In 2014 the Milken Institute convened a Financial Innovations Lab® on the topic of how to build mechanisms for financial inclusion. Unlike a number of previous Labs that have focused on easing barriers to capital for entrepreneurs and small and medium businesses, this Lab addressed the needs of Israel’s poorest and most vulnerable populations. The Lab was held in Jerusalem with more than 50 policymakers, regulators, and community and industry representatives.

The Lab addressed local initiatives in alternative banking, community lending, asset building, and financial technologies. Robert Annibale of Citi Community Development (U.K.) introduced a framework for the Lab and moderated the discussion about best practices; the Lab hosted three additional international experts, including Cathie Mahon, CEO of the National Federation of Community Development Credit Unions (U.S.); Andrea Levere, president of the Corporation for Enterprise Development (U.S.); and Gina Harman, CEO and president of Accion U.S. Network. The discussions tackled the four pillars of inclusive financing strategies: capital growth, community development, credit, and capacity.