Word: grameen
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Ashoka has funded more than 1,000 projects, from India to Mexico. Each joins the organization's worldwide network of like-minded social entrepreneurs, exchanging ideas and practical experience. Alumni include Mohammed Yunis, member of Bangladesh's Grameen Bank whose "microcredit" loans of less than $60 have made it possible for thousands of poor women to build their own homes--a success story that attracted attention during Hillary Clinton's trip to South Asia...
...startling success of microbanks around the world. More than 7,000 microcredit institutions offer tiny loans (averaging about $100) to destitute people to generate income through self-employment. The results are higher incomes, better health and better school attendance. Microbanking now functions on a large scale. For example, the Grameen Bank of Bangladesh has more than 2 million borrowers, most of them village women, in one of the world's poorest countries. Yet the on-time repayment rate is 98%. In the microbanks, the interests of the customers, not global strategy, come first. BLAISE SALMON Victoria...
Muhammad Yunus, founder of Bangladesh's Grameen Bank, popularized this simple idea: give small "peer groups" the credit they need to start their own businesses. They then act as a combination credit committee and collection agency: if one member defaults, the others must pay back the money. The average Grameen loan is $67, and the repayment rate is 98%. Among those groups following his lead was Chicago's Neighborhood Institute, which gave Rickenbacker her loan, formed her peer group and sponsored a 13-week entrepreneurial-trainin g class...