Microfinance is a proven model for economic empowerment in developing countries. International microfinance institution Accion is now targeting job creation in the U.S. by funding small business owners who could not get other forms of credit.

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Small business owners share the "stubborn resilience" and hard work ethic that, according to Obama, characterize the American people. The fruit of their labor is income and employment for themselves, their families, and others in their communities. They are the personification of Main Street USA, and the essence of our free-enterprise economy. And they will be a major factor - perhaps the major factor - in pulling America out of the Great Recession.

Microentrepreneurs often share another common obstacle - difficulty in finding and qualifying for affordable business loans. Access to adequate financing is the single most critical need for anyone seeking to launch or maintain a small business. Public and private sector efforts to increase the flow of loans to businesses of all sizes have been of some help, but not nearly enough to restart the small business job engine.

Simply put, small entrepreneurs need additional sources for loans.

Microfinance, perhaps best known as a means of helping small business owners in developing countries move out of poverty, is one source already in place in the United States. These organizations make small loans and other financial services available to low- and moderate-income businesses. Support for microfinance programs, perhaps through a portion of the $30 billion pledged for community banking institutions, equals support for small businesses and through them, the communities in which their owners live and work.

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