Monday, November 21, 2011

Bank with new apporach - it helps borrowers out of debt

Grameen Bank does what most conventional banks fail to do: provide credit to the poorest people without any collateral. The underlying vision of Muhammed Yunus – founder, managing director, and Nobel laureate –  was to lend to people based on their potential, rather than material possessions. Grameen Bank has followed through on that vision by adopting innovative strategies:
  • Borrowers own 95% of the total equity of the bank
  • 97% of its borrowers are women
  • Loans are 100% financed from its deposits
  • Interest rates are low
  • Those with nothing are more likely to get loans than those with more
  • Branches are located throughout rural Bangladesh
  • If a borrower is having difficulty paying back a loan, the Bank works with the borrower to set up a new payment plan rather than foreclose or report them to a credit agency
Watch the video: http://thrivemovement.com/views/solution?article_id=1126&article_title=Grameen%20Bank%20Lifts%20its%20Borrowers%20out%20of%20Poverty

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