants that have applied to the GLOBE program this semester, I am beginning to feel slightly conflicted.

It appears that my mind is at war with my heart. From a rational perspective, I am able to quickly and swiftly identify which loan applicants are riskier than others. If I were a banker, I would choose to disregard all applicants that wanted to apply for high-tech equipment because the equipment depreciates due to becoming obsolete far too quickly. In doing so, I wouldn’t even take a second glance at Plinio’s ambition to expand his photography studio with new equipment, or Claudia’s desire to expand her line of refrigerators.

From an emotional perspective, I am tugged by the lives of these applicants. Even though not much is elaborated on their lives, I can feel the daily struggle they have to go through to make a living. How could I not? Their stories echo the lives of the community I grew up in. It makes me want to approve every single one of the applicants for their full amounts.

It makes no sense for me to blindly follow my head or heart. I must make my decision based upon the principles of Muhammad Yunus. We must approve loans logically, but keep in mind that we seek to empower the lives of the potential loan applicants. Indeed, the Finance and Budget Team is threading on a fine line blindfolded. It is both an exciting and terrifying experience. 

Talking to the past GLOBE members has given me courage to push forward. I take great comfort in knowing that we have all gone through the same experience and that I can always rely on the help of Dr. Sama and past GLOBE members for advice. 

Marketing and Fundraising Team
Log # 3
By: Wanrong Li

This week, I am glad to learn in depth about microfinance. In class, we learned about another microfinance organization called Jamii Bora. It means “good family”.  It is the biggest microfinance organization in Kenya and was founded in 1999. Jamii Bora not only provides savings and loans to poor people, it has a lot of other subsidized product as well. It provides business training to borrowers in its own Business Academy. I think that is a great program because potential entrepreneurs often need more than financial services. Many need skill-training or other inputs to make their enterprises a success. Another thing that makes Jamii Bora stand out is that most of its staff comes from its members. With previous experience coming from the field, they know what it is like to be borrowers, how to run the business, and how often to pay back the loan. They can relate to the new borrowers more and thus gain trust from them. Detecting alcohol and drug addiction problems among the borrowers, Jamii Bora also provides workshops to help people solve these problems. Later, it found out that 93% of the borrowers don’t have health insurance and it has become the main reason for low repayments.  Jamii Bora has offered health and disaster insurance since then. In my opinion, Jamii Bora is a very comprehensive microfinance organization. It recognizes the problems of the borrowers and comes up with the solutions to help them become successful. It covers a lot of aspects of a borrower’s life to ensure that they can be successful and can pay back the loan. It took Jamii Bora over 15 years to grow into an organization like this. I think GLOBE is on its way to be bigger. In the future, GLOBE can offer more programs or products to further help our borrowers.

Before GLOBE, I used to think that microfinance was such a great idea to eradicate poverty and that everyone should support this idea. But I realize that there are lots of challenges for microfinance. Not everyone accepts it. There are interest issues, trust issues, and misunderstandings by the public. Some people think that microfinance makes profit from poverty, while its primary goal is to alleviate poverty. In the Microfinance Handbook, Joanna Ledgerwood mentions that ethnicity, caste, and religion can become restrictions for microfinance in entering certain market. However, wherever there are challenges, there are solutions. The more I learn about microfinance, the more I realize how much I have left to learn. I want to become more knowledgeable about it and be able to share my knowledge with others. 

Technology and Communications Team
Log # 3
By: Brandon Hubbard

Over the last week in our GLOBE program something that really stuck out to me was discussing the ethics of microfinance.  At first I was reflecting on the question, “are we giving somebody a fish or teaching them how to fish?”  After further discussions in class, my thoughts on the ethics of microfinance began to expand.  Are we putting borrowers under too much pressure? Are we inserting money in to a system that shouldn't have it? Is it right for to benefit from the poor?  And so on.  What troubled me the most though is this question—why is it acceptable to gain profit from the poor?  The essence of microfinance is to alleviate poverty from the world and benefit society.  I want to know who made it acceptable to enter microfinance with the aim of personal profit.  In my honest opinion, there needs to be strict governance in microfinance handling this issue.  Purpose makes a large difference in the world of microfinance.  Once you put your own goals of profit ahead of the mission of microfinance, you become part of the problem, not the solution.  I’m a Business major and not against profit in everyday business.  However, profit for lenders does not belong in microfinance.  Any revenue earned should be circulated back into the poor economy of those we are trying to help, not back into our own pockets.

Enterprise Development and Program Impact Audits
Log # 4
By: Abigail Titus

This week the Enterprise and Development Team worked to create audits for each of the four teams that make up GLOBE. The purpose of this project is to monitor the success of each team by comparing their progress to the goals that were set at the beginning of the Fall 2014 semester. To create these audits we will first convert the goals into auditable questions and then we will survey each team. Our first survey will be completed during tonight’s class. The next will be completed two weeks from now and so on. This process is a primary function of this team and it is already giving me useful skills in finding the best way to measure goals. To me, this is a really important to thing in any aspect of development because other lives are at stake. In other words, it is important to be conscious of objectives so as not to let time slip by without completing positive forward progress. It is the information gained by these audits that give us a true view of our impact and what things need to be changed in order to make the program stronger. 

Another kind of monitoring was the subject of our last class meeting. Dr. Barrett Brenton, an anthropologist like myself, gave us a lecture about poverty mapping. This is a system used by various digital mapping services to bring to life statistical analysis related to development. It was really impactful to see how much can be done with this visual type of analysis. Though we will not be using maps in our audits, it goes to show how powerful graphs and charts can be in analysis. I hope to incorporate this into my team’s completion of objectives. 

Finance, Budgets and Risk Assessment Team
Log # 4
By: Thomas Fiorillo
This past week, our team finished our individual reviews of each loan. To think that just three weeks ago I had no idea how to even approach these loans, it is pretty incredible now that we have been through fifteen of them. As everyone puts their inputs on the Google Drive, I think we were able to build off each other’s methodologies and learn from everyone’s unique approach to evaluating each loan. 

It did not hit me until recently how applicable assessing these loans is to my specific major. Most people who study actuarial science go into the insurance sector. Here, actuaries work closely with underwriters. Underwriters are those who look at multiple different factors to evaluate how “insurable” a policyholder is. They then work with actuaries to decide how much to charge in premiums given the risk of an incurring claim. This is directly related to what we do on the Finance, Budgets, and Risk Assessment Team. We look at a variety of different factors (economic risk, political risk, income stability, etc.) for each loan applicant and then decide on the loan parameters, such as the term, amount, and interest rate of the loan. 

I applied to GLOBE because I was interested in microfinance and wanted to help those less fortunate around the world. However, I did not realize that there would be other benefits as well. My experiences so far in GLOBE have truly expanded my horizon. Not only have they allowed me to understand certain roles in the insurance industry more clearly, but also they have given me a more global perspective. Through analyzing the risks for each loan applicant, I learn about countries and regions all across the world. So far, I have learned about the economy, history, climate, demographics, political environment and more about Nicaragua and Vietnam. Outside of actually visiting these places, doing the research that these loans require is an excellent way to understand these diverse regions more adequately. 

It is truly a blessing to be able to gain such a great amount of useful information, all while providing for those in need across the globe. College courses tend to lean towards the theoretical side of subjects, which often causes difficulty upon starting an actual job. Rarely is a course as practical and relevant as GLOBE. I am very thankful I found out about this program, and I intend to share my story with others so more people can find out about the fantastic experiences a GLOBE Manager will have. 

Marketing and Fundraising Team
Log # 4
By: Truc Nguyen

In terms of presentation performance, last week was not so great for me. It seemed like I was out of it and let my nervousness take over. There were a lot of issues that could be addressed and huge room for improvement. To compensate for my nervousness when talking in a group, I chose to stand aside from the middle of the class, leaning by the podium to gain more emotional stability. As I was presenting my part, I dropped a lot of verbal fillers when trying to process the words in my mind. This could be improved by speaking at a slower pace, articulating the words more carefully, and taking a small pause before going on the next section so I am able to gather my thoughts. 

Engagement during presentation is extremely vital to the performance overall. I had not fulfilled this criterion since I was stressed and remained quiet. This is not a habit, but rather, a phobia—stage fright to be exact. I was afraid that people would be judgmental on little aspects of my speaking. Although I’ve long been reassured about this, I could not get over that feeling. I learned in my moments of high-performance that sometimes when I focus hard and look over the audience’s shoulders, pretending to make eye contact with them, I could alleviate the fear of speaking and the English thought process would flow more fluently. This sort of intense focus takes a lot of effort but I will practice on that. 

This week our group are going to present on the Chapter 8 reading from the book Creating a World Without Poverty by Muhammad Yunus, who is an important figure in the field of social business. Our chapter was named “Broadening the Marketplace”. I found this chapter the most interesting among other readings that we’ve read. Not because it serves our team as a tool for our marketing strategies, but also because it offers an answer and a consolidation of knowledge on social business as a whole. 

Some of the ideas in the chapters really caught my attention. The question of why anybody would put their hard-earned money into a market with no yields was quite interesting. The answer is a tough one. As I read along, it was revealed that there are many people out there and very affluent people willing to donate their money to many foundations. It is even crazier when these numbers could sum up to billions of dollars of endowment and still grow. However, these foundations usually have no projects to invest in, so it was suggested by the author that they should invest in social businesses. 

The idea of a social business stock market was also very fascinating. As our current world of business is mostly based on the Profit-Maximizing Business model, social responsibility seems to be neglected. By implementing a social business stock market, investors would have indicators of how a social business is doing in terms of improvement of social wellness as opposed to the traditional criteria of the PMBs (price, quality, availability, brand appeal, etc.) However, the best part is not that social businesses would overcome PMBs, but that they could coexist. The best scenario would be when both the Social Dow Jones and PMB Dow Jones are hitting high values.

The good ideas do not stop there. Tax exemption policy is a great way for the encouragement of social businesses. Government could set up standards for social businesses to meet. For instance, they could use the money exempted from taxes to offer more insurance for their workers, which would then improve so many workers’ working conditions, alleviate health problems, and improve production rates. In this way, we can create more wellness targeting the specific goals rather than having to pay taxes to the government to do that job and have part of the money leaked due to corruption. 

I’ve learned quite a lot this week. But what I’ve learned needs to be implemented into reality. I need more practice to improve myself, though I’m not sure where to start, if I start somewhere, I can at least progress and get better.  The book was great, the words are simple and straightforward, which is preferable over other readings with intense grammar structures since these are not very favorable for my English knowledge.

Technology and Communications Team
Log # 4
By: Aleksandra Wachowicz
I believe that every day gives me the opportunity to learn something new, or to realize something. Each morning I think about my plans for the day, and every night before I go to sleep I take time to think about how have I spent my day, if I helped somebody, what I did right, and what I did wrong. Anything I do has a purpose or some sort of goal. When I joined GLOBE I wanted to help to alleviate poverty. I was thinking that I would give out the loans to the poorest of the poor to change their lives for better. Indeed, that is the goal and mission of the class. However, when I read “Creating a World Without Poverty” written by Muhammad Yunus, I realized that stopping global warming and saving the world also belongs to the mission of GLOBE. 

After presenting the chapter “Hazards of Prosperity” to the class I understood the relationship between poverty eradication and the environment. Investing in environmental conservation is essential for successful long-term development. And on the other hand, environmental sustainability cannot be achieved without gains in poverty eradication. 

The richest and most developed countries in the world are the countries that relay on consumerism and consumption. Their consumption is linked with ecological damage, such as greenhouse gas emissions, ozone layer depletion, and deforestation. Ultimately, that causes global warming, as well as increased sea level that leads to massive flooding. Also, climate changes cause extreme weather events, like hurricanes and tornadoes. Now, natural disasters are more often the product of converging environmental degradation than incapable acts of nature. 

By the end of the day, rich countries are able to protect themselves from extreme weather events, as opposed to poor countries that cannot afford that. Thus, proper management of natural resources is critical to protecting the most vulnerable people, and their path out of poverty. Environment protection and wise use of natural resources are essential to the success of efforts to reduce and recover from natural disasters. 

Today I opened my eyes to the bigger picture. GLOBE does not only alleviate poverty, but also saves the planet and promotes sustainability.  I realized that the need to conserve natural resources and safeguard the health of our planet is urgent, and goes hand in hand with poverty alleviation. 

Enterprise Development and Program Impact Audits
Log #5
By: Jasmine Mbadugha

It might be hard to understand the concept of microfinance in a rich country like America, but microfinance evaluates poverty all over the world. From a rural area in Africa to an inner city in Chicago, microfinance bridges the inequality gap in marginalized communities. There are a few microfinance institutions in America such as Accion International, which lends money to over 20,000 borrowers in 35 states.  Grameen America is another microfinance institute that is doing phenomenal things within a developed country; Grameen lends over $1 Million to more than 400 women in America. Grameen is an international microfinance institution, it can be found in many parts of the world. Another great example of a microfinance institution that functions in the developing world is “Kiva”.  Kiva is the perfect of example of how the Internet and social media can be used as a tool to mobilize social change. In Kiva, anybody can help a small business owner thrive- even from the comfort of his/her home.

I recently met the executive director of Batonga at advocacy training for global education, and her work in Batonga included giving microfinance loans to women with the hopes that they will educate their children. It is very similar to what we do in GLOBE; our loans give women the empowerment they need to educate their children. I am very passionate about girls’ education, and I have learned that microfinance is a way women can also be empowered. GLOBE E has really helped me foster my passions and develop a wonderful array of skills that will serve me well when I become a full time social entrepreneur. GLOBE is empowering me to believe in my voice and capability.  In GLOBE, we learn new skills; we grow as a team and use our talents to alleviate poverty- no class can compare! 

Finance, Budgets and Risk Assessment Team
Log # 5
By: Michael Falligan

This week we are working on getting 7 of our final recommendations done to present to the Steering Committee. I believe with the magnitude of loans we have, it is important to get a feel for what they are looking for in a presentation. For example, are we providing enough information as a team in order to make a conscious decision on this borrower? 

One thing our group found interesting was that initially we thought making a rubric for the borrowers would make things easier, but as we went along we realized that our purpose was to be the total opposite of commercial banks. We didn’t want to generalize each applicant because they are each a special case – one applicant has children and is a single mother; but she has a steady income and professional children that supplement her income. There are many things that commercial bankers will deny an applicant for but with GLOBE, we give the applicants a second chance and strive to practice “old’ bank habits by performing character evaluations instead of just entering a formula and calculating a yes or no. 

The presentation and readings on “Social Entrepreneurship” really helped shaped the GLOBE class as a whole, further solidifying our mission. I am really excited about the Treat for Change event and the Appreciation Luncheon. I will not be able to attend but I will be making some delicious cupcakes. Each week I gain a new level of understanding and respect for this program – no matter the amount of work or hours we spend on the program it all matters and makes a difference. 

Marketing and Fundraising Team
Log # 5
By: Wanrong Li

This Saturday I staffed the table for GLOBE at the University’s Open House event. There was a bit of a mix-up at the beginning but things went well at the end. At the event, there was a good amount of people who were interested in learning about GLOBE. Most of the students are seniors in high school and they wanted to know what kind of programs St. Johns offered. Even though GLOBE is a program for juniors and seniors in college, it is good to plant the seed in their heads now. In the future, when they see and hear about GLOBE, they will more than likely consider joining us. Most students were energetic and enthusiastic about the program and the parents wanted their children to join a meaningful program like GLOBE too. During the three hours, we talked about what GLOBE was and the concept of microfinance. At the end of every introduction, we would encourage people to buy some of our promotional items. It was a very successful strategy to sell the promotional items there. The prices of our items were not high and the proceeds were going to a good course. A lot of parents were willing to donate. Since most people won’t be able to take the course until two or three years later, it is also good to have something to remind them about our program. 

It was amazing to hear that one of the students was also involved in a club similar to GLOBE in her high school.  She told us that her club is about women’s empowerment and entrepreneurship.  The program encouraged girls and women to start their businesses and fight for their rights and status in the society. I was very impressed to see that this student had such awareness and action at a young age. After learning about our GLOBE program, she was very interested and left her email for more information. It is exciting to see that social entrepreneurship is becoming more and more popular in society now. So it is not only GLOBE, but also a lot of other organizations promoting and executing it. In the book Creating a World Without Poverty, Muhammad Yunus speaks about how social business and microfinance can transform the world into a better place. In the future, there would not just be profit-maximizing businesses that care about revenue but also, social businesses that focus on social benefit. I believe that if more people are aware and participate, we can turn this fantasy into a reality. 

After this event, I feel very happy and honored to be a part of this program. I am promoting and representing GLOBE so that more people can know about it and participate in it later. Every GLOBE Manager should have a sense of responsibility to keep the program sustainable as well. Our effort can have an impact on a life, a family, and even a community. 

Technology and Communications Team
Log # 5
By: Brandon Hubbard

We are reaching the midpoint of our semester in the GLOBE program and I have to say that it is crazy how much I have learned so far.  Being part of the IT Team, it is our job to not only share what GLOBE is about, but it is also our job to educate— educate our peers about the world of microfinance.  

Lately, most of our posts have revolved around women and this is a big thing to take note of.  The first reason being that the majority of our borrowers are, in fact, women.  The second reason is that in the world of microfinance, many borrowers are women and they have proven to be the best borrowers.  Why is this an important fact to share with the public?  Because this fact coincides directly with today’s current events, most notably, Emma Watson’s speech introducing the “He For She” movement.  This is a movement where men are invited to become feminists and help women reach a place of equality.  

Most people would not know that microfinance is a great way to help women achieve this goal.  When we are talking about elevating women as whole to a place of equality, we cannot forget the important women who live in under-developed countries.  These are women who are likely to face abusive husbands.  These are women who are likely to have very little control over family finances.  These are women who may need empowerment the most, and microfinance is a way to give them that freedom of empowerment.  Giving these women economic freedom, the freedom to make their dreams reality—this is what makes me an even stronger proponent for microfinance.  Microfinance can help establish a world where women can be powerful, too.  Women may then encourage one another, lead their communities out of poverty, and create thriving environments for men AND women to live within.

This system needs to be shared and our peers need to be aware of the incredible world that is microfinance.  I am really grateful to be on this team.  Why?  Because we will continue to share and educate; education is what will lead to the positive change we want to see in the world.  

Enterprise Development and Program Impact Audits
Log # 6
By: Abigail Titus

As the middle of the semester comes and goes, I am beginning to reflect on how this course has impacted my worldview and how it will affect my future. I have really valued the business knowledge that I have gained in this course. It has really shown me that you must have both ideals and a practical, implementable plan in order to make any sort of progress. Realistic goals are critical as well. As I look to the world, I see that often people have great ideas, but they are not always thought through practically. To me microfinance embodies a solution that is implementable and can transform lives in a very economic and business-oriented way. 

As I look to my future, I take all of these lessons into account. My hope is to work in development, especially fostering projects that empower women. I believe this in depth knowledge of microfinance will play a big role in my approach in the future. Even if I do no work on financing projects in particular, it is the underlying lessons that are the most important.  In addition, after taking this course I hope to in my academic career take more business and economic related courses to give another side to my world understanding. I am thankful for GLOBE for giving me this insight and to challenging my previous worldview. 

Finance, Budgets and Risk Assessment Team
Log # 6
By: Mariam Makram

One of the main achievements of GLOBE and microfinance in general is the empowerment of women. This social impact is priceless. There is a certain amount of helplessness when a woman feels like she is less than her worth. What is expected of women in society in general is always under-estimated. They are expected to have children, take care of them and raise them, take care of their houses and extended families, and be good wives to their husbands. No one understands the volume of those responsibilities until they are put in that position. Not only do women have to bear those duties, they are often degraded and greatly unappreciated in developing countries. 

GLOBE has successfully given borrowers, especially women, the chance to be responsible, independent business owners who are able to provide for their families without having to depend on a man for finances. That is so important to understand because these women work hard and take out loans to buy their freedom and respect from both their husbands and the community. They save money from their income to pay back the amounts they have due and are usually reliable with paying loans back because their reputations mean everything to them. Moreover, I think that by nature, women are not selfish. Due to women’s maternal natures, they always make decisions while taking others into consideration. Loans that are taken out are planned to benefit the borrower’s family and the community around them. These loans are much more than a sum of money given to start a business. These loans serve as a statement about the example these women want to set for future generations. Not only do they take care of their families and fulfill their responsibilities as mothers and wives, but they are also proud business owners and providers for their families. 

This serves to empower the borrowers and the younger generations in the community who grow up knowing that they have more potential than they might think. These generations learn that their parents are paving the way out of oppression and poverty and into success, higher education, and empowerment. 

Marketing and Fundraising Team
Log # 6
By: Amira Sharif

This week in GLOBE was an exciting one. We were in preparation for one of our main events, Treat for Change, and we also were required to present our group’s midterm progress report.  For our team, we decided to split the slides individually, and put together a Prezi. Choosing to do a Prezi was our way of taking Dr. Sama’s constructive criticism about “stepping our game up” and being more creative. We thought that by incorporating a new type of presentation, it would set the tone for our improvements. We also created our Prezi in the form of a world map, which turned out rather nicely. As a team, we presented all the flyers that we created for each event— one for Treat for Change, one for our raffle, and one that can be distributed to smaller businesses in the area in order to receive donations. I believe that this midterm progress report really gave us a visual and an idea about where we are in the semester and what we truly have accomplished thus far. Although I do believe that we have shown some great improvements, this is not our time to get comfortable and fall behind. Our progress report showed great indications about what we need to truly work on to make a great impact on the program. 

On Monday, October 27th, we held our first event—Treat for Change. I am so happy to say that everyone in GLOBE contributed in one way or another, whether it be by working the table, bringing in a bag of candy, baking something, or even carrying around a change bag. It was rather difficult dealing with people switching shifts or the conflict between working the event and prior engagements to the GLOBE information session, also held that day. We sold almost all the goods that were at the event, but we were left with bags and bags of candy. I am happy with the amount of money that was raised, but we definitely have a long way to go. It is time that we pick up the pace a bit and maybe even plan a new event. It has come to our attention that some faculty members would like to see the program do a multicultural food event and personally, I believe that to be an amazing idea. Finding time to hold the event is the hard part, but that is something I would also like to accomplish for the program. 

Technology and Communications Team
Log # 6
By: Aleksandra Wachowicz
The semester has been extremely busy so far. GLOBE is a very rewarding program that makes me feel good but it is also a program that requires commitment and determination. I am very determined to make a difference in the world and do well in class. 

Last week, it was great to see the presentations from the different teams in GLOBE. It made me realize that although we are working on different aspects of the class, we have one main objective. The overall goal is to enhance GLOBE so it can have a greater impact on borrowers and create awareness with students and the wider community. We work together so that GLOBE increases its capacity from year to year and so that it will contribute greatly in the fight to alleviate poverty around the world. 

I felt so at ease listening to every group’s progress updates. I finally had some insight into what each group was doing. Knowing what each group is doing helps us make more conscious decisions regarding the content we post on our social media sites. So far we have been very successful in our social media outreach. However, after the Enterprise and Development Team has presented the internal audit report, I realized that we have to focus on our team’s other goals. In the upcoming weeks, we are going to work and focus on creating digital campaigns that are going to promote GLOBE among St. John’s University students and other GLOBE supporters. The internal report provided by the ED Team was very helpful and ensured that we stay on the right track to completing our goals. 

Although we are four different teams working separately, we are one group of people with diverse backgrounds working towards the same goals—alleviating poverty and creating a just world where everyone has equal rights.

Enterprise Development and Program Impact Audits

Log #7

By: Alexander Valdez

Our guest speaker this week was Mary Brusewitz, who gave a lot of insight on impact investing. Impact investing is an investment approach that intentionally seeks to create both financial return and positive social or environmental impact.GLOBE has been a great learning experience for me especially since I am a Finance major. One of the things I am going to remember is how much we accomplished working together as a unit. We received our final proceeds for our “Treat for Change” campaign; we raised a total of 620 dollars! I am excited to see all the teams progress toward next week’s audits

Joining GLOBE this semester has shown me what social entrepreneurship and microfinance is all about. I have been thinking about career options after graduation. I would love to work for a microfinance organization. During our class lesson today we came across a story by Jacqueline Novogratz called “The Blue Sweater”. It is a based on a sweater she donated to Goodwill, only to later find that same sweater 10 years later with her name on the tag on a boy in Rwanda. While at GLOBE most of us will not see in our impact in person after this semester, we have to feel confident that the effort we put into the Global Microloan Program is worthwhile for the years to come.

Finance, Budgets and Risk Assessment Team

Log # 7

By: Kevin Roque

This week in GLOBE we took our midterm. It really does feel strange saying that we took a midterm because sometimes I completely forget GLOBE is a class because of the different tasks and how hands on it is. GLOBE is a class though, but the topics covered and what you learn is through actual work, instead of just day-to-day lectures. At the end of the day, we as members of GLOBE are still expected to learn and be able to apply the different topics and what we have learned. I feel like the midterm isn’t meant to see if you can memorize a few definitions or how well you can study a few chapters like midterms are in most classes. Instead, it is meant to see how what you have learned can be applied to different aspects of GLOBE. This allowed me, as a student, to also see how I have grown in my knowledge of microfinance.

This week the Finance Team worked on revising our recommendations. The original ones we had were not uniform to how the past recommendations had been. In order to get everything we need to get done, we do have to schedule time outside of class and this helps to build connections with the team. Coming in to GLOBE, you’re put on a team, but the members grow to become some of your really close friends because of the amount of time and work that has to be put forth. We are trying to complete the rest of the recommendations so we have time to work on our other objectives and can present them to the Steering Committee. I think the biggest difficulty for the Finance Team is going to be “selling” some of the loans to the Steering Committee. Some of the loans we have are not starting up businesses, but helping with house repairs and other things that are crucial to helping people in these poverty-stricken regions. I think as long as we are prepared to defend why the loans should be approved and understand what the arguments against the loans are, we will be able to get them approved. It really comes down to just being prepared and ready to make valid points.

Marketing and Fundraising Team

Log # 7

By: Truc Nguyen

This week I learned the importance of taking responsibility for my own mistakes. Even though getting into the situation that I have to deal with does not put me in a comfortable spot, and although I tend to be an escapist, I have learned to face the bad feelings, admit my fault, learn from it, and then move on. In the real world, there will be nobody to pity you. It’s actually a good thing that I can learn about this while I'm in school and can still afford to make mistakes and learn.

Today, we were honored to have Mary Rose Brusewitz come in and lecture about impact investment. Impact investment is quite a new term, and was coined in 2007. Impact investment means to invest money into making a positive social impact (not just a social responsible activity) other than just financial gains. Impact investments are done through development banks and philanthropic organizations, forcing the money to be put in places that do not destroy the environment and had a good impact on the society.

As a manager of an organization that focuses on poverty alleviation and social well being, I find that impact investment shares a lot of mutual interests in creating a better world just like microfinance. It was said, however, that impact investment tends to contrast microfinance in that impact investment is more focused on the positive social impacts and neglects any financial profit. On the other hand, microfinance supports people in need by providing access to financial services, but still generates profit. Many microfinance organizations charge high interest and make a lot of profit.

Last week’s experience was a lesson, a valuable real-life lesson. I grew up a lot when I faced my own mistakes head-on rather than running from them. Mary Rose's lecture was a thrill to us. From her talk, we have learned so much about what we could possibly do in the future to help the world. The lecture helps liberate our views from just thinking microfinance as the only way to positively impact the society but rather, also about the many other approaches we can take to, step-by-step, change the world into a better place.

Technology and Communications Team

Log # 7

By: Nakeya Burnett

I had a lot of fun working the bake sale last week. I’m not very involved on campus and had never done an event like that before, so it was a really cool experience to be a part of. It was also a great opportunity to inform people about the GLOBE program. We invited as many people as possible over to the table and asked them if they’ve ever heard of GLOBE before. One woman claimed to know all about us. She said she’d been working on campus for over 10 years or so and that she’s seen us have this bake sale every year. The more she talked, the more I realized that she was clearly mistaking us for Global Studies and the Study Abroad Program; GLOBE’s only been around for five years! But we were happy that she donated to our cause anyway. Other people that we asked didn’t know anything about GLOBE, so we gave them a brief description of what the program consisted of.  I noticed that some people weren’t interested in what we were selling, but still gave donations after they discovered our mission. It gave me a pleasant feeling and reassured me how much of a great thing it is to be a GLOBE member.

In addition to helping others, GLOBE has been helping me! I am always being pushed outside of my comfort zone by being a part of this program. Doing presentations in front of the class every week without notes, and having to rely on group members for every aspect of the class are difficult feats for me; but they are feats I am glad to say I accomplished. One other achievement I can add to the list is speaking in front of my classes about GLOBE. I had been thinking about doing it for days but would always end up changing my mind out of fear. However the bake sale was slowly approaching and so was the deadline to apply for next semester. So one day I just took a deep breath and decided to make an announcement in two of my classes. I was extremely nervous and could feel my voice shaking as I spoke, but I felt so much better after I finally did it. Even if nothing came out of it, I was happy that I tried. I also took the initiative to take some of the leftover candy we had from the bake sale and raise more money for GLOBE. It sounded like a good idea at first, but once again I became too nervous to approach people. With the help of my friends, who also donated themselves, I was able to come up with a good tactic to get more donations, and ended up raising about $20. I’ve already grown so much by being a GLOBE member; I can’t imagine the person I’ll be by the end of the program. 

Enterprise Development and Program Impact Audits

Log # 8

By: Abigail Titus

This weeks assignment of finding an article related to microfinance really challenged me to find interesting information outside of what we have already learned in class. I enjoyed reading the latest trends in this industry and choose an article that I though highlighted an important one.

“Beyond Business: Rethinking Microfinance” by Timothy Ogden and Jonathan Morduch explores the ways in which microfinance can do even more than providing strictly business loans. In fact they criticize this way of thinking for being unimaginative. “The problem is, by clinging to this concept, we have kept ourselves from seeing what a more inclusive approach could mean for the world's poor -- and what it is that actually makes the micro-loan model work reasonably well today.” The authors use the example of Selco to demonstrate more expansive ways that microfinance can work. This company supplies solar lights to people who cannot conventionally receive electricity and customers can make payments over long periods of time. This means that the worlds poor have access to a good that they could never pay for in a bulk sum.

I believe that GLOBE should be taking those loans that do not seem business related more seriously. The mission of our microfinance program is to aid the poor and this does not have to be a one-size-fits-all approach. Besides, an improvement in quality of life will in turn make better borrowers and expand business possibilities.

Finance, Budgets and Risk Assessment Team

Log # 8

By: Marcel Chuo

Assessing all the different loan applicants has made me think a lot about what it means to help the community around us. Some micro-financed business ideas have more straightforward benefits. Those who take out microfinance loans so that they can rent out houses to college students are providing a home for the people in their community. They are also indirectly supporting education. Other microfinance business ideas have less clear cut social benefits. How much does opening catalog or postcard business benefit the community? Indeed, this is not an easy question to answer.

On a personal note, micro-financed businesses have made me thought a lot my about my own entrepreneurial inclinations. For quite some time now, I have secretly desired to open my own image consulting business. The concept behind it would be to help the average man to take care of his outward appearance, from grooming to clothing. It has been a personal belief of mine that men are severely lacking in this aspect of their lives. Historically men took great pride in the way that they presented themselves to the world from the 20’s to the 60’s. Then the hippie movement took over. While women today have moved past that era and now take great pride in their appearances, men never seemed to have recovered from the hippie age. Every time I see man struggle to dress himself, it’s like he is a helpless young boy that doesn’t know how to take care of himself. Perhaps my emotional bias stems from the fact that I haven’t always been well groomed. A year and a half ago, I made a personal commitment to learn everything about male grooming and clothing.  It was then I learned how to take care of my physical appearance whilst on a budget. Recently I have helped 7 college men throw out all their baggy jeans and get a wardrobe that adequately prepared them for the business world. Now more than ever, I am certain that this is my calling.

Sometimes I wonder about what it was like for our microfinance borrowers to tell their communities about their unconventional ideas. Were they mocked? Accepted with open arms? I will never know. Now more than ever, I am in the exact same position as the borrowers I am reviewing. Excited, hopeful and slightly afraid about the future that lies ahead of me. And yet, what better way is there to live life?

Marketing and Fundraising Team

Log # 8

By: Amira Sharif

This past week in our GLOBE class, we were honored in having a special guest speaker, Mary Rose Brusewitz. She spoke much about her legal practice on international transactions, and the way she understands the impact of legal and financial systems on risk analysis and structuring. We were able to relate this to our own Enterprise Development Team in which they perform impact audits both internally and externally. I believe that it posed a great benefit to our program to hear her speak. She put many things into perspective for us as she used her substantial experience in impact investing and sustainability to show us how to deal with the micro finance industry.

Bill Gates, the Co-chair of the Bill and Melinda Gates Foundation stated, “We invest in global health because we know that when health improves, life improves by every measure.” I, 100% agree with this statement. Health is one of the most important aspects of life, because it really is life itself. Once you become aware that a person’s health is at an all time high, their livelihood is at 100% as well. Everything in life is better, and they can strive to their full capacity because they now have the ability to do it all.

Apart from our speaker, we also had time in class to speak with the other GLOBE managers about our thoughts on the Appreciation Luncheon. As a class we decided that for the raffle, each group will contribute their own basket of goods to raffle off, and we will also be raffling 2 movie tickets and a $50 gift card to a Mexican restaurant in the city. At this point in time, my only concern is being able to sell a good amount of raffle tickets in time for our Final Presentations. There is much to do, between writing our research papers, the Appreciation Luncheon, and trying to raise more money in order to reach our goal. We have one week left for the Luncheon, and there is much to do. As a team, we need to have everything in order and ready for Wednesday.

Technology and Communications Team

Log # 8

By: Brandon Hubbard

This week in GLOBE we learned about the concept of microinsurance.  At first I had a hard time wrapping my head around the concept.  Many people in developing countries do not have insurance and I can understand why.  To incur another expense to protect yourself from an event that may not even happen really doesn't seem reasonable, especially when you are struggling to put food on the table.  After discussing it further, I know why it is important that people in these areas are insured.  If a natural disaster or another incident occurs, these individuals will lose their ability to provide for their families. I believe it is up to microinsurance programs to make insurance as low cost and accessible as possible.

Additionally, I was surprised to learn that group microinsurance hasn't been practiced like group microloans.  I believe it is something that communities should consider.  This would be a system where individuals can pool a sum of money together for insurance purposes.  People can withdraw money from the pool when they are faced with a crisis, and when they get back on their feet they can put that money back in the pool.  I believe this is a method worth giving a shot.  Unforeseen incidents always happen in life, no matter where you are from.  It is important to be protected from them; therefore, a system of insurance should always be in place. It doesn’t matter if this method is unorthodox, as long as they are covered.

Enterprise Development and Program Impact Audits

Log # 9

By: Jasmine Mbadugha

We have about four weeks to the end of the semester, which means our work in GLOBE for the semester is drawing to an end. With time out, we are all anxious to see how much progress we have made and if we really achieved our goals.  We are excited about making a change in the lives of our borrowers. We hope that our internal audits, which will be conducted this week, will give us a successful measure on how far we have come.  We are trying something new, we want to see if conducting more online based audits will be more sustainable as future groups will be able to have access to our past audits.  One of our reading assignments last week was to read chapter 9 of  “The Economics of Microfinance”, I learned how the impact of our loans could be measured. Although, it is a bit technical, I feel we can measure these impacts with our external audits and get accurate results.

I have learned a lot this semester, and I have acquired multiple skills that I will need for life. Conducting audits has taught me how important it is to be meticulous. Bad internal audits could affect our external audits and can lead to a lapse in our progress. During our last class lecture, I also learned a great deal about microfinance. I learned that insurance could be given out with microloans; microinsurance programs usually offer coverage to low-income households and families. This is helpful because people with little to no savings can have an insurance plan hence reducing the inequality gap. A lot of MFIs have now included microinsurance in their programs. In Nigeria, more than 112 million consumers still need microinsurance but it is not being given to them. Maybe as GLOBE continues to grow, we can find partners who can give our microfinance to our borrowers. Microsavings was another interesting aspect of MFI that I learned in class. It encourages people to save so if they default on their loan, they can always take out of their MFI savings account. In our business plan, we are including a section on “how to save effectively” to teach our borrowers how to save. I learned that knowing how to save effectively is a very important business skill that is needed to be a successful entrepreneur. Microfinance is a very diverse and interesting field. Microfinance has a lot of different branches with the over all goal of reducing poverty.

Finance, Budgets and Risk Assessment Team

Log # 9

By: Mariam Makram

This week was crunch week for us. Everything we worked for all semester came down to these two hours on a Monday afternoon in Bent Hall. The day before, we spent hours printing everything, putting the packets together, and practicing our approach to the Steering Committee. Out of the 16 loans, we had done 13; there were two that we had several questions on, but what about that last one? While scrambling through all the packets, we realized that we had one write up that was not done. How did we miss that one write up?      

Stressed out and trying to get done, I volunteered to do the last write up. That day ended up being so long and I could not get home till late that night. As I lay in bed exhausted, the last thing I wanted to do was research and write a recommendation. And then I thought to myself, “there is a young woman in Vietnam right now who applied for this loan, and she is waiting for this money to change her life.” It took me a minute to completely understand that this woman is essentially waiting on me. I immediately sat up, pulled my laptop, and started writing.

While I wrote, I had to remind myself that this is not like any other class I have ever taken, or probably will ever take. I am not doing homework or exercises out of a textbook; I am not writing a paper defending my opinion about Socrates’ philosophy; I am formally defending the decision of my team on a loan application of a real person who is waiting on me.

For some reason I can’t get it out of my head that she is waiting on me, and I was about to get too lazy do her write up. Isn’t that crazy? I thought that if I was in her position and a life changing decision was in the hands of a college student, I would expect her to do everything she could to help me. I can only hope that my work for this borrower made her proud and brought joy to her life.

Marketing and Fundraising Team

Log # 9

By: Happi Hongla

With just a few weeks to the end of the semester things have finally reached their climax. It is now that the hard work, classes full of advice, and preparation shall be seen. Class today was a bit stressful for me due to preparing for the Luncheon, stressful in the sense that I didn’t want us to be unprepared. With help from everyone, we feel ready and excited for our long awaited Luncheon.

From our reading I was really able to grasp a full understanding of a social entrepreneur—an individual who is vibrant, active, with the motivation to benefit society, not necessarily profit.  It is known that our history is what accounts for our present; this chapter really broke down the origins of what we call the business and citizen sectors.

The business and citizen sectors are both alike as they somehow market their products/services. The only distinctions are their respective goals. Whereas the business sector is driven more towards profit, the citizen sector is not-for-profit. These sectors both came into existence from past social reforms. For instance, the Industrial Revolution started a period of automation whereby machines replaced physical human labor. This resulted in the production of goods that could be sold at high prices due to high society demand. As time gradually progressed, the citizen sector clearly emerges from the selfishness of the business sector. A sector that is out only for profit forgets about the people who need help. This created a void space that was filled with businesses to look after the little people. Changes in our past economy are what make our present economy what it is today and what it will be tomorrow.

I think this reading was valuable as it makes you have some sort of foundation and knowledge of the basics of business before actually engaging in huge commitments. In microfinancing, I think this is important. Personally, I believe I learned that knowledge of a lot of information is never too much and is always needed in order to make the best most effective, efficient decisions.

Technology and Communications Team

Log # 9

By: Aleksandra Wachowicz

This week our team had to summarize a chapter from Muhammad Yunus’ book Banker to The Poor. I found the reading very interesting, so I have done additional research on the positive correlation between technology and poverty alleviation. 

According to the latest research, the number of cellular devices in underdeveloped countries has been dramatically increasing. On the other hand, the number of cellular devices in the developed countries has been the same for past 10 years. At the same time, the poverty in the world has been decreasing. Therefore, I can draw a conclusion that technology advancements have positive correlation with poverty alleviation.

Jeffrey Sachs, director of Columbia University's Earth Institute, said that wireless communication is a breakthrough technology that helps to solve the worst problems associated with healthcare, poverty, and educational access. He adds, "Now in every village where I go, someone's got a cell phone, somebody can make an emergency call, someone can find out the price on the market, someone can start a business empowered by the fact that they can reach a customer or a supplier, someone can drive a taxi or a truck for that reason as well.“ In fact, mobile devices enable individual entrepreneurship and small business development.

Furthermore, people can use phones to make monetary transfers, arrange for microfinance loans, establish small enterprises, and improve their economic circumstances, and ultimately, alleviate poverty.

What comes to my mind is the fact that we live in the world dominated by science and technology. Most of the times we do not appreciate multiple benefits resulting from the use of technology, like efficiency and convenience. For the poor, however, science and technology are likely to have a far greater impact as they promise to provide new, important, even life-saving economic opportunities. I hope that one day, perhaps in the next 10-15 years, people in the underdeveloped counties will be able to benefit from technological advancements as well. I foresee the day when a student sitting in a Bangladesh village will be taking a class at Harvard University through the Internet, creating a world where everyone has equal opportunities and access to resources.

Enterprise Development and Program Impact Audits

Log # 10

By: La Shay Green

With GLOBE being financed by donations, we felt that we needed to show appreciation to those who have supported GLOBE from its beginning all the way up until now in its fifth year of operation.  Donors’ funds are collected and at least 95 cents of every donated dollar goes directly to our borrowers and related student fieldwork.  Without their support, we would not have funds to support our budding entrepreneurs. With this in mind, we wanted to acknowledge our donors and the great work they continuously do to keep this program going, so GLOBE recently held an Appreciation Luncheon on November 19, 2014 to show our gratitude. It was an amazing and successful event. I had the privilege to meet so many people who were such proponents of GLOBE and it was such a positive sight to see so many people come out for such an impactful cause. Facility, students, and alumni alike rallied together that day to show their support for microfinance in impoverished countries. In all the chaos that is going on in our world, it was great to just step back and look at the positive things that are being done about the issues that are taking over many societies. Even with it being an appreciation luncheon, many people still donated even more to our mission of “… building a global community (starting here at St. John's) that contributes to the goal of eradicating poverty within our lifetime.” It was inspiring to have contact with these donors to see and hear why they even donated in the first place. The overwhelming support donors showed motivated me even further to continue my momentum and hard work throughout these last few weeks in the semester I will have with my Fall 2014 GLOBE class. With the Thanksgiving holiday coming upon us this Thursday, I would just like to extend another thank you to those donors again and to Dr. Sama for their inspiring commitment to our program.

Finance, Budgets and Risk Assessment Team

Log # 10

By: Thomas Fiorillo

This past week I had the chance to attend our annual Appreciation Luncheon. It was an overall great experience to get to see so many people who support and believe in GLOBE. It became apparent to me that we have a very strong program established with lots of people willing to contribute what they can.

I had the pleasure of sitting next to a donor named Claire. She has provided donations throughout the past few years in full support of our mission. As I found out from talking to her, Claire and I had lots of similarities with our college studies. She majored in mathematics (a subject I have a minor in). She also had a few professors that I am taking as she had a background in risk management as well. Moreover, she used this degree to work for an insurance company. This is where most students in my major usually get jobs, so I have a good knowledge of the field. It was interesting hearing everything she had to say about her experiences in insurance and how the processes are different today than how they were when she worked in the industry. It was really interesting talking with her, and I am glad I was fortunate enough to be at her table.

Another influential person that I met at the Appreciation Luncheon was Catherine Sims. I enjoyed talking with her about experience in Nicaragua and hearing about her encounters with our current and potential borrowers. When she presented, she talked about actual borrowers she met and some of them I actually recognized from writing loan recommendations. She was definitely a positive influence on all of us as she shared her success stories at our table as well as in the presentation. Seeing so many past students at the luncheon was truly a blessing as it showed everyone how great the program is and where it can take you.

Aside from actually meeting people on a personal basis, I had the honor of saying a few welcoming words at the beginning of the event. I was grateful for the opportunity to be able to thank all of our generous donors for making our program what it is. My hope was that I adequately expressed mine as well as the entire class’ appreciation for what these donors do. If it was not for their selflessness, there is no way our program would be able to operate.

Overall, I really enjoyed my time at the Appreciation Luncheon, and I hope to be able to return as an alumnus of GLOBE in the future.

Marketing and Fundraising Team

Log # 10

By: Wanrong Li

Last week was the Appreciation Luncheon. It was a big success. I really enjoyed the whole process and I was proud of what the whole class did to make it so successful. Before the luncheon, our team had gone through a long preparation process. We met up with Lina to decide on the decorations. We were still changing the flyers, the borrowers; profile cards, and the country flag decorations until the day before the luncheon. It was pretty stressful but I was glad that everything worked out. The whole process was smooth. I was very proud of the enactment idea we came up with at the beginning of the luncheon. It was very touching and creative. It got people engaged and personalized the impact that GLOBE had on our borrowers. 

During the Appreciation Luncheon, I was deeply impressed with Catherine Sims’ presentation about her trip to Nicaragua. We were lucky that another GLOBE Student Fellow there as well so they both shared their experiences. During the Nicaragua trip, they had visited a number of non-profit organizations, including programs for microfinance, children’s education and so on. It was amazing to see there are so many NGOs in Nicaragua. One thing that stuck with me was when Catherine talked about how two organizations were so close to each other but they didn’t know the existence of each other. I was thinking if they could work together, they could accomplish much more than doing it alone. I think GLOBE can learn from that lesson. As a student organization, we need to know of other programs or organizations on campus or even outside of school that have similar missions to ours. This way GLOBE can partner with them, and perhaps host events together, share resources and promote each other. It will also be a good way to make more people aware of the existence of GLOBE.

Technology and Communications Team

Log # 10

By: Aleksandra Wachowicz

Thanksgiving, a special holiday when people gather and reflect on what they are grateful for, is upon us. On Wednesday, November 19 the GLOBE class hosted our Appreciation Luncheon organized for GLOBE’s donors, and supporters of the program. It was exciting to see how everyone in our class came together and created an exciting event. The Marketing Team prepared beautiful decorations and created a very interesting program. I was very anxious to meet our donors as well as supporters, and express our gratitude for making GLOBE possible.

The best part of the program was at the beginning, when two students pretended they were two of our borrowers, a borrower from Kenya and a borrower from Vietnam. They told their stories; where they are from, what do they do, why they needed the loan and how they used it. Listening to their personal stories made me feel that some of our borrowers were amongst us.

That situation made me realize that I have so much to be grateful for: family, friends, education, stable income and access to resources, like healthcare, clean water and electricity. Everyone takes these things for granted. Most of young adults that are around my age cannot imagine living without clean water or electricity, but the reality is that 400 million people have no access to safe water, and 1.6 billion people — a quarter of humanity — live without electricity. Furthermore, yet again, I was thinking that I am extremely grateful to be part of the GLOBE. Through the work I do in poverty alleviation, the program makes me feel special. I feel like I am a part of something bigger than myself, and that the world does not evolve around wealthy people living in developed countries, but on the contrary- it focuses on vast majority of people living in under developed countries. Sadly, people have to realize that nearly 1/2 of the world’s population — more than 3 billion people — live on less than $2.50 a day. More than 1.3 billion live in extreme poverty, that's less than $1.25 a day. We all are extremely fortunate to live in the developed world where we do not have to be worrying about the basic needs like water and electricity. On this Thanksgiving I am going to be thankful for all the opportunities and chances that were given to me throughout my life.

Enterprise Development and Program Impact Audits

By: Abigail Titus

To write this GLOBE cumulative log, I decided to look back on previous logs to reflect on the mass amount of material that I have learned and experienced this Fall 2014 semester. It is clear from my beginning logs that I had excitement and enthusiasm as I began to understand the possibilities for my class and team. I was thrilled to learn that we had the biggest group of potential borrowers that a GLOBE course had ever seen.

I was also looking forward to working with my team and learning how to best communicate among us. I am happy to reflect on this point especially because I now know that we have become not only effective teammates, but good friends as well. That is something that I did not expect or predict when entering this GLOBE course, but is truly one of the most valuable things that I am taking away.

My second log was focused on a big passion of mine, the empowerment of women, which ended up being a big focus of our entire course work. This trend continued to inspire me. It has been my dream to find a job in a program which focuses on giving women the tools to fight for equality in a world that pushes women down with all its might. Looking back now, I can say that this course has given me a true and deep understanding of what a powerful force microfinance and be for women and visa versa. As I stated in my final log, I truly feel that is course is going to be critical experience for my future, potential employers who look for the ways during college in which I discovered effective methods for aiding women.

However, along with all the good aspects of microfinance that I learned about, discovering its downfalls is also one of the most valuable aspects that I take away from this GLOBE course. As I discussed in my third log, I am glad to know that I can have an open conversation about the strengths and weaknesses of microfinance and was not given a false belief that it is the solution to all of the world’s problems.

Outside of course work, my team completed our first audits in the beginning of October and again at the end of November. This hands on practice taught me a lot about how individuals see progress differently and how important it is to have an auditor to shine a mirror on the true status of an organization. I was surprise to find out how much I enjoyed this process and I believe it taught me that I could enjoy being in business in more ways than I previously though. Being the auditor of the Finance Team also gave me a close view of just how incredible of a job they did completing all of their goals and truly investing time in all of our potential borrowers.

After the mid-term, I began to polish up the External Audits and discover what realistic goals we could set as a team for these assessments. I am still eager in looking forward to any data we can retrieve from these reports in the future and it remains my biggest recommendations for future teams.

I am so thankful for all the things I continue to discover that GLOBE has given me. From new friends to hands on experience and a broader view of the possibilities that business knowledge can give me, GLOBE has truly been transformative. I look forward to staying involved in this program and to my future career, which I hope will give me the kind of satisfaction and dive for continued work in alleviating the world’s toughest issues that GLOBE has given me.

Finance, Budgets and Risk Assessment Team

By: Thomas Fiorillo

This past semester will be something I remember and value for the rest of my life. I came into GLOBE planning to help others, but the program in the end helped me far greater than I did anyone else. This program greatly expands beyond the average class, as it is enriched with practical work, fulfilling tasks, and lasting friendships.

I cannot begin to express how grateful I am to have been placed on the Finance, Budgets, and Risk Assessment Team. As a part of this team, I was able to use my personal skill set to help out individuals around the world. One of the most intimidating yet best parts of the program is the degree of freedom we received in our work. We were given directions, but not strict requirements, which forced us to create our own methodologies to solving the challenges presented in GLOBE. Receiving an unprecedented sixteen loan applications was a daunting task. Through the collaborative teamwork and creativity of our team, we were able to get fifteen of these loans approved (with the last one being near approval). Specifically, I was able to use my analytical background towards the program’s mission. I constructed an excel spreadsheet that is useful in determining the loan parameters most optimal for each borrower. Additionally, the sheet is valuable in assessing outstanding loans, mitigating our default rate risk, and altering loan schedules to meet the needs of our borrowers.

While I am happy to have brought this innovation to our team, I am not the only one with a story like this. Each and every one of my team members (as well as the class as a whole) brought about an unprecedented change to the program that will indeed make a substantial impact in the future. I am so blessed to have been surrounded by such positive and motivated workers. Moreover, I am thankful to call these teammates my great friends. Entering the class not knowing a soul, I leave the class with numerous friends that I intend to have for life. Every manager has been overly nice and kind to me throughout my time in the program, and they have all truly inspired me to be the best I can be.

Again, my intentions for joining the program entailed helping others and making a difference. However, GLOBE ended serving as a valuable asset to me. One of the key points of the mission of the program is education for its managers. GLOBE definitely followed up with this, as I used my experiences on every interview I had this semester. The course hits everything a potential employer is looking for: teamwork, technical capabilities, presentation and communication skills, community involvement, diversity, and analytical acumen. I thoroughly enjoyed telling each interviewer about my experiences in the program, and I am proud to say that I extended the outstanding reputation of the program outside of St. John’s.

Overall, this program has been nothing short of exceptional. I came in unsure of what I would be able to contribute or what I would get out of it. GLOBE has without a doubt been one of the best experiences of my life, and it will serve as a great help to me in all aspects of my future. It has been an honor and a blessing to be a part of such a powerful and meaningful program, and I hope to stay involved in as many ways as possible.

Finance, Budgets and Risk Assessment Team

By: Kevin Roque

It feels like just yesterday I was so excited to actually get to make a difference in the lives of others through GLOBE. I remember coming in the first day not knowing what to expect from my team, from the class, and from the program. One thing that quickly became evident was this class does make it easy for us as GLOBE Managers to get left behind, but it also gives us the chance to push ourselves in order to keep up with everything that has to be done, and most importantly it give each and everyone of us a chance to improve ourselves and work on our weak points. As the weeks went one I started to realize where I needed to improve and expected to improve as time progressed. What I did not expect was that a class would help me improve so many aspects some of which I did not even know I needed to improve on. Coming into GLOBE I had always dreaded public speaking, and it would always rush what I was saying, which would lead to me getting tongue tied. I feel like after so many presentations and practice now it isn’t so bad. As long as you know what you want to say and how you want to present that information I feel fine and can start to tell when I rush. This allows me to slow down and continue on with what I had to say. I feel like my teamwork skills improved.

I am grateful for the team I got because not only where they my teammates but slowly became some of my good friends. We all are involved on campus and really learned how each of us worked. As the semester progressed everyone kind of just knew what to do in terms of work and even though we all were busy we still realized how important GLOBE is. Slacking off is not just about a grade or getting points off, it can lead to someone not getting the chance at improving their life. We always made time to meet and make sure everyone stayed on the same page and I think that is what kept us strong the whole semester. As long as we stayed on the same page we could continue to move forward to reach our objectives and even surpass them. Throughout the semester one thing I realized is how important it is to set reasonable goals but to always be ambitious.

The goals we set and work we did we got to present at the end of the year presentation which was honestly a scary experience. It had me really nervous having to speak in front of so many people. I think it honestly had all of us nervous but knowing what we were about to present and being proud of what we accomplished really drove us. It was an unforgettable experience and amazing time.

The point of us as GLOBE managers is not to just go through the semester learn a little and move to the next thing. The point is to come into GLOBE at point A and when you leave to have moved it to point B. I honestly believe we the, Finance team did that this year. We came in knowing nothing and left knowing we made a difference. We got to implement a data base system, make a knew loan payment excel sheet, and I feel like we could have done so much more if we had more than a semester. I never thought I would be sad a class was ending, but I can honestly say I wish I could spend more time as a GLOBE Manager.

Marketing and Fundraising Team

By: Wanrong Li

I cannot believe that this semester has come to an end. I have learned and improved significantly this semester. Not only did I gain knowledge of microfinance, social business and impact investing, I also learned more about myself. Being part of GLOBE doesn’t just mean learning in class; I got the experience of how to run an organization, how to host fundraising events, and how to work in a team. I realize what my strengths and weaknesses are. That is the most valuable thing I gain from GLOBE.

Before this class, I knew that I could be a careless person sometimes. I don’t pay much attention to details and I forget things easily. I didn’t realize how much trouble this could cause others and me until this semester. Since I am on the Marketing and Fundraising Team, we needed to create flyers, posters, and some other promotional materials. I feel ashamed of all the little mistakes that I made on the flyers. The day before the Appreciation Luncheon, we were still trying to fix the borrower’s profile cards. It makes me realize how much I need to get rid of my carelessness because it not only shows a low standard of work and causes an inconvenience for others. I need to be stricter with myself and pay more attention to details.

Teamwork is the way to ensure that we get the job done. At the beginning, we didn’t communicate too well and sometimes we were confused and lost about what we are doing. I learned to take the lead and point out the problems we had. I can take on the jobs that others did not do but it’s important to make them realize that it was their responsibility as well. To be a good leader in the future you need to learn how to take the initiative. I am glad that in the end our team worked together to achieve the same goal.

My presentation and writing skills have made significant progress over this semester as well. The weekly presentations and logs helped me to reflect on what I learned and where I need to improve. Time management is also key. This semester I was involved in two other programs that time consuming and we very intense. This forced me to be organized and manage my time well. Everything needs to pan out in advance so that it won’t cause a lot of chaos and pressure at the last minute. I know we could have done so much better as a team if we had planned properly and did things earlier.

Last but not least, this program has changed my view about microfinance and social entrepreneurship. Even though I don’t process the loans and see those people directly, I know how my efforts can make a little difference in their lives. It makes me believe that I don’t need to do something huge to create a social impact. As a GLOBE Manager, I help to run the organization by raising money and awareness so that we can fund the struggling entrepreneurs in developing countries. Everyone can be a change maker.

As a saying goes, “The fragrance always stays in the hand that gives the rose.” Old wisdom teaches us that helping others will benefit you as well. I have gained so much more than what I have given. I am grateful for having been given this opportunity to work with so many socially responsible individuals.