"We will create a poverty museum by 2030. We will start with Bangladesh" - Prof. Yunus
It all started with USD 27. This was the original amount of money Muhammad Yunus lent to 42 poor villagers in Jobra, Bangladesh so they could repay their debt to local money lenders and start little businesses. The small experiment had a large effect. The money was paid back. New loans soon followed. Life in Jobra changed.
Inspired by the experience of how much can be achieved with such a small amount of money, Prof. Yunus founded the Grameen Bank for the purpose of lending money (microcredits) to people who otherwise do not have access to capital. Grameen is the Bengali word for "village" and therefore describes the very character of the social business philosophy - starting small. The Grameen Bank grew and became a great success and enabled an enormous number of people to get out of poverty.
The Grameen Bank also happened to be a social business.
The microfinance business model soon spread from Bangladesh around the world. Through the Grameen Trust, Grameen has supported other