The Grameen Bank: Banking for the Poor

Muhammad Yunus a social entrepreneur who is a economist a banker. He recognized a social problem and started a company to help solve the problem. Yunus started the Grameen Bank after he visited a poor village where he found out small loans could help get these people out the poor village and start a life that is less impoverished. His first loan was $27 and was split amongst 42 women. The Grameen bank has issued money to over 7.4 million borrows. The bank uses “solidarity groups” where small groups apply together to encourage the repayment of the loan. All of Yunus’ microfinancing  has led to other trying to produce similar efforts. He received the Nobel Peace Prize in 2006. The company had about 1.4 billion dollars in Net Income in 2006. This company is a very successful company while making a good impact on the world.