Microfinance: The Grameen Bank founded by Muhammad Yunus

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In the past years microfinance has flourished into an ever growing market for emerging small businesses around the world. Microfinance helps developing countries from all around the world able to obtain the financial help needed to launch small businesses. These people can empower themselves by taking small loans to finance their projects. Micro credit or small amounts of money exist as small loans given to entrepreneurs looking to empower themselves. The Grameen Bank innovation provided to people willing to help themselves. Muhammad Yunus, winner of the Nobel Peace Prize, invented the idea for the Grameen Bank. Yunus believes that “small loans can produce big dream” and that “micro finance has that ability to change the world.” Microfinance appears as an effective solution to reduce poverty. It can improve income and establish self sufficient businesses. It can also help with self employment and brings about change for a whole community.
Muhammad Yunus's wrote his autobiography, Banker to the poor: Micro-lending and the Battle against World Poverty. Yunus inspired by the hard working women in Bangladesh wanted to help them. Unable to get a loan from a formal bank many women works paid outrageous interest rates that they could not pay off and so were indebted. Stunned by this reality Yunus paid for many of the women’s debt of and gave them small loan with no interest. Yunus wanted to do more on a greater scale and so the foundation for the Grameen bank started.
In 1977 the Grameen Bank became a reality, helping 7 million people and loaning out a staggering amount of more than 6 billion loans. Yunus believed that everyone had the humane right to establish their own credit. In a quote from President Jimmy Carter expresses his fee...

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