Grameen America Blog

What Does Grameen America Mean To You?

2012-01-26T07:42:00.000-08:00

We've complied a list of words to describe what Grameen means to us. What words jump out at you? Which do you hope to see more of in 2012? Let's make it happen!

Interview with Grameen America CEO Operations: Shah Newaz

2012-01-24T07:55:00.000-08:00

Shah Newaz and Professor Yunus at Bronx Grand Opening

Mr. Newaz is the foremost Grameen expert in the US. Since our 2008 launch in Jackson Heights, N.Y., Mr. Newaz has successfully overseen and scaled our operations across the country.

When did you join Grameen Bank? What specific experiences led you to your position at Grameen America?
When I was a student at Chittagong University, I would see Dr. Yunus interact with the poor residents of Jobra Village. My professor urged me to apply to Grameen Bank, stressing its progressive work and deep impact on our community.

Tell us about a turning point moment that changed the course of your life.
In Bangladesh, most parents want their sons to work in government because the jobs are life-long secure positions. Joining Grameen was a risk. But right after joining, Dr. Yunus discussed with us the noble and ground-breaking work Grameen was doing. His speech was invigorating and I don't think I ever looked back.

Under your leadership, Grameen America has lent to over 8,500 borrowers. In your opinion, what are the keys to success?
The effectiveness of our model developed by Dr. Yunus and its noble intent, the way our Branch and Center Managers work hard to implement it, and the encouragement we receive from our management. Our dedication to implementing the original model of Grameen ensures our success.

What surprised you most when you first arrived in New York?
So many things were new and surprising. The first time I ever had to swipe a card to get on the subway was a new experience. I needed the help of my friend to walk me through the chaos.

What was your biggest challenge starting the first branch in Jackson Heights, Queens?
The biggest challenge I faced and we have been facing to this day is hiring the right staff. Getting the right kind of Center Managers who are motivated to work in the community for poverty alleviation has always been a challenge in the United States.

What food dish do you miss most from home? Does American-Bengali food compare?
I miss “Alu Puri", a kind of potato bread made with spices that my mother and elder sister make. That's the food I miss the most.

What is the most exciting part of your job?
Visiting the Center Meetings. It is always encouraging and rewarding when our borrowers welcome us into their houses/ businesses where the Center Meetings takeplace. They show us their products with genuine enthusiasm and gratitude.

Prof. Muhammad Yunus: 2011 Highlights

2012-01-23T07:54:00.000-08:00

_______________________________________________________________________

Yunus Clips from 2011: Key Highlights

Crowdsourcing for Grameen

2012-01-18T11:28:00.000-08:00

Lisa Hammond, the "Barefoot CEO", and her family have a wonderful holiday tradition of giving “gifts that give back”. Last year they gifted a goat, drinking water, and seed capital for a Haitian small business. This year Lisa participated Crowdrise's "12 Days of Giving" campaign to support Grameen—raise $2K and Lisa bungee jumps!

The "Barefoot CEO", huh?

A sleep deprived CEO, I arrived at the office and realized I had literally forgot to put on shoes that morning. I attended a very important meeting in my bare feet. The name's been with me ever since...

Fill us in on your family’s holiday tradition.

Giving back has always been very important to me. It is the thing I most want to instill in my children.

The kids get very creative—some years we find ourselves opening the gift of a water buffalo from Heifer International, or an eco group trying to help rebuild Haiti. This year, as you know I was passionate about Grameen America.

It is really inspiring to see what we give each other and it is very rewarding to know that our holiday gifts will make a difference to these organizations throughout the year.

A female entrepreneur yourself, what simple lesson can you offer our borrowers?

Too often women don’t give themselves enough credit for all the skills and talents they have. They discount the many years they have raised kids or volunteered at their child’s school or taken care of an aging parent. All of these things prepare you to run a business too.

In what ways has Prof. Yunus inspired you?

Prof. Yunus is a living example that one person can and does make a difference. He inspires us to take action. When you see something that isn’t right, and you have an idea, act. The difference he has made will be felt for generations.

So did you bungee jump after all?

Not yet… but my kids won’t rest until I do!

If you could create a tweet that describes your own mission, what would it be?

Helping people find and follow their passions. Reinventing the American Dream. Less Stuff, More Living, Less Collecting, More Giving

Grameen America Video by Citi

2012-01-16T13:43:00.000-08:00

Check out our latest video created by Citi Community Development:

During our Bronx Grand Opening, Prof. Muhammad Yunus, Grameen America CEO, Stephen Vogel, Citi Microfinance & Community Development Global Director, Bob Annibale, and Grameen America borrowers share their views on Grameen America.

Thanks to our strong partnership, Citibank provides no-fee no-minimum balance savings accounts to Grameen America borrowers.

The US Does Have Many Entrepreneurs, The Market Just Boxed Them Out!

2012-01-10T12:39:00.000-08:00

I recently came across a Forbes Op-Ed Piece, “The US is a Very Entrepreneurial Economy: It Just Doesn’t Have Many Entrepreneurs” by Tim Worstall. Based on the numbers, the US has fewer startups, fewer small businesses, and fewer one-man businesses than in Europe. While the US has many more, what he dubs, “’innovative entrepreneurs’”, those who introduce a new product to change the world, the US falls far behind in self-employment.

Yet, burgeoning entrepreneurs walk into Grameen America's doors every day.

The US has an abundance of entrepreneurs whom lack the financial resources to bring their ideas to market. With over 50 million people in the US unbanked or underbanked, access to startup capital is a socio-economic privilege.

Maybe not all Grameen America clients have the vision and skills to become an “innovative entrepreneur”, but with greater financial inclusion, they just might surprise you!

Mocha Monday: Create Jobs for USA

2011-12-19T06:41:00.000-08:00

As you wait in line for your Starbucks Venti non -fat soy latte, don’t forget to pick up a “Create Jobs for USA” bracelet.

On Nov. 1^st Opportunity Finance Network and Starbucks launched the Create Jobs for USA Fund which allows “concerned citizens to help create and sustain jobs in America.” Every $5 donation can lead to ~$35 in loans to small businesses. Starbucks seeded the initiative with $5MM, and the rest is up to you!

Read the latest Starbucks Press Release

Why Wealthy Women Give

2011-12-13T12:08:00.000-08:00

A new study released by BoA Merrill Lynch reports wealthy women are much more likely than rich men to make charitable donations as a way to influence young people or to honor the legacy of a loved one.

Why Women? The microfinance industry knows this connection quite well. The industry focuses on funding poor female entrepreneurs, and wealthy female entrepreneurs comprise a major support base. The impact of a dollar earned by a woman can be greater on the household than that earned by a man.

Organizations such as Women’s World Banking (WWB) and Women Advocating Microfinance (WAM) occupy a natural niche because financially successful women relate to and feel compassionate toward budding female entrepreneurs.

Why Give? We all hope to pass on the legacy of building up our business, community, and or family. What better way to memorialize a loved one and pass on a family value than to provide the same opportunity for someone else.

Our hope—under your Christmas tree, in addition to the new sweaters, jewelry, video games, is a Gift that Gives Back—the gift of a microloan for a promising female entrepreneur.

Mocha Monday: Nobel Peace Prize 2011

2011-12-12T06:16:00.001-08:00

Ellen Johnson Sirleaf

Leymah Gbowee

Tawakkul Karman

Today we would like to spotlight a changemaking team who captured the real spotlight this weekend. Ellen, Leymah and Tawakkul were jointed awarded the Nobel Peace Prize for their

“non-violent struggle for the safety of women and for women’s rights to full participation in peace-building work.”

“We cannot achieve democracy and lasting peace in the world unless women acquire the same opportunities as men to influence developments at all levels of society”, stated the Nobel committee. To celebrate the historic milestone, from Cambodia to Colombia to the Congo, women are holding “Rise with the Prize” gatherings to publicly support and further the award’s socio-political impact—a true testament that women hold up “half the sky”.

Listen to Laureate Leymah Gbowee's thoughts on the Prize

Pictured: A World at 7 Billion

2011-12-09T08:41:00.000-08:00

On my subway ride to work the other, I came across a NYTimes article, "Pictured: A World at 7 Billion",a visual time capsule with hundreds of photographs. I was fascinated. The time capsule is to be opened in twenty years, when children born today can look back at what the world looked like when they were born. This one was my favorite, perhaps that’s because I lived in Senegal for two years, so it has a special place in

my heart.

Working here, my days are focused on strategies for poverty alleviation in the United States; therefore my thoughts naturally drifted towards a conversation in 2031 telling 20 year-olds what poverty was like here when they were born. My sphere of influence, my Grameen America team, my microfinance colleagues, my public health peers, and beyond is collectively and effectively shifting the poverty paradigm. I can’t wait to see the expression on the faces of the next generation when we describe poverty,which for them should be a distant phenomenon.

“One day our grandchildren will go to museums to see what poverty was like." Professor Muhammad Yunus

By Katherine

Grameen America Resource Manual

2011-12-06T08:53:00.000-08:00

Providing Support Beyond Micro-loans

While Grameen America is known foremost for its micro-loans to low-income entrepreneurs, it also aims to provide its borrowers the necessary support and essential information to start, consolidate, and grow a private business.

Throughout this year, I compiled a Resource Manual identifying affordable resources that borrowers can consult to address the countless issues encountered on the road to economic self-reliance. To date, four borough-specific versions of the Manual have been completed (Bronx, Brooklyn, Manhattan, and Queens).

Based on explicitly voiced questions from our borrowers, the Manual contains nine different sections: federal economic support programs; welfare resources; financial resources; assistance to entrepreneurs and small businesses; adult education programs; health services; child care and after-school programs; legal counseling; and immigration services.

Each section provides a description of the services and a list of federal, state, and local government agencies, nonprofit organizations, and corporations that provide free or low-cost assistance to low-income households and individuals.

At Grameen America, access is the key to empowerment. The Resource Manual provides access to existing services through local awareness.

By Benoit Jadoul—Pro-Bono Consultant

Mocha Monday: Acumen Fund

2011-12-05T06:14:00.000-08:00

This week’s Mocha Monday spotlight’s Acumen Fund. Acumen Fund mission is to create a world beyond poverty by investing in social enterprises, emerging leaders, and breakthrough ideas. Convinced that neither charity not the marketplace alone is the answer, Acumen Fund advocates for “patient capital”—philanthropic capital for social and financial returns.

One exciting Acumen Project is the “Gulu Agricultural Development Company”. Why Gulu? Gulu, Uganda has suffered a brutal civil war for the past three decades and peaceful reconciliation is only beginning to take root. Acumen Fund –in partnership with Root Capital—funded a cotton ginning company to revive Gulu’s cotton sector. Check out the photo essay slideshow, here!

Meet Baily Kempner

2011-11-29T08:17:00.000-08:00

Baily is a rock within Grameen America. With her vibrant personality and go-getter attitude, Baily exudes the essence of social entrepreneurship!

Meet Baily:

What is your role as an Advisory Board Member? What compelled you to get involved?

Microfinance!! Here in the US!!! Are you kidding me?! Whoohooo!! This was my first reaction to learning about Grameen America. I was as shocked to learn that the Bangladeshi model worked here in the US as I was thrilled for the implications for impoverished Americans. As an Advisory Board Member, I endeavor to tap into all of my abilities and resources to support Grameen America in achieving that scale.

How did you become involved in the microfinance space?

I first learned about microfinance while working at Lehman Brothers in the late 2000s. I loved Lehman (I did!), but, I realized that I was looking for something greater to believe in. I joined a number of the professional microfinance networks in NYC and became enamored of private sector concepts of poverty alleviation and economic transformation more broadly.

What is one fact most people would never guess about you?

I'm a mountain climber! Or I'm a New Yorker! One or the other manages to surprise people. Truth is, I was born and raised in Manhattan, but my soul is in the mountains. Recently I have gotten hooked on more technical mountaineering, ice climbing, and rock climbing.

Where do you envision Grameen America will be in 10 years time?

- 100,000 borrowers, $100 MM loan portfolio

- 30 US branches

- 98%+ repayment and small savings products

- Attract private sector talent and "home-grow" branch managers

- Strategic partnerships with top US banks - on a non-exclusive basis

- Take bets on financial innovation, such as mobile banking technology

- Loan officers are top university graduates

- GA Brand = borrower first, pride and honor, upward mobility, transformation, measurable success

Too much to ask? ;-)

Mocha Monday: Echoing Green

2011-11-28T07:01:00.000-08:00

This week’s Mocha Monday spotlight’s Echoing Green. Echoing Green accelerates social change by investing in social entrepreneurs who work to solve social, environmental, economic, and political inequities. Through Echoing Green’s innovative approach, all individuals are given access to reach their potential.

Check out the 2011 Fellows and see which project speaks to you. Our pick—Equal Opportunity Schools. Addressing the education gap which develops from academic tracking, EOS ensures all students are enrolled in classes of appropriate academic rigor.

Grameen America Gives Thanks

2011-11-22T07:54:00.000-08:00

WithThanksgiving approaching, the Grameen America team is celebrating this year’s phenomenal success! With approximately 8,000 borrowers and $30 MM in disbursements, I want to take a moment to thank all of those who laid the seeds for our fruitful year.

Grameen America borrowers are empowered through teamwork. We are grateful for the strength and dedication of our Grameen family and the work that they have done to inspire change and enable dreams.

As we till the soil for next year, we hope you are re-inspired to fight poverty and joblessness with entrepreneurship and hope!

- Stephen A. Vogel, CEO Grameen America

Monthly Update: Current Stats

2011-11-02T14:47:00.000-07:00

Borrowers: 7,730
· New York Total: 6,585

Disbursements: $27.5 MM
· New York Total: $23.6 MM

Current Branches:
1. Queens, NY
2. Brooklyn, NY
3. Upper Manhattan, NY
4. Bronx, NY
5. Omaha, NE
6. Indianapolis, IN

Meet Grameen America Volunteer Michael!

2011-11-01T12:11:00.000-07:00

How did you hear about Grameen America?

I originally came across Grameen Bank while researching poverty alleviation in Latin America and Asia. Once Grameen came to America I was determined to work with the org, so here I am. I believe that Grameen can work anywhere in the world where there’s poor people who want to improve their situation.

Why were you drawn to get involved with microfinance/Grameen America?

Grameen’s approach, in my mind, makes practical sense in the fight against poverty. I do not support charging high interest to those with the less capacity to pay. This backward practice in addition to many others led me to seek out an economic system built on a more justified set of principles.
What is a favorite movie of yours? And how has it inspired your career path?

My favorite movie is “A Beautiful Mind”. It’s about an economist who went crazy trying to come up with an original idea. The concept of an original idea has been “my thing” from the beginning. I have always wanted to devise an economic system not constrained by theories of communism, socialism or capitalism —something new, something “Original”, something that will make hungry children and all the social ills that come from poverty extinct.

Who is one person whose career you greatly admire and why?

In addition to Muhammad Yunus, I would have to say John Nash. Both have been able to defy the odds and humble all those who didn’t see their vision. They both possess the audaciousness required to make the impossible possible by displaying the power of a determined idea.

What is one fact most people would never guess about you?

I’m really a mama’s boy.

Who is one person whose changemaking career you greatly admire and why? (Someone in addition to Yunus).

I would have to say Sean Carter [Jay-Z]. His early beginning as a street hustler was admirable in how he circumvented the ultimate end that comes with living that way of life—usually death or prison. Now he is a business man worth half a billion dollars. His understanding and application of practical business principles enabled him to adapt and prosper to an unprecedented level. All this with his integrity intact.

If you could be one superhero, which one would it be?

Hancock.

If you could create a tweet that describes your career path, what would it be? (140 characters or less).

Difficult takes a day, impossible takes a week. #grameen #microfinance

Meet Audrey: Grameen America University’s new President!

2011-10-25T08:27:00.001-07:00

"My father once told me that while I may not be able to change the world, I can change the world for one person. Ever since, I’ve set my sights on changing that one world at the very least."
- Audrey, Grameen U President

Why is it important that college students be part of the microfinance efforts and Grameen America specifically? What do they contribute to the sector?

Nelson Mandela once said, “Education is the most powerful weapon which you can use to change the world.”

College students are true agents for change. They demonstrate unrivaled commitment to making a difference and are particularly open to innovative and bold ideas. Engaging college students in the microfinance sector secures its place in the future as an effective approach to poverty alleviation worldwide.

How do you describe the Grameen U program to other students?

Grameen U is a student-run initiative intended to educate college campuses about domestic microfinance and to raise awareness of Grameen America’s pioneering work in the sector.

If students are reading this right now what is the first step in getting involved?

Take a walk around your neighborhood and acquaint yourself with one person in need. That’s all it takes. Sign up to be a Grameen U representative and start spreading the word that Grameen America can bring hope and opportunity to your community.

What are your top 3 goals for Grameen U?

1) Communicate the breadth and prevalence of poverty in the United States to as many college students as possible.

2) Demonstrate how domestic microfinance is an effective solution to unemployment and financial exclusion.

3) Educate students as to how they can “be the change” in their own backyard.

Given you’re a highly ambitious student, can you describe your typical school day?

As a student at Northeastern University, I am fortunate enough to participate in its cooperative education program. While I spent last semester waking up for 8 AM finance classes, living off of coffee and studying for midterms through the night, I’ve been spending this semester working from nine to five, attending conferences and Skyping with international loan officers at Root Capital.

What is one book or film that significantly influenced your path and why?

Tracy Kidder’s Mountains Beyond Mountains, a biography of Dr. Paul Farmer, co-founder of Partners in Health (PIH). PIH strives to provide the poor with first-rate medical care by establishing long-term partnerships with local organizations in countries such as Haiti, Rwanda, Peru PIH’s proactive, rather than reactive, approach to healthcare has greatly influenced my path to social change.

What is the wildest food you ever ate while travelling?

I’m going to be honest and say the riskiest thing I’ve ever eaten was a chocolate lollipop made by a sixth grader from Roxbury, Massachusetts, in order to support his microbusiness. You never know where their hands have been!

What’s a song that would be on the soundtrack of your life?

“A Change is Gonna Come” by Sam Cooke.

If you could create a tweet that describes your personal goals and career path, what would it be?

@grameenamerica "The only place where poverty should be is in museums."- Muhammad Yunus #socent #microfinance

Professor Yunus Opens Bronx Branch

2011-09-28T09:57:00.002-07:00

September 28, 2011

On Monday, we celebrated Grameen America's sixth branch opening.

We were elated to have Professor Yunus join us for the ribbon cutting ceremony in the Bronx. As he told the audience of borrowers and supporters, "today is not just opening a branch, it's opening a future."

You can catalyze the success of our new Bronx branch by helping us raise $7,500, enough for five loans. With your support, we can help make a brighter future for a new borrower today, a future where, as Professor Yunus says, “all impossibles are possible.”

Many thanks to CitiBank for supporting the event and helping our borrowers build savings.
Click HERE to donate and be sure to note “Bronx” in the comments.

Check out more photos on our FACEBOOK page.

In case you missed any of the press coverage, take a look below:

Non-profit Gives Microloans to Low-Income Americans
Morning Joe, MSNBC
September 26, 2011

The Big Save
The Economist
September 24, 2011

International Microlender Opens New New York Branch
ABC News
September 26, 2011

Sabina's Story

2011-09-22T11:28:00.000-07:00

Sabina was born to be an entrepreneur. After emigrating from Mexico in 1993, Sabina began working full-time in a factory to support herself and her family. To make ends meet, she started selling flowers on the street. Sabina’s friend told her about Grameen America two years ago, and she immediately joined a group with some of her closest friends. Since then she has been a very dedicated borrower. Sabina put her first loan of $1,500 towards plants and flowers to grow her small inventory. Four loans later, Sabina had saved enough money to rent out her own storefront in Queens!

Sabina recently took out her 5th loan for $3,500 which she used to purchase a large refrigerator for her flowers. Because the fridge was a bit more expensive than the loan she was eligible for, she used her money from her savings—set up by Grameen America—to supplement the loan for the purchase of the fridge. With her official storefront and refrigerator, Sabina now supplies flowers for weddings, birthdays, and Quinceañeras.

Sabina recognizes that to grow her business even larger, she will need to expand past her own community in Queens. Sabina’s dream is to open a second flower shop in Westchester, NY where she knows there is a strong demand and limited supply of quality flowers. Opportunity is calling her name!

Sabina is incredibly proud of her business, as she says, “in this life, anything is possible with hard work and perseverance”.

2011-09-20T15:10:00.000-07:00

Lucia is the mother of three and worked as a full-time babysitter for over ten years. Eight years ago she opened up a side business selling Avon beauty products. She started selling Avon products because they are cheap to buy wholesale and local demand is high. Lucia stocks up on beauty products strategically so that she doesn’t have to buy new products for three weeks. She knows her client base well and this system of getting products works perfectly to fit demand in her community. Lucia knows the power of savings and how important it is to keep money aside for her family.

Since her first loan, Lucia has expanded her inventory to include facial creams, perfume, make up, and most recently shoes. With her next loan, she plans to once again increase her inventory of beauty products and purchase clothing fabrics for dresses. Lucia’s dream is to open a clothing store to sell handmade dresses with a space for babysitting in the back—two businesses in one! Lucia wants all women to feel beautiful when they go to a party, and at her store, ladies can drop off their children, and walk out ready for a night they will not forget!

Alecia's Story

2011-09-19T13:25:00.000-07:00

Alecia was recently invited by a couple of her closet peers to join their Grameen America group. Alecia runs a small business selling Jaffra cosmetic products on the local streets. When Alecia is not running her business she cares for her ten grandchildren, for whom she babysits every day. Alecia would like to take out a loan to buy more inventory to grow the business. She currently sells to about sixty clients a month and with the loan, looks to reach 100 clients.

Alecia has never opened a bank account before, despite her repeat attempts year after year. She also does not own any credit cards because the potential fees were too daunting. Alecia explained that she knew how important it is to have a credit history, but due to high fees, she has never had the opportunity to build hers. While Alecia was not currently saving any money before joining Grameen America, she is now learning the importance of saving and is looking forward to the day when she can finally take her first vacation with the money. After attending her first group meeting, Alecia says she can’t believe how successful the businesses of her fellow group members have become and says she’s going to tell everyone she knows about Grameen!

Visit to the Queens Branch

2011-09-14T05:43:00.000-07:00

A few weeks ago, as many NYC residence battened down the hatches in anticipation of Hurricane Irene, GA Project Manager, Nicole Meyers, spent two days at the main GA branch in Queens along with a professional photographer. The purpose of the trip was to talk to a few borrowers, sit in on some of the meetings and try to capture, in pictures and words, how the branches run.

The atmosphere of the Queens branch was hectic due to the heavy traffic of borrowers who had brought their children with them as they waited for new loans. One by one, borrowers would meet with loan officers, receive loans and hand over their blue ledgers so their balance could be updated. Despite the crowded space, the GA Credit Officers were very excited because it had been their most successful week to date.

One GA borrower who was interviewed had recently joined the program and talked about the importance of credit history and savings which she now had for the first time. Her fear of default fees and high interest rates prevented her from having a bank account or credit card but her loan from GA had given her the financial flexibility to start a business.

Nicole had hoped to meet a borrower who lived nearby so that she might ask to see her business. She lucked out in meeting Lucia, who ran a cosmetics business out of her basement. The next day Nicole was able to catch a small meeting in Lucia's house and witnessed first hand how borrowers help each other. Even though the other three members of her group also sold cosmetics, they worked together to find profitable parts of the neighborhood where each would have success.

There was also a new member of the group at the meeting, who was invited in when a former member left. Now a full group, the women seemed to share a bond both in business and in their personal lives, as each worked to send money back to their families in Mexico in the hope of improving their lives and one day bringing them to the US.

Lucia told Nicole that she would ideally like to set up an eveningcare center for children and salon store, so that mothers could come and get dressed for a night out while dropping off their children all in one spot. This is a great example of how GA borrowers create and adjust their businesses based on the needs of their community.

We wish Lucia and all the members of her group success and look forward to updating you with more news and pictures from the branch soon!

Grameen America Spring Social

2011-05-24T11:39:00.000-07:00

Last Thursday (May 19, 2011) we had our first Spring Social event at the Trespa Design Centre hosted by Grameen America’s Young Professional (YP) committee. The event was organized to raise awareness about the great work that Grameen America is doing and also to fundraise for Grameen America borrowers. It was no doubt also a great networking event for young professionals who share a common mission of helping create a better world. Trespa Design Centre generously donated their space in Soho for the event and the cutting edge architecture and design was a big hit with our guests. We also had hors d’oeuvres and drinks supplied by Whole Foods and pizza from Harry’s Italian. Although this wasn’t the first YP event (each YP member takes turns organizing small events throughout the year such as the Bring Your Own Cause event at Delancey Lounge and presentations at Credit Suisse, Deutsche Bank and YPFP), this was the first collaborative effort on the part of the whole committee. It was by far our biggest and most successful Young Professional event to date, as over 100 people came to support Grameen America and our mission of empowering impoverished entrepreneurs through microfinance.

The evening began with an address from Event Chairs Narmeen Azad of Goldman Sachs and Anita Hossain from Deutsche Bank followed by Grameen America’s Katherine Rosenberg, VP of Strategic Partnerships and Seema Gohil, VP of Finance who spoke about the success of our current programs. There was also a silent auction with many great items such as Mets tickets, US Open tickets, a football signed by the NY Jets, Nike items and football, Equinox Monthly passes and a class at Murray’s Cheese. There were also interesting raffle items like America Museum of Natural History Passes, Living Social Coupon, and Jewelry from Prismera. While the event was set for 6-9pm, many people stayed after to continue chatting and listening to the great music provided by DJ Max Wave.

We would like to acknowledge the key organizers from the YP Committee who helped make this event such a success: Narmeen Azad from Goldman Sachs, Anita Hossain from Deutsche Bank, Nahiyan Chowdhury from JP Morgan Chase, Tanzeer Khan from Corporate Partners LLC, Adeep Huq from Credit Suisse, Emaan Mahmood from Credit Suisse and Jane Kim from Morgan Stanley. A special thank you also goes to Ariq Azad for putting together our event website. Thanks to all for making the event such a success!

For more information or to join the Grameen America’s Young Professional Committee, please contact Mugdha Gangopadhyay (Director, Strategy & Development). Also, stay tuned to our Facebook and Twitter pages for more Young Professional Committee events in the near future!

Women We Love: A Tribute to Mildred Robbins Leet

2011-05-12T05:11:00.000-07:00

On May 3, 2011 we were saddened to learn of the passing of one of the original figures of the microfinance movement, Mrs. Mildred Robbins Leet. Today Grameen America recognizes her outstanding contribution to the field of microfinance for over 32 years through her organization Trickle Up.

Who She Is: Mrs. Leet was a philanthropist and activist who, along with her late husband Glen, was a co-founder of the non-profit microgrant organization Trickle Up.

Why We Love Her: Mrs. Leet started Trickle Up in a very similar fashion to the way Professor Yunus did with the Grameen Bank in Bangladesh, by producing the organizations initial capital of $1,000 from her own pocket. These initial grants were distributed to 10 trial businesses in the Caribbean and each grantee returned her generosity with hard work and success. Mrs. Leet also chose to focus on the empowerment of women through microgrants. Today over 80% of the program is comprised of women. Since 1979 Trickle Up has helped more than 200,000 people create 2,000 businesses. Today the organization aims to alleviate poverty in five countries: Mali, Burkina Faso, India, Guatemala and Nicaragua.

In addition to her involvement with Trickle Up, Mrs. Leet was also involved with and helped establish numerous other charitable organizations such as the US Committee for the United Nations Development Fund for Women (UNIFEM), United Cerebral Palsy, Metropolitan College of New York, and InterAction, the association for US humanitarian and development organizations.

Mrs. Leet was also the recipient of many awards for her work and philanthropy including the “Women of the World Award” in 1989, which she received from Princess Diana along with fellow awardees Mother Theresa and Wangari Maathi.

Quote: “ I remember being in the Philippines and visiting a women who, when we first went to meet her, had started with fifty dollars a small table in this market. She had some vegetables displayed and she was doing fairly well and was encouraged. We went back the next year and there we saw she had double the amount and we said well it’s obvious you’re doing very well. I said, tell me something about yourself, what was special about the result of what you’ve been doing. She said, well you know we have a simple house and I used to have to bend over in order to enter the house but now I’ve been able to lift the doorway. Now I can walk into my doorway with my head up high.”

A website celebrating her life: http://www.mildredrobbinsleet.org/index.html

NY Times Obituary: http://www.nytimes.com/2011/05/09/nyregion/mildred-robbins-leet-philanthropist-dies-at-88.html?_r=1&ref=obituaries

An interview with Mildred Robbins Leet with The Women’s Connection from 1998. http://www.youtube.com/watch?v=VMocmtZYX9M

Video of Trickle Up Mali: http://www.youtube.com/watch?v=Yt0_sa_wr_U

Video of Trickle Up India: http://www.youtube.com/watch?v=tHEuBT5Kl_M&feature=relmfu

Indian villagers honor Trickle Up with a folksong: http://www.youtube.com/watch?v=5eEDzyPkj1U

Whole Foods Supports Grameen America with 5% Community Giving Day

2011-04-08T07:22:00.000-07:00

Rarely if ever is a trip to the grocery store transformed into a learning experience. I’ve always found shopping at Whole Foods to be the exception. Many people choose to shop at Whole Foods because of their dedication to supporting locally grown produce, which is detailed in great length on their Whole Story Blog. However, one lesser-known aspect that really makes Whole Foods stand out is their dedication to the community, specifically non-profit organizations.

Last Thursday, March 31, Grameen America was lucky enough to be chosen for a second time as the beneficiary of Whole Foods 5% Community Giving Day. For the entire day, 5% of all profits from Whole Foods NYC stores went to benefit impoverished American entrepreneurs who are working towards a better life with the help of microloans from Grameen America. The Community Giving Day was a complete success, not just from a fund raising standpoint (we raised over $50,000!!!) but for raising awareness as well.

Grameen America was represented throughout the day at each of the six NYC Whole Foods store locations by a selection of our great staff and volunteers. I was assigned to the Whole Foods Columbus Circle location and they set everything up perfectly, including some nice snacks to give out to shoppers interested in learning about Grameen America. I was stationed right near the entrance and the market was packed all day! While most people rushed past, quite a few noticed our sign advertising the 5% Community Giving Day (pictured left) and stopped to chat.

I met some really interesting people including one shopper from Bangladesh who grew up in the next village over from Professor Muhammad Yunus, Nobel Laureate and Founder of the Grameen Bank. He was filled with praise for the Grameen Bank in Bangladesh and excited to tell me that he knew all about Grameen America. Other interested shoppers knew of Professor Yunus and had even read his book Creating a World Without Poverty but did not know about our domestic programs yet. They were all excited to learn that the program had made it stateside and was experiencing similar success in improving the lives of impoverished Americans.

It was really nice to see that even in a market where shoppers were clearly in a hurry, they still took the time out of their day to stop and learn about something new. For those who stopped by, this was surely not a typical shopping experience but we hope it was an enriching one!

Thank you, Whole Foods for this wonderful opportunity and for your continued support!

To Catch A Dollar

2011-03-31T10:19:00.000-07:00

Tonight, March 31, 2011 at 7:30PM, marks the single day national release of the film To Catch A Dollar. Directed by Gayle Ferraro, the documentary film tells the story of Nobel Leaureate and Grameen Bank founder Professor Mohammad Yunus and follows his journey from the creation of Grameen Bank in Bangladesh to the founding of Grameen America in New York City. The film also highlights the successful impact that the Grameen Model has already made after just three years in America and closely follows the stories of three women as they work to lift themselves out of poverty with the help of microloans.

This is the only night the film will be screened to a national audience in 227 theatres across the country. The screening will feature an introduction by Robert De Niro and a panel discussion with Professor Yunus, Maria Bartiroma, Suze Orman, and support statements from Hugh Jackman and Matt Damon. It is a great way to learn about the work Grameen America does on a daily basis and the potential of microfinance, especially in America. Please try to check it out if you can and spread the word about this special event! Go to www.tocatchadollar.com to learn more about the film and to find a theatre near you!

Grameen America Gumball Challenge

2011-03-21T19:08:00.000-07:00

Throughout February, Grameen America University chapters across the country participated in the Grameen America Gumball Challenge. The Challenge was started by a group of Stanford students a few years ago and since then, has grown into a national non-profit, Gumball Capital. Each participating groups received $27 cash, 27 gumballs and had a one-week time limit to raise as much money as possible. While this was the first time the challenge was held, the response from our Grameen America U. Chapters was terrific!

One of the many schools that participated was Bucknell University in Lewisburg, Pennsylvania. As a student at Bucknell, I was psyched to involve my friends in a hands-on competition, which not only teaches the principles of microfinance through action, but also spreads the message of social entrepreneurship. At Bucknell, we divided 40 participants between 12 teams to compete in the challenge. Not surprisingly, some groups were more successful than others; however, everyone came out with an underlying lesson: starting a business is no easy gamble!

Group ideas varied widely. Some groups walked around dorms collecting loose change, other groups used gumballs to attract donations. Most groups however, catered to the food cravings of college students. Groups sold brownies, pizza, breakfast in bed, and my personal favorite, late night grilled cheeses at the local bar! The group that came out on top hosted “Party for Microfinance”—and to no surprise, students came out in droves to party for a cause! Jessica Anderson from Georgetown University used her team’s allotment of gumballs to create the video attached to this post. We hope you will agree that this is one of the coolest ways imaginable to use gumballs for the challenge!

It’s great to know that not only are Bucknell Students passionate about microfinance and willing to get involved, but also their Grameen America University peers all participated in the challenge in support of Grameen America. We hope the other schools found the Gumball Challenge as rewarding an experience as we did and we are already looking forward to next year’s event!

Nicole Meyers
President, Grameen U.

Center Manager of the Year - Noemi

2011-02-17T07:43:00.000-08:00

We are very excited to announce our 2010 Center Manager of the year, Noemi, from the Grameen America Queens branch. For the last three years Noemi has pushed the program to its limits and her hard work has paid off. In late 2010 she reached a remarkable milestone, becoming the first Center Manager to achieve sustainability within the program through recruiting over 400 Grameen America members. Each of our four branches is on track to be sustainable and Noemi’s breakthrough is a huge step in this direction. Additional Center Managers are slated to follow suit; however, we are elated for Noemi to set the pace!

Noemi’s success is driven by her strong relationship with the borrowers she manages and her dedication to making sure the program runs well. As a result, she has maintained an outstanding 100% repayment rate and a near perfect attendance rate at her center meetings. “The program will continue to succeed because of our ability to organize groups and expand them,” she once said. In her three years with Grameen America she has done just that.

(Left: Noemi with Members of a Center)

Says Mr. Shah Newaz, CEO of Operations, “She has a great institutional quality and works extremely hard to make sure our program works. I continue to be impressed by her work ethic and dedication to the people she helps”. Mr. Shah isn’t the only one proud of Noemi’s accomplishments; her mother who lives with Noemi in Queens also admires her commitment to the program and likes that she is helping those in need.

Congratulations Noemi! Grameen America is very proud of your accomplishments and look forward to many more in the future!

A Visit to the Queens Branch

2011-01-27T13:00:00.000-08:00

(Left: Mr. Shah with Center Manager)

The Grameen America team recently took a trip to Jackson Heights, Queens with members of Fast Company Magazine, who will run a story on domestic microfinance and social business featuring Grameen America later this year. The purpose of the trip was to see Grameen America’s inaugural branch, meet our field staff and to sit in on a center meeting, where borrowers discuss their businesses and settle their weekly repayments.

In the hopes of bringing our online followers a little closer to field we wanted to give you a
preview of the branch experience. While much has been written on the potential impact of microfinance, this was a unique opportunity to talk to the borrowers to see the success of our program in action. We hope this will give you a little insight to the daily workings of the field as a preview for the upcoming feature.

Shah Newaz, CEO of Operations, is a former student of Professor Yunus and worked closely with the Grameen Bank in Bangladesh for over 30 years. Even as a veteran in microfinance, he had to overcome many obstacles in order to kick the program off and lead it to its recent successes. After being cheated by rogue lenders in the past, potential entrepreneurs in Jackson Heights must have doubted the trust-based system of Grameen America, which does not require collateral, guarantors or credit. With hard work and a great deal of patience, Mr. Shah gained the trust of the community which today accounts for more than half our entire program with 2,500 program members to date.

Center meetings, which Shah often oversees, are composed of three to four groups of five women and take place once a week per center. To make this demanding schedule possible, a dedicated team of center managers must each meet with up to five centers per day, with a select few meetings starting as early as 5:30am to accommodate members work schedule.

On this particular day, Mr. Shah arranged for us to attend a center meeting in the heart of Jackson Heights, hosted at the house of a Grameen America member who works as a seamstress. This particular member is one of the most dedicated, as she is already on her fourth loan. The center was comprised of 15 borrowers who had brought their children with them to the meeting. We had initially worried about being a distraction to the group, as we numbered eight additional people including Mr. Shah and the Center Manger. Our worries soon subsided as the center members couldn’t have been nicer, welcoming us into the home.

The group sat in a circle and conversed openly with each other in Spanish. The smiles and laughter shared between the members were clear signs that they were all glad to be with each other. One by one, the borrowers would go up and hand the center manager a small weekly deposit of loan money along with at least $2 towards a savings account. Each member was eager to have a few minutes to talk to the center manager and seemed genuinely excited to have fulfilled her weekly goal. One member in the back of the room proudly shouted that she was ready for a new loan.

This particular center turned out to be a perfect example of how Grameen America’s loans have made business opportunities possible for the first time. When asked how many of the women had a job before their loans with Grameen America, only three responded that they previously had another source of income. Our hostess, a seamstress, was a great example of how even single mothers can have the opportunity to have an income while staying at home with their family.

After the meeting, a borrower named Marisella invited us to her house a few blocks away to show us some of the items she sells. She lives with her 16-year-old daughter in a small two-bedroom apartment. It was clear that Marisella was equal part dedicated mother as entrepreneur. She was beaming as she told us about her daughter’s success in school, which was evident by a number of academic awards on the wall. This was certainly thrilling for us to see such success on both sides of the family. When the conversation changed to her business, we were surprised to find a diverse group of items she had for sale. There aren’t many stores that carry makeup in the area so she found a way to buy makeup from Mary Kay and sell it to her friends. She also has her mother sends her little folk art animals from Mexico and sells them at a stand near the busiest section of Jackson Heights. There is a big Mexican community in the area and for many her pieces are more than just trinkets, they are reminders of home.

If there was one word to sum up the experience at the center meeting and Marisella’s house, it was community. The way that the members provide services and goods for each other and look forward to interacting every week showed that Grameen America’s services have extended beyond basic capital. The program has grown to facilitate relationships in the community between emerging entrepreneurs, which might have otherwise been driven apart by poverty.

Global Giving Update

2011-01-04T08:40:00.000-08:00

We here at Grameen America are tremendously excited to tell you that we have fulfilled the Global Giving open challenge to raise $4,000 from 50 unique donors. In fact, as of this date, we have surpassed those milestones by raising $5,061 from 64 unique donors. This success was entirely due to our dedicated network of online supporters.75 percent of our donations were for amounts equaling or less than $50. This impressive number of small donations truly shows an upwelling of grassroots support for Grameen America and our mission. These funds will help us continue in our objective of helping the poorest of the poor lift themselves out of poverty.

Thanks to your support, we are now a permanent feature on the Global Giving website. As you may know this campaign was very important to us because we have passed the Global Giving challenge as we showed our outreach capacity and have fulfilled the conditions needed to allow us to stay on the website for good. This will allow us to continue to raise money through the Global Giving platform well into the future.

While we are very pleased to have reached this short term goal, we still have the long time objective of raising $75,000 so that we can disburse 50 first time loans of $1,500 each to new borrowers. These loans, along with our financial literacy and savings programs, will allow these low income entrepreneurs the opportunity to lift themselves out of poverty through their own hard work. Through initiative and determination, they can create brighter futures for themselves and their families.

You can still make a difference and help us reach our long term goal by donating now at the Global Giving website. With your continued support, we can make a difference in the lives of countless people who lack not the talent, drive, or ability needed to lift themselves out of poverty but merely the access to affordable forms of credit. Our success can be their success and you can make it happen.

http://www.globalgiving.org/projects/microloans-for-50-impoverished-u-s-entrepreneurs/team/

The GlobalGiving Challange

2010-12-10T05:16:00.000-08:00

Grameen America is participating in GlobalGiving’s December open challenge where we have until December 22nd (13 days) to raise $3,900 from 46 unique donors. There are quite a number of fund-raising websites online but few have the credentials of GlobalGiving, which has helped over 3,000 non-profits raise nearly $34,000,000 from over 122,000 donors in eight years.

One of the reason’s GlobalGiving has been able to sustain such a great track record of matching donors to non-profits is because of their open challenge system. Instead of picking and choosing which non-profits to allow on the site, they leave it in the non-profits hands to showcase their outreach abilities. Once a non-profit has fulfilled the challenge it can stay on the GlobalGiving site for good and take advantage of its vast network.

Grameen America’s long-term goal is to raise $75,000 for 50 first-time loans of $1,500 but first we must secure a spot on the website. We will need as much help as possible to fulfill the open challenge goals.

If you believe in Grameen America’s work, THIS IS YOUR CHANCE TO MAKE A DIFFERENCE!!! We need everyone who follows us on Twitter and Facebook to step up and make this happen.

Although we would like to raise as much money as possible, the amount of unique donations is just as important as capital raised towards the fulfillment of full time residence on GlobalGiving. No amount is too small, it just matters that you give something so your donation can be counted.

If you cannot donate money, you can still help! Forward the link to our GlobalGiving page or re-tweeting our messages, you are spreading awareness and that is the most important factor to making this work: the more people who know about it, the better chance we have to fulfill our goal.

Together we can make this challenge a success and be able to translate the funding raised into loans for many new entrepreneurs in the future! Check our page out below:
http://www.globalgiving.org/projects/microloans-for-50-impoverished-u-s-entrepreneurs/

The Grameen America Team

Have A Happy Thanksgiving

2010-11-24T07:22:00.000-08:00

In the spirit of Thanksgiving, Grameen America would like to say thank you to everyone who has supported us in the past year as we continue to pursue our mission of helping to create a world without poverty.

With your help, Grameen America has achieved a great deal over the past year. We have expanded to Manhattan and Brooklyn, and grown to over 4,500 active borrowers. $11 million of loans have been disbursed and we have maintained our incredibly high repayment rate. Our borrowers have deposited over $600,000 into savings accounts at local partner banks and they are continuing to build and improve credit scores, where many of them had no prior credit rating.

Most of all, we would also like to extend our gratitude to all of our borrowers who have been a very important part of this journey. It is their hard work, determination and dedication to their businesses that continues to make the Grameen America model a success.

We want to wish a cheerful and happy Thanksgiving to all of you and your families. We hope you continue to be a valuable part of the Grameen America family.

Map of US Payday Stores per Household

2010-11-18T14:29:00.001-08:00

This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans.

Image and Text from www.responsiblelending.org

Recap of the Net Impact Conference with Katherine Rosenberg

2010-11-04T14:21:00.000-07:00

Last weekend Grameen America’s Director of Evaluation and Education, Katherine Rosenberg, attended the 18th Annual Net Impact Conference at the University of Michigan’s Ross Business School. The conference, entitled 2020: Vision for a Sustainable Decade, was very successful with over 2,500 MBA students and sustainable development professionals participating in the panels, lectures and expo.

Katherine took part in a panel called Markets For Good: How Social Investors Will Change the World. Other participants on the panel included Mari Kuraishi (Co-Founder and President of GlobalGiving Foundation), Brian Walsh (Director of Liquidnet for Good) and David Wilcox (Founder of ReachScale). About 100 people attended the panel, which focused on gaining access to capital markets on international and domestic levels in the non-profit world. The speakers explored how the profit and non-profit worlds can combine to create access to capital without jeopardizing the ultimate mission of creating opportunities for the poor.

During the conference, one of the recurring questions that Katherine was asked was “does microfinance actually work?” Her response: “Microfinance has become a broad spectrum. Speaking on behalf of Grameen America, we offer small loans and have great stories about how we have already pulled people out of poverty”. Although the term microfinance is slowly beginning to register as a household term, people are still uncertain about how effective it can be, especially on a domestic level. This is one of the challenges we are continuing to explore and one of the benefits of being able to attend these conferences.

One of the most informative panels that she attended was called Philanthropy 2020: How is Philanthropy Changing and what are the Implications for Nonprofits. The panel focused on the measurement of social value in the nonprofit sector.

Katherine also found the keynote address by Gary Hirshberg, Chairman, president and CEO of Stonyfield Farms inspiring. He spoke on the transformation of his company from a small dairy farm to the worlds leading international organic yogurt producer with over $366 Million in annual sales. One of topics he touched on, which helped Stonyfield experience such rapid growth, was innovative marketing technique such as advertising on the tops of yogurt and milk containers. It was a simple method but one that clearly produced results – certainly something that could be applied in the non-profit sector as well.

Although Grameen America was only involved directly through Katherine’s participation in the panel, Professor Yunus’ name came up several times because of his focus on promoting social business. It was apparent during the conference that his influence has encouraged people to change their way of thinking – not just to run a business but to be socially minded about it as well. We can only hope that his influence can do for social business what it has already done for popularizing microfinance.

Follow this link for more information about the 2010 Net Impact Conference.
2010.netimpact.org

Follow this link for more information about Gary Hirshberg on the Stonyfield website.
www.stonyfield.com

To check out Professor Yunus' latest book Building Social Business please click here.

Women We Love: Dr. Jennifer Riria

2010-10-28T15:14:00.000-07:00

Who She Is:

Dr. Jennifer Riria is the CEO of Kenya Women’s Finance Trust and the Chair of the Association of Microfinance Institutions (AMFI) in Kenya.

Why We Love Her:

Kenya Women Finance Trust began in 1981 but when Dr. Riria took over a few years ago it was being run into the ground, losing over $300,000 a year. Today, with her help, it is back on track and has served more than 200,000 clients through microfinance services.
She was also the first female Board Member of the Nairobi Stock Exchange and the Chair of Post Office Savings Bank for four years.

Dr. Riria is a true believer in women’s empowerment through microfinance in Africa so it seems appropriate that KWFT is the only microfinance institution in Kenya that specifically targets women. She imagines microfinance as a tool without limits, not just to create jobs but also to enable women to have education, improved health-care, and even safer cooking methods.

One of the reasons Dr. Riria is so passionate about microfinance is because she came from a poor background herself. From birth, she struggled to be accepted by her family for being a girl. While she grew up she had to walk over 10km to school everyday. She studied hard and succeeded whenever there was an opportunity. Today she strives to create an easier life for others.

Quote:

“Because, really, the woman is the core. She holds us up. In Africa, you just have to deal with the issues that affect the productivity of women. They bring food to the table. They bring education to the household. They bring medical care in the household.
Ask me! I know it. I live among them. That is one of the drivers: my personal zeal. It is essential to support women, if we want to make a difference, if we want to transform the way the world works for them and their families.”

2010 Nobel Peace Prize Winner: Liu Xiaobo

2010-10-14T15:09:00.000-07:00

Yesterday marked the fourth anniversary of Professor Mohammad Yunus and the Grameen Bank’s award of the Nobel Peace Prize. This exciting moment in Grameen history comes on the heels of the announcement of the 2010 Nobel Peace Prize. This year’s recipient Liu Xiaobo (Pictured left) was honored for his “long and non-violent struggle for fundamental human rights in China”. The Dalai Lama, Desmond Tutu and Vaclav Havel all lobbied on Liu Xiaobo’s behalf to receive the award.

Liu Xiaobo’s career has been defined by peaceful protests including Tiananmen Square in 1989. In 2009, he was sentenced to 11 years in prison for co-authoring the Charter 08 Manifesto, which was aimed at increasing overall human rights in China and promoting a democratic system of government. He is still in jail for his involvement in signing the document and was unable to receive the award in person. President Obama described Liu as “eloquent and courageous” and called for his release.

While this year’s recipient is not associated with Grameen, Professor Yunus, or microfinance, it is important to recognize the Nobel Foundations commitment to supporting human rights and progressive thinking around the world. We congratulate Liu Xiaobo and hope that he will be able to receive his award in person soon.

Women We Love: Roshaneh Zafar

2010-10-07T12:41:00.000-07:00

Who She Is: Roshaneh Zafar is the Founder and President of the Kashf Foundation, one of the fastest growing Microfinance Institutions in Pakistan.

Why We Love Her: The inspiration for the Roshaneh Zafar’s microfinance work began in 1993 when she sat next to Professor Yunus at a conference on global economics. Three years later Ms. Zafar left her job at the World Bank and founded the Kashf Foundation as a way to bring microfinance to poor women with entrepreneurial aspirations in her homeland of Pakistan.

The Kashf Foundation, which means miracle or revelation, was the first specialized microfinance organization in Pakistan and the first to focus on poor women. The program has experienced remarkable growth, bringing its services to over 300,000 people. Today, the foundation has 152 branches in Pakistan disbursing over $202 million in total loans. It also offers many different types of services including Insurance, General Loans, Home Improvement Loans, Business Loans, and an Emergency Loan program.

The Kashf Foundation has been recognized on numerous occasions notably in 2002 for the Grameen Foundation’s Microfinance Excellence Award and USAID’s OneWoman Initiative Award. In Addition to these notable honors, President Obama acknowledged the exceptional work of Ms. Zafar and the Kashf Foundation in a speech about successful entrepreneurs in Muslim countries.

Ms. Zafar was already on the top of our list of admirable women in microfinance before the recent flooding in Pakistan, which has displaced an estimated 21 million people. So many Pakistani families, including those being assisted by Kashf have been displaced or injured as a result of the flooding. The Kashf Foundation has started a relief fund in the hope of providing 10,000 people with food and supplies needed to survive during this time.

If you would like to find out more about the effort please visit floodrelief.pk

You can also visit their website at www.kashf.org

Quote: “I had a belief that women in my society need to be recognized. In fact, when I began to look across the world, I realized that women are really not in positions of power and are not in positions of being recognized for the work they do. When I look at the world of the future I really want to see a world where women are gainfully being recognized and they have the affirmation to do what they want to do.”

Grameen America Week: Grameen U Events!

2010-09-30T17:53:00.001-07:00

To raise awareness about Grameen America week, our Grameen U chapters all chipped in to spread the word. Check out what went on at their campuses and maybe they'll inspire you to go out and spread the word too!

University of Wisconsin-Madison

We combined this event with our kickoff meeting for the semester, giving prospective members information about our group and our recent collaboration with Grameen America. We hope to see many of them at our next meeting!

McGill

McGill's SNED (Student network for economic development) hosted a bakesale in the Desaultes Faculty of Management lobby to support Grameen America as part of our celebration and to publicize about our events and the power of microfinance. The yummy treats were all baked by SNED club members and everything sold out!

University of Pennsylvania

We had an activities fair at Penn on the college green, so we thought of it as the perfect place to set up a Grameen U table asking people to donate via the Text2Give Campaign. Above is a picture of a couple of people asking for the details of the campaign and one of my colleagues from Penn MFC explaining the campaign and urging them to donate.

Bucknell

In support of Grameen America week, the Microfinance Initiative at Bucknell ran a campaign called Spread the Thread. The idea behind the campaign was that just like one dollar can create two, one string can make two. So we distributed blue string bracelets with the message “Wear, Tear, Share”. Simply tie it on your wrist, tear it in half, give it to a friend and you can spread the idea of microfinance one bracelet at a time! All in all the event was a huge success and by the end of the week, half take campus had little blue strings dangling off their wrists!

Rutgers

As a group, we are trying to get "official" club status on campus before we can hold events, but we met to work on getting our club formed as well as brainstorming how we could get the Text4Give campaign out there. We posted on facebook, emailed all our friends, classmates, and professors. More to come!

Recap from Grameen America Week’s Event at Whole Foods

2010-09-27T22:11:00.000-07:00

Last Monday, in honor of Grameen America Week, we partnered with Whole Foods to celebrate our third successful year of microloans in the United States. Whole Foods was kind enough to provide us with ice cream, banana split toppings, and a small space to distribute information at five of their stores in Manhattan.

We arrived just before 5pm at the Whole Foods store in Union Square, which was completely packed with shoppers. Whole Foods set us up in a prime location, right in the front of the store, which encouraged people to come chat even before we began serving food. Once the ice cream and toppings were brought out we attracted quite a crowd.

Dozens of people stopped by in the first half hour alone and were genuinely interested to hear about Grameen America while they waited for their banana splits. Quite a few people recognized Grameen’s name but most did not know about our programs in the U.S. It was great to be able to talk to everyone and let them know how successful microfinance has become and that GA is helping low-income entrepreneurs create successful business ventures right here in NYC.

Talking about GA while making a banana split was a challenge but I was very lucky to have had the help of Danielle from GA and two great volunteers: Gabrielle from Credit Suisse and Cecile from BNP Paribas.

Thank you to all the other volunteers who came to help and to all the great Whole Foods shoppers who stopped by, we hope you enjoyed it as much as we did!

Jonathan Katz, Grameen America

(Images above were taken at the Upper West Side Whole Foods - Grameen America volunteers Jason, left, and Sandy, right, are pictured.)

Notes From the Field With GA Intern Alexandra from St. Johns University

2010-09-23T15:06:00.000-07:00

Grameen America has partnered with St. Johns University & the Ozanam Scholars for the second year. This year, Ozanam Scholars are working with Grameen America Center Managers in the field in New York City. Take a look at Alexandra’s first blog post and be sure to check back weekly to see what she’s up to!

Hey everyone. I’ve been interning for Grameen for about two weeks now and already my experiences have been interesting. Last Monday my fellow intern Annysa and I went out into the field, handing out flyers—trying to connect with potential clients.

I’ll be honest I was intimidated at first. I’m not a native Spanish speaker. I learned it in high school and let me tell you that that type of Spanish is not how most people actually talk. Adjusting to speaking like a native speaker and being able communicate with people is going to take me a little time but it’s absolutely worth the effort.

I already love getting out and meeting people, listening to their aspirations and trying to help them. I was only handing things out for a few hours, but I feel like I’m working for something bigger than myself—towards a greater good. I can’t wait until I really learn how to do this job well.

Poverty Statistics Highlight Urgent Need for Action

2010-09-17T08:01:00.001-07:00

Grim new statistics on poverty in America were released by the United States Census Bureau yesterday. One in seven Americans, representing 44 million people, lived in poverty in 2009. The poverty rate rose to 14.3%, up from 13.2% in 2006. Even more distressing was the finding that children have been particularly hard hit with one in five individuals under 18 living below the poverty line, which is defined as $10,380 for a single adult and $22,050 for a family of four. For the working age population, representing people aged 18 to 65, the poverty rate rose from 11.7 to 12.9 percent, the highest level since the 1960s. Additionally, the number of Americans without health insurance also rose, going from 46 million in 2008 to 51 million in 2009.

While poverty rates rose across all races and ethnic groups, minorities fared significantly worse. For blacks, the number in poverty increased from 24.7 to 25.8 percent, while for Hispanics, the number increased from 23.2 to 25.3 percent. For white Americans, those in poverty rose from 8.6 percent to 9.4 percent

These depressing new findings serve to underscore the dramatic need for microfinance in America. More than ever, Americans are in desperate need of a solution, or solutions, to this challenging problem. Microlending and microcredit are proven methods and valuable tools in combating poverty. Giving the poor the ability to start their own businesses and become entrepreneurs is a way to empower people and allow them to lift themselves out of poverty through their own hard work and resolve. Grameen America’s mission is to help create a world free of poverty. That may seem a daunting task, especially given the bleak numbers released by the Census Bureau, but with commitment and determination it is achievable within our lifetimes.

http://www.nytimes.com/2010/09/17/us/17poverty.html?pagewanted=1&src=un&feedurl=http://json8.nytimes.com/pages/national/index.jsonp

Grameen America Week

2010-09-16T13:43:00.000-07:00

We are thrilled to announce that next week is our second annual Grameen America Week.

Save the dates!

Grameen America Week is a celebration of our third successful year of providing microfinance services to low-income entrepreneurs in the United States. For the week of September 20th-24th we will be hosting a number of events and kicking off several exciting new campaigns.

On Monday, September 20th, in honor of Grameen America Week and Whole Foods 30th anniversary, we are going to be partnering with them at each of their six Manhattan stores. The Grameen America staff will be on hand to serve up inexpensive Ice-Cream Sundaes. 100% of the proceeds will go to providing microloans for low-income entrepreneurs. Stop and chat with the Grameen America staff and make sure to get an Ice-Cream Sundae for microloans!

On Thursday, September 23rd, we will host a webinar for supporters around the world with an informational session conducted live from the headquarters of Grameen America, New York City. Register now!

Beginning this week we are also running a texting campaign called Text “America.” It’s easy, just text 85944 and donate $10 to Grameen America. The aim of this campaign is to raise $7,500, enough to form a group of 5 borrowers, five first time loans of $1,500 each. We think this is a great way for each donor to become a microlender and discover the power that a small donation can have in the lives of our borrowers. Please help us by donating and by telling your friends and family about the program.

Grameen America week also marks the launch of Grameen U, a program that enlists student representatives from universities across the country who are interested in microfinance to help a growing Microfinance Institution. We hope this is just the beginning of our involvement with students in North America. During Grameen America Week, schools participating in Grameen U will be hosting events to commemorate this special occasion.

We will be updating the blog throughout the week with updates from of all these great events. We hope to see you there!

"Poverty exists because we've built our philosophical framework on assumptions that underestimate human capacities (...). Let's dedicate ourselves to bringing an end to it at the earliest possible date, and putting poverty in the museums once and for all."
- Muhammad Yunus

Women We Love: Shirin Ebadi

2010-09-13T12:05:00.001-07:00

Who She Is: Shirin Edabi is the first ever Iranian, and the first Muslim woman to ever have received the Nobel Peace Prize. On October 10^th, 2003, the prize was awarded to Ebadi "for her efforts for democracy and human rights. She has focused especially on the struggle for the rights of women and children.” Her significant and pioneering efforts on behalf of democracy and human rights, particularly those of women, children, and refugees were instrumental in the Norwegian Nobel Committee’s decision.

Why We Love Her: Shirin Ebadi is a human rights activist and a campaigner for strengthening the legal rights and status of women and children in Iran. She was born in 1947 in Hamadan, Iran and received a law degree from the University of Tehran and, in 1975, became the first female judge in Iran. However, four years later in 1979, she was forced to resign her position due to conservative clerics who took control of the country following the Iranian Revolution and introduced severe restrictions on the role of women in the nation. Since that time, Ebadi has begun a long battle against Iran’s clerics for women’s equality and rights for children, workers, artists, and others. As an attorney, she specializes in the cases of dissidents, women and children. She has been involved in a number of controversial political cases and has been imprisoned several times.

In 1996, Human Rights Watch honored Ms. Ebadi as a leading human rights defender for her contribution to the cause of human rights in Iran. She has published many books that have been translated into English such as The Rights of the Child. A Study of Legal Aspects of Children's Rights in Iran (1994, published with support from UNICEF), History and Documentation of Human Rights in Iran (2000) and Iran Awakening: A Memoir of Revolution and Hope (2006). Time Magazine named Ebadi one of 2004's top 100 most influential people.

She is the president and Co-Founder of the Center for the Defense of Human Rights, a leading human rights organization in Iran. Based in Tehran, the organization has actively defended the rights of women, political prisoners, and minorities in Iran. Due to the increase in persecution aimed at critics of the current Iranian regime, Ebadi has lived in exile in the United Kingdom since June 2009.

Quote:

“Human rights is a universal standard. It is a component of every religion and every civilization.”

Links:

The Nobel Peace Prize 2003

http://nobelprize.org/nobel_prizes/peace/laureates/2003/

Center for the Defense of Human Rights

http://www.humanrights-ir.org/english/

Women We Love: Wangari Maathai

2010-09-08T06:12:00.000-07:00

Who She Is: Wangari Maathai is the first African woman and the first environmentalist to win the Nobel Peace Prize. The Nobel Committee lauded her for “her contribution to sustainable development, democracy, and peace.” Maathai is the founder of the Green Belt Movement, an environmentalist, democracy promoter and women’s rights activist. She is the first woman in central or eastern Africa to hold a Ph.D. and the first female head of a university department in Kenya. She was elected to parliament with a stunning 98% of the vote in December 2002 and was subsequently appointed by the president to the position of Assistant Minister for Environment, Natural Resources and Wildlife in Kenya's ninth parliament.

Why We Love Her: In 1977, Maathai started the Green Belt Movement as a grassroots tree planting program aimed at addressing the problems of deforestation, soil erosion, and water shortages. The Green Belt Movement has become one of the world’s most prominent women’s civil society organizations. Based in Kenya, it advocates for human rights, good governance and peaceful democratic change through the protection and preservation of the environment. Its stated mission is to empower communities worldwide to protect the environment and to promote good governance and cultures of peace. In protecting the environment, the women of the Green Belt Movement are becoming powerful champions for sustainable management of scarce resources such as water, equitable economic development, good political governance, and, ultimately, peace.

Today, more than 40 million trees have been planted across Africa. As a result, soil erosion has been reduced in critical watersheds, thousands of acres of biodiversity-rich indigenous forest have been restored and protected, and hundreds of thousands of women and their families are standing up for their rights and those of their communities and are living healthier, more productive lives. Over the next decade, the Green Belt Movement has set a goal of planting one billion trees worldwide. The hope exists that every individual can take part in protecting the environment and creating a healthy natural world that is at the heart of a more equitable and peaceful society.

Wangari Maathai has been recognized internationally for her work in support of democracy, human rights and environmental conservation. She has addressed the UN on several occasions and spoke on behalf of women at special sessions of the General Assembly for the five-year review of the earth summit. Additionally, she was listed on the United Nation Environment Programme's Global 500 Hall of Fame and named one of the 100 heroines of the world.

“It's the little things citizens do. That's what will make the difference. My little thing is planting trees.”

“I placed my faith in the rural women of Kenya from the very beginning, and they have been key to the success of the Green Belt Movement. Through this very hands-on method of growing and planting trees, women have seen that they have real choices about whether they are going to sustain and restore the environment or destroy it. In the process of education that takes place when someone joins the Green Belt Movement, women have become aware that planting trees or fighting to save forests from being chopped down is part of a larger mission to create a society that respects democracy, decency, adherence to the rule of law, human rights, and the rights of women. Women also take on leadership roles, running nurseries, working with foresters, planning and implementing community-based projects for water harvesting and food security. All of these experiences contribute to their developing more confidence in themselves and more power over the direction of their lives.”

http://www.greenbeltmovement.org/

This Week in Microfinance

2010-09-02T15:29:00.000-07:00

In this weeks installment of This Week in Microfinance we highlight three articles on international microfinance, including an exciting update from Grameen Foundation.

First some exciting international news:

A very interesting piece from today’s issue of The Economist magazine called “Energy in the developing world: Power to the people”. It focuses on the emergence of affordable energy systems as small businesses in the developing world and some of the obstacles that may prevent them from emerging as widespread alternatives to expensive kerosene.

You can check out the article by clicking here.

Another innovative idea coming out of Thailand, courtesy of the Bangkok Post, is the possibility of post offices becoming microfinance centers. It’s always good to see a government take the initiative to support microfinance alternatives to rogue lenders, which is a very serious problem in Thailand.

You can check out “Thailand Post may provide microfinance centers” by clicking here.

Now some exciting news from Grameen Foundation:

We were thrilled hear that Grameen Foundation has received $200,000 in funding from the Members Project by American Express and Take Part. It’s wonderful to hear that Grameen’s International operations will be able to expand because of this. We send our congratulations to them.

You can check out the news from Grameen Foundation by clicking here.

Women We Love: Ingrid Munro

2010-08-31T12:58:00.000-07:00

Who She Is: Ingrid Munro is the Founder and Managing Trustee of the Jamii Bora Trust, the largest Microfinance organization in Kenya. As a leader and advocate of microfinance in one of the poorest and most dangerous areas in Africa, she has provided a way out of poverty for nearly 250,000 people.

Why We Love Her: After working in housing research for the government in her homeland of Sweden, Ms. Munro became the head of the African Housing Fund. She had become close to Kenya on a personal level when she and her husband adopted 3 boys from the slums outside of Nairobi. When she retired in 1999, determined to help the community where her sons were born, Ms. Munro started Jamii Bora to help the poor of the Nairobi slums find legitimate work through microfinance. In just eight years Jamii Bora, which means “Good Families”, has increased its membership from 50 to 250,000 men and women.

What makes the work Jamii Bora does so unique is that it helps everyone in the slums including disabled beggars, former gang members, and victims suffering from HIV/AIDS. “Mother Ingrid” as she is called by many of the people she has helped in the slum, saw an opportunity to create a community free of these problems by extending a hand up to anyone who would take it. “I think one of the secrets is not normal banking rules but in Jamii Bora is we love everybody.” Explains Munro, “It doesn’t matter where you come from it just matters where you want to go in life.”

Among the many moving success stories is a notorious gang leader who, under the guidance of Jamii Bora, renounced his criminal ways, opened a legitimate business and made amends with his mother, who he had not seen in thirteen years. He now spends much of his time mentoring youth to stay away from the violent street life he once lived. You can view several additional success stories by clicking here.

In addition to loans, Jamii Bora also offers health insurance, business school, a housing program, the “Levuka” substance rehabilitation program, and the “Tumaini” program for street beggars, plantation workers, and the handicapped. They have laid plans for a new town outside the slums called Kaputiei which will give 10,000 people currently living in the slum the chance to have a real home with bathrooms, running water and electricity.

Quote: “When they become members of Jamii Bora we give them access to a ladder. By being a member of Jamii Bora they can get access to that ladder and they should use it to climb out of poverty. But we also make it clear to them that while we provide the ladder; the climbing will have to do themselves.”

Please make sure to check out this short two part documentary video on Jamii Bora.
Link to Part 1
Link to Part 2
Link to Coverage of Kaputei Town project
http://www.jamiibora.org/

This Week in Microfinance

2010-08-26T13:44:00.000-07:00

It was a very active week for the international microfinance community. The following articles are all worth checking out. It’s amazing that microfinance is growing so fast and that new operations are being started all over the world, within days of each other.

Ibdaa Microfinance Bank launched in Syria. It hopes to distribute 407,000 loans over the next 5 years through 40 branches. This new MFI will also create another 500 jobs companywide. Read about it in Zawya by clicking here.

In Vietnam, the first official microfinance organization, the TYM, was put into operation by The Vietnam Women’s Union. As reported by Vietnam Business, “The TYM, formerly named the Compassion Fund, has helped more than 80,000 women access basic financial services and escape poverty over the past 18 years”. Its new status allows it to take savings. Read the report by clicking here.

Barclays Bank has been busy investing in Microfinance this week. They invested IRN54.6 Million (around $1.1 Million) microfinance in India. Meanwhile, in Africa, the British bank invested $50 Million dollars in microfinance programs in 10 countries. The funding will go to help around 500,000 people. In both cases Barclays is partnered with CARE International and together are running a program called Banking for Change.
Learn more about this by clicking here for India and here for Africa.

In another interesting story about countries learning about microfinance from each other, Yemen has sent a delegation to the Phillipines to learn about the success of their programs. Read more about it in the Yemen Observer here.

There is a new program started by the International Finance Corporation (IFCA) in the Pacific. It will provide funding for microfinance operations in East Timor, Papua New Guinea, and other Pacific countries. Follow the link here for information about the project and an interview with IFCA Financial Markets Specialist, Deva De Silva from Radio Australia.

Check back next week for more international microfinance news!

Women We Love: Debra Zimmerman

2010-08-23T06:35:00.000-07:00

Who She Is: Debra Zimmerman is the Executive Director of the arts nonprofit Women Make Movies, a nonprofit New York-based film organization that supports women filmmakers. As executive director she’s helped grow Women Make Movies into a thriving arts organization that provide funding and support for hundreds of female artists each year.

Why We Love Her: Debra has been with Women Make Movies since 1983, and under her tenure she’s grown it into a the largest distributor of films by and about women in the world. Debra and Women Make Movies provide a valuable resource to an often marginalized group of filmmakers – and with great success. Films supported by WMM have won prizes at the last three Sundance Film Festivals, and the organization champions the work of emerging artists and established auteurs, such as Sally Potter, Jane Campion, Gurindha Chadha, and Julie Dash.

Quote: “Thirty years after the start of Women Make Movies, I can’t believe how far we’ve come. I can’t wait to see what happens in the next thirty years… The future of Women Make Movies rest not only in our continued advocacy of women filmmakers and our attentiveness to social issues, but also in the incorporation and development of new technology and the expansion of our distribution and promotion efforts through the internet.”

Women Make Movies: http://www.wmm.com

Women and Grameen

2010-08-17T10:48:00.000-07:00

One of our colleagues recently took this picture in the Atlanta Airport. The picture shows Professor Yunus’ recently published book “Building Social Business” next to a book that she’s mildly obsessed with called “What Women Want” by Paco Underhill. The book focuses on the rise of women’s independence and the tremendous buying power women now have in the global marketplace.

From the titles, the books might not seem similar, but with further thought, the subject of “What Women Want” is a perfect compliment to the mission of Grameen America. Grameen has evolved into a social business that gives individuals a chance to lift themselves out of poverty and reach a significant level of independence. Today, both Grameen Bank and Grameen America serve primarily women. However, not long ago, women once shared the benefit of Grameen’s services equally with men.

How, then, did women end up leading the way in benefiting from Grameen’s microloans?

When Professor Yunus started lending in rural Bangladesh in 1976, the borrower demographic was only 20% women. He soon realized that when women had control of the household income, more money was kept within the family and would be used only for the most critical needs such as food, children's education, and health-care. Today, over 8 Million People in Bangladesh have benefited from Grameen Bank’s microfinance operations and 97% of them are women.

Since 2008 Grameen America has brought microfinance to low-income women in New York City and Omaha, Nebraska. Grameen America’s micro loans have made an instant impact on the lives of women in these communities. Those who have taken out loans have been able to start businesses and successfully keep savings while investing in their families needs. With a repayment rate of over 99%, these women are proving that with the help of a little money, hard work, and some big dreams they can provide a better life for their families right here in the United States.

Back to School for Grameen America

2010-08-12T07:31:00.000-07:00

“Helping the Poor” in America

Grameen America is very excited to announce the launching of its new university outreach program, ‘Grameen U’. Through Grameen U, students across the nation will have the opportunity to channel their passion for microfinance, for the Grameen model, and for poverty alleviation in the United States into concrete action. Katherine Rosenberg, in charge of the grassroots initiatives at Grameen America, says “we are excited to ally with students across the nation to further promote microfinance. Their creativity and dynamism will be extremely valuable to reach out to the communities in need.”

There are various components to the Grameen U program. Students can become Campus Representatives—that is, Grameen ambassadors on their campuses; replicate our unique lending model by forming their own group of five; engage in organizing a variety of events with local partners to spread awareness of Grameen America’s mission; and bring Grameen America Reps to their campus via Skype or in-person to talk about microfinance and the Grameen model. In addition, the Grameen Campus Representatives will have the chance to connect, network and share ideas in the social media world.

Grameen America is looking forward to seeing Grameen U flourish in the fall of 2010 in campuses across the U.S., and is thrilled about the efforts that have already been made at universities such as Barnard, Brown, Harvard, and Johns Hopkins!

For more information, check out the newly added Grameen U section to the Grameen America website: http://grameenamerica.org/grameen-u/grameen-u/about-grameen-u.html. Grameen America is accepting applications for Campus Representatives online, and is reviewing applications for the Grameen U President. For any questions about the program, don’t hesitate to email us at grameenu@grameenamerica.org.

(Stay tuned for Grameen America’s Young Professionals initiatives!)

- The Grameen U Team

Women We Love: Zainab Salbi

2010-08-09T12:25:00.000-07:00

Who She is: The daughter of Saddam Hussein's personal pilot, Zainab Salbi witnessed firsthand what oppressive dictatorial regimes, war and violence can do to women and girls. At 20, she found herself living thousands of miles from home, in the U.S., married to a man she didn't love. When the relationship turned abusive, she found the strength to get out and for the first time, was able to consider what she truly cared about. A chance reading of a report on the brutality of rape during the Bosnian-Serbian war led her to take up her cause: fighting for the rights of women and girls in war torn countries.

Why we love her: In 1993, Zainab transformed the early kernel of an ideal into a thriving organization that helps women and girls. Women for Women International is a grassroots development organization that helps women survivors of war gain social and economic opportunities. Women for Women operates in several current and former conflict-ridden zones, including Afghanistan, Bosnia and Herzegovina, Democratic Republic of Congo, Iraq, Kosovo, Nigeria, Rwanda and Sudan.

Since its inception, Women for Women has distributed close to $80 million in aid and - just as Grameen America does in the states - microcredit loans to nearly a million women in the developing world. One unique aspect of their programs: A letter sponsor initiative - in which women in conflicts zones are matched with women donors who provide not only financial but emotional support.

Quote: "In wars, trust is lost", she said in a 2008 Time Magazine interview. "Betrayal leads to silence. Rape victims do not talk. Women disappear just when their families and their societies need them most -- because you can't rebuild a strong economy without strong women"

Women for Women International: http://www.womenforwomen.org/

Borrower Meeting

2010-08-02T06:05:00.000-07:00

In my last post I described my legal internship at Grameen America, an organization dedicated to combating poverty by providing micro-loans to low-income entrepreneurs.

This morning I woke up before the sun rose to attend a borrower meeting in the far off land of Jackson Heights, Queens. The borrower meeting was at 6AM, necessitating waking up around 4AM. Seeing Midtown nearly empty is a strange sight. It had a certain I Am Legend-style feel to it.

The borrower meeting was located in one of the borrower’s homes. About twenty borrowers meet at the woman’s apartment each week to make repayments to a loan officer who visits several borrower groups around the city each day.

Unfortunately, the branch manager had given me the wrong address. I quickly realized this after the family whose doorbell I rung at 6AM was not too pleased to see me. After that fun conversation, and waking up my supervisor to get accurate directions, I discovered the meeting was in the building next door.

I’d seen the set up before, just not in a room with electricity. I was surprised to see the borrower meeting in Queens was strikingly similar to one I’d seen before in the Dominican Republic. The borrowers sat together in a small room, chatting with each other about their businesses, waiting to make their repayments to the loan officer, trying to keep their bored children entertained. One by one they gave their repayments to a loan officer sitting at a table, a large ledger in front of her. The officer would count the money three times, sign off on the ledger, make small talk with the borrower about her business’s progress, and call up the next borrower. Borrowers who made their repayments stood in the hall of the apartment building, waiting for their group-mates to finish business.

I was shocked to see the similarities with microfinance borrower meetings I had witnessed in the Dominican Republic. I imagined cultural differences or at the very least the microfinance institution’s borrower meeting organization would have made the meetings dissimilar, but the meeting ran as I had seen it before.

The only noticeable difference in borrower meetings was the lack of singing at the Queens meeting. The microfinance institution I worked with last summer in the DR was a Christian NGO, so each borrower meeting included a prayer and a song. While Grameen America is not affiliated with any religious organization, I doubt very much the neighbors would have tolerated a chorus so early in the morning.

“Why 6AM?” I asked the loan officer.

“They have no excuse not to be here,” she replied bluntly. “After the meeting the borrowers go off to run their businesses for the day.”

Lisa Simpson goes to Dhaka; Professor Yunus to visit Springfield

2010-07-28T08:50:00.000-07:00

Grameen America’s microloan programs are no laughing matter, but just for a moment allow me to direct your attention away from the United States to Dhaka, Bangladesh where a member of one of America’s funniest TV shows is seeing firsthand how Professor Yunus is changing the lives of low-income entrepreneurs.

Yeardley Smith, the voice of Lisa Simpson of The Simpsons cartoon fame has been a longtime supporter of Professor Yunus and the work of Grameen Bank. In the past, she has visited Grameen operations in other countries, such as Haiti, but this week marked her first trip to the country of Grameen’s origin.

This won’t be the last time this year that The Simpsons, the longest running sitcom in American history, and Professor Yunus will be mentioned in the same sentence. Professor Yunus has been invited to the iconic town of Springfield, USA, the animated home of The Simpsons. He will be featured on an episode devoted to the theme of Grameen and microfinance. Professor Yunus has already recorded his voice for the show.

Although the episode doesn’t air until October, you can bet we will have updates on it as more information becomes available. You can read the official Grameen Bank release here and the BBC story here. No word yet on if Lisa will be applying for a loan.

Women We Love: Somaly Mam

2010-07-26T10:13:00.000-07:00

Who She Is: Cambodian author and human rights advocate Somaly Mam is an outspoken advocate on behalf of trafficked women and girls. And she knows first-hand the horrors of sex trafficking. As a child, she was orphaned by the Khmer Rougue regime, and was then victimized again when a man who promised to help her find her missing parents sold her into sex slavery. After years of abuse, Somaly eventually escaped and vowed to help other women and girls in her situation.

Why We Love Her: In 1996 she founded AFESIP, a Cambodian NGO aimed at helping rehabilitate victims of sex trafficking. In 2007, she launched the Somaly Mam Foundation, which helps financially support anti-trafficking organizations and promotes the rescue, recovery and rehabilitation of sex trafficking victims. Her work has garnered dozens of accolades and awards – including being named 2006 Glamour Woman of the Year and a CNN Hero.

Quote: “I’ve committed my life to fighting this horrible scourge on humanity. Seeing innocent young women and children whose lives have been forever scarred leaves no doubt that they need a champion who is willing to invest all their time and energy towards eradicating the shameful practice of human trafficking. I cannot wage this fight alone and call upon anyone who cares about the innocent victims to donate their time, money and advocacy to this important cause.”

The Somaly Mam Foundation: www.somaly.org

Written by Julie Gerstein

Grameen America Featured in Newsweek Magazine

2010-07-20T18:05:00.000-07:00

Grameen America was featured in Monday’s edition of Newsweek magazine. It’s a great article which details the success of Grameen America’s micro-lending program during the last few years. It highlights how Grameen America has found a way to give low-income entrepreneurs a chance to have a business of their own amidst the hardships of the economic crisis. It also includes a few short stories of our borrowers. Please check it out by clicking here and let us know what you think!

What does a world without poverty mean to you?

2010-07-20T18:02:00.000-07:00

Grameen America wants to know!

We asked this question to the Twitter world this week and are already getting great responses. The person with the best response by next Thursday will win two tickets to an upcoming Lilith Fair concert on the East Coast.

Grameen America’s Vision is to create a world without poverty. Let us know what reaching this goal would mean to you! Tweet us at twitter.com/grameenamerica and remember to include #grameenamerica in your response.

Partnering with Whole Foods – Grand Finale!

2010-07-09T18:52:00.000-07:00

By Donna Khalife

The BBQ was a success, with a line around the corner the entire time! We raised $2,300 in a matter of hours. We charged only $2 for a hot dog and a drink, and $3 for sausage and a drink (we could probably increase prices a little next time!). All the food and drinks were donated from various companies, so all the proceeds we generated went to Grameen America. We had many options available: vegetarian, vegan, whole wheat buns, etc. To tie the BBQ to Grameen America, we handed out our one-page summaries to people in line so they could read about us while waiting, and feel even better about the cause they were supporting when eating their hot dogs! We also positioned our posters so that people could read them while they were in line. Our goal for the event was to raise donations of course, but also to continue building our grassroots network and expose people to Grameen America and to the existence of poverty in the U.S. Overall, I think we accomplished both.

I learned another useful lesson as it relates to non-profit work: it was difficult to get people to approach our tables at first even though the grills were fired up and we were clearly not asking for anything. To help attract a crowd, we started yelling on the sidewalk “Just $2 for a hot dog and a drink, and all the money is going to charity!” I added a few more comments from time to time about having vegetarian options and the charity being Grameen America, a local one that alleviates poverty right here in New York City, but that was pretty much all we needed to say for people to slow down and take a second glance at us. Again, I was amazed at how many people cared and wanted to support us but could not be bothered to stop and inquire on their own. It was a good reminder that we need to keep finding creative ways to attract people who want to get involved without asking them to take the initiative and approach us first.

Our adventures at Whole Foods for the week ended on a positive note. We all went home a little tired and smelling of smoke from the BBQ, but feeling good about a day’s worth of work! Thanks to all those who stopped by!

See more pictures here

Partnering with Whole Foods – Day Two

2010-07-08T19:11:00.000-07:00

By Donna Khalife

Our second day at Whole Foods was great! The store’s Marketing Manager was kind enough to set us up in a perfect location where customers first walk into the store. We had trouble attracting passersby at first, but thanks to some free bags of chips (from Whole Foods), people were practically standing in line to chat with us! I learned a very valuable lesson for those involved in social work: enticing people to hear about your cause is much easier if you offer them free food… It’s a lesson I knew would work on teenagers, but it is apparently equally effective on adults! I think it’s important for non-profit organizations to acknowledge these seemingly obvious challenges and find creative ways to attract the weary public, rather than feel rejected and give up. Our goal for the day was simply to build awareness about Grameen America and inform customers about tomorrow’s fundraising event. We stapled to the bag of chips a one-page summary about our organization, highlighting some stats and stories of our borrowers, and a small flyer describing the events for tomorrow’s 2-yr anniversary of the Whole Foods store in Tribeca. The technique worked out perfectly! People could read all about us at their leisure while enjoying their afternoon snack. I even found myself re-reading our one-page summary later that day when I opened my own bag of free chips!

Grameen America

2010-07-08T07:14:00.000-07:00

This summer I’m working for Grameen America, a non-profit microfinance institution based in the United States. Grameen America provides small loans to low-income entrepreneurs (mostly women) to operate small businesses with the goal of helping them lift themselves out of poverty. Grameen provides loans to the people banks won’t lend to, either because they don’t have collateral or because they are “uncreditworthy” from the bank’s perspective. Yet, our 3,500 borrowers have proven their creditworthiness, with an average repayment rate of over 97% since our founding (significantly higher than traditional bank repayment rates).

Our model is based on that of our sister organization, the Grameen Bank. The Grameen Bank was started in the 1970s by Professor Muhammad Yunus in Bangladesh. After seeing villagers perpetually indebted to local moneylenders, Yunus lent them $27 from his own pocket. Thirty years later, with an astonishing repayment rate of 97%, Yunus has demonstrated that the poor, when given the opportunity, do pay back. For his efforts to combat global poverty, Yunus was awarded the Nobel Peace Prize in 2006.

While New York City is not Bangladesh, it is still ripe for microfinance. As in Bangladesh, there are poor people with no job opportunities and no access to credit, especially given the economic climate. The local moneylenders of Bangladesh have been replaced by check cashers, payday lenders, and pawn shops. So far, with 3,500 borrowers and ever-increasing demand, we’re just getting started.

In my capacity, I am helping Grameen America in its statewide expansion. While many developing countries implementing microfinance programs have very vague or informal banking regulations, each state/territory has its own idiosyncratic regulations to comply with. So, how we can start lending in D.C., for example, if D.C. requires special lending licenses and surety bonds? Or, how do we deal with usury laws? Each state has usury laws designed to prevent lenders from charging excessive interest rates and preying on borrowers. However, our organization needs to charge 15% to achieve sustainability and cover its costs. This is because it’s a lot more expensive to administer one-hundred $1,500 loans than a single $150,000 loan, which is generally why banks don’t provide these kinds of loans. So, I have to address these issues, looking at the nuances of state banking law.

Not entirely legally-related, I found that my video-editing skills from my past life have served me well. If you’re interested in learning more about our borrowers, see our YouTube page where I’ve posted some borrower interviews. My favorite project thus far has been creating a video birthday card for Professor Yunus, who recently turned 70.

Last week, Grameen America held a borrowers market in TriBeCa where dozens of our borrowers showed up to sell their wares to the community. Borrowers sold everything from empanadas to jewelry. It’s really impressive what some of these borrowers have done with $1,500 loans. One borrower, Nicole Gates, started Soul Sister Quisine, a catering business specializing in soul food and really tasty red velvet cupcakes. She used her $1,500 Grameen loan to purchase equipment for a cart so she could sell her food at street fairs. Currently, she’s doing extremely well, having fully repaid her last loan, and is now using a second loan to expand her business.

Partnering with Whole Foods – Day One

2010-07-07T09:08:00.000-07:00

By Donna Khalife

Our adventures at the Whole Foods in Tribeca began when we entered what appeared to be one of the largest supermarkets I had seen in New York City. We were told it had 400 employees, but that figure didn’t really make sense until we got there. The location has two levels and is the size of an entire city street block. The store is full of smiling employees who let you sample anything and everything before you purchase it, vendors offering free tastings at every corner, a ton of pre-cooked food for the busy New Yorker on the go, and over 25 express counters to ensure a quick checkout.

We arrived at the Customer Service counter and the employee asked if we were with Grameen; it was a nice surprise to discover that they were expecting us. We waited for the “In-Store educator” and strolled up to the second floor with our large poster boards in hand. It’s always fun to see people’s reactions on the subway when we walk around with these posters. For this event, we chose to bring a few of our favorites: a blow-up of our New York Times article featuring nice colorful pictures of our borrowers, a blow-up of the Times article (equally attractive and colorful), a picture of Professor Yunus cutting the rope at the Manhattan branch opening in May, and a picture of Professor Yunus receiving the Medal of Freedom from President Obama last year. The last one always catches people’s attention. Even if they don’t know Professor Yunus, they’re bound to know President Obama and wonder why we’re displaying a photo of him!

We were led through a door with the sign “Team Members Only” and I immediately had a good feeling about this place. Afterall, it’s not often that you see a place that decides to change the “Employees Only” reference to “Team Members.” I thought these might just be the type of people who will care and be genuinely interested in hearing about our organization and the work we do to alleviate poverty in the U.S. Not surprisingly, the atmosphere in the hallways and offices was equally promising. We set up our posters, passed out summaries of Grameen America, and presented our organization to a group of 20 employees (or shall I say “team members”…). I started off by introducing microfinance and the Grameen Bank model. My colleague Melisa talked about poverty in the U.S. and how Grameen America got started in 2008. After Anne described the process of applying for a loan, Helena gave some stats on the impact and growth we’ve had so far (over 3,500 borrowers and over 97% repayment rate!) and explained the concept of sustainability, which we are on track to achieve. We got a lot of great questions about interest rates, the types of businesses that borrowers open, the criteria for determining if someone is eligible, etc.

Overall, the session was great and a few people walked away with Whole Foods copies of Professor Yunus’ first book “Banker to the Poor” to learn more about Grameen Bank and microfinance. We walked around the store and talked to a few more employees who were unable to join us for the formal session due to work constraints. The store’s Marketing Manager Steven asked us if we would be willing to return tomorrow to set up a table and talk to customers. We had no clue what to expect, but we gladly accepted the challenge!

After sampling a few too many cheeses (is there really such a thing as too much cheese?!) and various cold cuts, me and Melisa walked away with our dinners in hand! Needless to say, the feast of fresh bread, cheeses, meats, olives, and tomatoes that greeted me later that evening was one that made me look forward to tomorrow’s return trip to the market. In one afternoon, we had managed to get some Whole Foods “team members” excited about Grameen America and the work we’re doing in New York City. Now, if only we could figure out how to get through to those busy Goldman customers who will be frequenting the store for lunch tomorrow…

Grameen America on Tour

2010-07-07T05:31:00.000-07:00

The Lilith Fair Tour kicked off this past weekend and I was on hand representing Grameen America at the show in San Francisco, CA.

Lilith Fair is famous for it’s commitment to promoting women in music but what often gets overlooked is their commitment to supporting notable causes. This year Lilith Fair was generous enough to highlight Grameen America as one of four “exceptional change-making enterprises” for their i4c (I Foresee A Better Tomorrow) campaign. i4c has also helped us by supporting a text to give campaign (yes, this means you ... even if you're not a concert-goer can text i4c to 85944 to donate $10 to Grameen America).

Besides taking in some great performances on the main stage, I was stationed at the Grameen America section in the i4c village. Over the course of the day I met so many great people who were interested in learning about Grameen America’s work. Additionally, Nalgene has offered to include Grameen America materials in every water bottle they sell at the concert (which were quite a few while I was standing there). The response was tremendous and I met so many excited new supporters!

In between sets, the Lilith Crew played a short video produced by ABC Network about Grameen America. It was a great way to showcase the work we have been doing and we hope to continue to do so in the Bay-area starting later this year.

It was so much fun being out in the field and talking to people who are interested and supportive of what we're doing! I can't wait to meet back up with the tour on the east coast!

Grameen America Borrowers Market

2010-06-30T08:27:00.000-07:00

A big thank you to everyone who turned out today to our second annual Borrowers Market at St. Johns University’s Tribeca campus. We are especially grateful to St. Johns for their commitment to Grameen America and continuing to supply us with a venue for this great event.

Despite the sweltering New York heat, over thirty borrowers from all three New York City locations turned out to promote their businesses. From 1:30-4:30pm, people stopped by to check out the stands, which ranged from empanadas to traditional hand-made necklaces. More than one Grameen America staff member was spotted chowing down on plates of roast pork with rice and beans, empanadas, and fried tacos.

The red velvet cupcakes made by Soul Sister Quisine owner and Grameen America client Nicole Gates, were a complete hit for desert. Ms. Gates, who is a member of the Jackson Heights branch, used her first loan to buy portable equipment to make her Southern inspired cuisine at festivals and street fairs. In just a year she has turned the dream of having a successful business selling Soul Food, such as ribs, pulled pork, collard greens, and cornbread, into a reality. She now has several employees and even enlists the help of her family for large events.

We hope to have many more borrowers markets in the future where we can showcase the feasibility of microfinance in the United States directly through Grameen America’s clients.

A Living History

2010-06-10T13:41:00.000-07:00

“We are providing the loan to invest in entrepreneurial activity but more importantly we are providing infrastructure in the human network where people can come together and sit for an hour each week and talk about their business”
- Leslie Kane, Grameen America VP, May 20, 2010 on the impact of Microfinance

On May 20-21, 2010 the Microfinance USA conference was held in San Francisco, CA. The conference, attended by 400 people, featured over 80 speakers from the microfinance industry.Among the featured speakers was Grameen America’s own Vice President, Leslie Kane who participated in the panel entitled “A Living History: U.S. Microfinance Past, Present and Future.” Leslie touches on two very important topics during her discussion: the challenge of starting Grameen America during the credit crisis and using Microfinance as a tool for building communities.

Click here to view a recap of the webcast of Leslie’s panel. You can catch her speaking during the 29th, 41st, and 107th minutes. Please also take a moment to explore the Microfinance USA website to find out more about the conference and upcoming events.

Inside Grameen America - Rakhi Patel

2010-05-25T13:38:00.000-07:00

Ms. Patel joined Grameen America as Director of Development from the law firm Skadden, Arps, Slate, Meagher & Flom LLP where she will be an associate in the New York office in October 2010. At Grameen America, Ms. Patel focuses on expansion strategy and development.

How did you first hear about Grameen America?

I knew there were Grameen operations all over the world, but had not realized until last year that there was one focused on alleviating poverty in the U.S.
I first learned about Grameen America through my law firm Skadden Arps, Slate, Meagher, and Flom LLP. When the economic downturn occurred, the firm offered attorneys a nonmandatory "sidebar" program to pursue other interests for one year before coming back to the firm. Skadden Arps is one of Grameen America's pro bono partners, so I was able to get an introduction through one of the Skadden advisory board members.

What does Microfinance mean to you?

Microfinance means providing a hand up, not a hand out.

Why do you believe in Microfinance as a method to alleviate poverty?

I believe that microfinance, implemented through a social business model rather than a profit-maximizing entity, has the ability to give people living below the poverty line the ability to help themselves integrate into the mainstream financial system. Ultimately, people must believe in themselves first in order to attain their goals. Microfinance done properly gives people living below the poverty line a fair shot at the American dream.I also believe, though, that access to affordable financial products is only one piece of the puzzle to help alleviate poverty. The day-to-day reality for people living below the poverty line is that they have many needs--financial, dietary, health, education, etc.--so no one entity will be able to solve all of these problems at once. Grameen Bank in Bangladesh has operated for over 30 years and now helps people with issues beyond that of access to low-cost investment capital. I hope to see the same for Grameen America in years to come.

How do Prof. Yunus’ beliefs empower you in your daily work?

Professor Yunus believed in his ability to help poor people despite all the naysayers around him. At minimum, it made me realize that you have to believe in yourself because there will always be people to secondguess your efforts. If something is broken, you can fix it if you believe in yourself and work hard enough.

Where would you like to see Grameen America 10 years from now?

I would like to see Grameen America operating in every major city in the U.S. I would also like to see it branch out its product offering beyond that of microloans for investment capital to loans for affordable housing and children’s education, among other areas.

What do you like most about Grameen America?

I like that Grameen America views itself as a social business rather than as just a nonprofit organization. We must be held accountable for making smart business decisions, as the ability to be self-sustainable and not reliant on donations in the long run is what will help our borrowers the most.

What keeps you excited about coming in to work every day?

I like spending my day with a group of intelligent, motivated, and fun individuals. Ultimately, all of our efforts translate into actual results for thousands of people every day.

“If it can be done in New York, it can be done everywhere"

2010-05-19T13:29:00.000-07:00

“If it can be done in New York, it can be done everywhere"
- Muhammad Yunus

Monday morning marked a very exciting milestone in the short history of Grameen America. It was the Grand Opening of Grameen America’s Manhattan branch, which joins the Queens and Brooklyn offices as the third New York Branch to open in as many years.

Hosted inside the City College of New York’s Great Hall, the event featured a mini borrowers market, a song performed by children of the borrowers, and an uplifting speech by Grameen Bank’s founder, Professor Muhammad Yunus.
Over fifty borrowers attended the event and participated in the mini borrowers market where they showcased the products they invested in with their loans. Professor Yunus was clearly overjoyed to see that the lending formula, which had worked so well in Bangladesh, was having similar success in America.

While Professor Yunus has spent a great deal of time in the spotlight championing microfinance, he used this opportunity to turn the focus back on the borrowers. He spoke directly to them through the aid of a Spanish translator, "Even though you might seem normal people, you are not. You are leaders. You are very special borrowers. You are the first and after you millions will follow." He also thanked the staff of Grameen America who worked tirelessly to continue the expansion of lending operations in New York. It was an inspirational speech and a day that the borrowers and Grameen America will surely not forget.

Below are several links to local news coverage of the event. Be sure to check out the New York 1 article for an excellent video of the event.

“Micro-Loan Bank Aids Manhattan’s Small Business Owners”, New York 1

“Bank for the Poor Hopes to Teach Wall St a Lesson”, ABC News

“Grameen Founder Calls Microfinance an Alternative to Payday Loans”, American Banker

"Bank for the Poor' Opens in New York City", Tonic

Grameen America Honored at New York Women’s Foundation Breakfast

2010-05-14T13:27:00.000-07:00

Yesterday morning The New York Women’s Foundation hosted their annual breakfast at the Hilton Hotel in midtown Manhattan. Over 2,300 people attended the event, which was emceed by Soledad O’brien, anchor and special correspondent for CNN. Billed as “the premiere fundraising event for women of conscience in New York City”, 68 organizations and three special guests were honored for their dedication to women’s empowerment in the greater New York area.

Grameen America, recipient of a $70,000 grant from NYWF, was among those recognized for our commitment to helping women through microfinance. Grameen America’s attendees included Seema Gohil, Rakhi Patel, VP Leslie Kane, and CEO Stephen A. Vogel.

R&B Icon Mary J. Blige headlined the event’s special honorees and received a Vision Award for her newly established FFAWN Foundation. Fashion designer Eileen Fisher also received a Vision Award for her commitment to ethical business practices and funding grant programs for women entrepreneurs. In addition, Margarita Rosa, Esq. was honored as the recipient of the Celebrating Women Award for her promotion of social justice for women. They joined a prestigious list of former NYWF honorees that include Madeleine Albright, Christiane Amanpour, and Agnes Gund.

While billed as a fundraising event, the breakfast was also a thrilling look into the combined efforts of New York based Non-Profit Organizations and was a pleasant reminder that Grameen America is not alone on it’s mission to help those in need.

Grameen America on NY1

2010-04-12T13:25:00.000-07:00

Written by Ashley Seil...

It was an exciting day in the Grameen America Queens branch when NY1, one of the largest news stations in New York City, stopped by to interview branch leaders. Rain came down hard outside as the reporter sat down with Shaw Newaz, branch manager, to discuss what Grameen America has been up to in Jackson Heights, Queens.

Among the many questions that were asked, one touched on the differences between women in Bangladesh and women in New York City, and how these differences affect the success of the Group Lending Model that is associated with the Grameen name. Mr. Newaz, coming from over two decades of experience with the model, stressed the similarities rather than the differences that exist cross culturally between women. The success of the group lending model across many countries of the world is a testament not only to the success of Grameen’s strategy, but also to the idea that there is much universality that exists across cultures today. And while it is important to recognize what makes each culture unique, it is just as important to recognize those similarities that bring individuals from such diverse backgrounds together as one. Grameen America believes that one of these universal similarities is the wish we all have to eliminate poverty worldwide.

After their interview with Mr. Newaz, NY1 headed over to Beauty Nails by Magic R.T., where they interviewed Donaldo Torrenegra, Grameen America Center Manager, and Nellie, who runs her own nail salon with the help of her Grameen America loan. Nellie contributes much of the success of her salon to the opportunity that was given to her by the Grameen America loan. Nellie is a wife and mother to two children and the loan has helped grow her business and provide extra financial support for her family of four.

Grameen America appreciates NY1 and their dedication to spreading the word about microfinance in the New York City area!

See the clip online!

Yunus Pushes Grameen America's Message From Abroad

2010-04-07T13:23:00.000-07:00

Muhammad Yunus spoke to the AP earlier this week, from a financial conference he was attending in Nairobi, Kenya, and drove home again, the need for U.S. welfare reform. The head of the Grameen Bank stressed how difficult it is for people on welfare to get off of it.
“Many people are trapped in th system,” he said. And he highlighted the work that Grameen America is doing to help lift poor families out of poverty.

"People need money to start businesses and we are willing to give it," he said. "We are flourishing. We have an excellent repayment rate.".

Check out the full article here.

The Grameen Bank Experience

2010-04-05T13:21:00.000-07:00

Shah Newaz, our Senior Vice President and General Manager at Grameen America, will offer a lecture at Stony Brook University this Wednesday, April 7.

Mr. Newaz will share the historical background of the Grameen Bank Project in Bangladesh from 1976, and recent updates, based on his experiences working for Grameen Bank in Bangladesh for 25 years, the Grameen replication program in the Dominican Republic where he worked for two years, and the most recent developments of starting up Grameen America Inc. in New York and Nebraska. Mr. Newaz has over 25 years experience with Grameen as a manager with global experience in establishing Grameen businesses.

Shah Newaz shares Grameen America and Nobel Peace Prize recipient Muhammad Yunus mission. He works to alleviate poverty and spur entrepreneurship by providing small loans, savings programs, credit establishment, and financial education to people living below the poverty line in the United States.

MFI Connect: Student Microfinance Forum

2010-03-17T13:19:00.000-07:00

Written by Chris Temple, MFI Connect Founder...

I wholeheartedly believe that students hold enormous potential to initiate change in this world. Students are optimistic, eager, and dedicated free-thinkers. The question is how to harness their fiery passions? How to transform their potential into tangible actions that bring an end to global injustices, such as world poverty?

The microfinance buzz has not only spread amongst the business world; it has also infiltrated university campuses in the form of student clubs, fundraisers, and in some rare cases classes. Its revolutionary tenant of providing credit as a human right, regardless of available credit history or collateral, has ignited the interests of today's youth. The question becomes how to empower student microfinance initiatives to maximize their impact and to prepare students for thought-full, productive careers in the industry?

A team of seven students, including myself, have created an online  microfinance network, MFI Connect (www.MFIConnect.com), to unite these disparate student initiatives and to provide accessible information, discussion, and opportunities. Currently the largest network of its kind, we bring together over eight-hundred members, including students from more than forty universities. More specifically, we engage our members by providing microfinance education courses, innovative fundraising and awareness campaigns, in-field exposure programs, groundbreaking discussion, and access to competitive job opportunities. MFI Connect is hoping to build on this momentum to make a lasting impact on the microfinance industry. Please join the movement at www.MFIConnect.com or e-mail christemple8@gmail.com with any questions or concerns.

From Bangladesh to the World

2010-02-15T13:18:00.000-08:00

Written by Luis Varela...

“Grameen Moves into Mexico with Carlos Slim Foundation” is the title of the press release posted on Thursday October 30, 2008 by microcapital.org. After reading the online article, an inevitable smile popped out of my face. It was exciting to read that the Mexican population will now have the opportunity to break free from that poverty cycle as many others have done it through microfinancing all over the world. Being a Mexican-American, I have seen the extreme poverty that exists and the need for a high-quality lending institution. It is depressing to learn that this developing nation has as its immediate neighbor the wealthiest country in the world and it was about time that a group of conscious people intervened. Mexico needed help and Muhammad Yunus and Mexican magnate Carlos Slim responded. Grameen-Carso, as the alliance is named, follows the Grameen method, which has proven to be extremely successful.

Grameen’s expansion has become a global phenomenon. As I write this blog, the new Grameen-Aval Colombia Corporation is becoming a reality. Grameen Bank in association with Luis Carlos Sarmiento Ángulo Foundation will begin to open branches all over Colombia to promote microcredit and raise the quality of life of many Colombians. Many of the benefitted will be the abundant street vendors who will obtain loans to improve or start their businesses. Trained professionals have arrived from Bangladesh to Colombia to give grounding in the Grameen method starting in Ciudad Bolivar in the Colombian Capital of Bogota. Grameen-Aval Colombia has high expectations with 15,000 credits projected nationwide ranging from 100 to 1,000 dollars in the first stage.

I am not surprised by the rapid growth that the microloan giant is going through, after all, I have experienced firsthand the diligence and dedication that the Grameen Team has towards expansion. After a semester of interning at Grameen America, I have participated in expansion projects such as searching for new branch offices, demographic data analysis, and even designed a project for Grameen America Day, a special day dedicated to celebrate Grameen America’s success. It has been a pleasure to work with such passionate people who are always innovating and creating ways to make microcredits more accessible to all kinds of people. The concept behind this nonprofit institution is inspiring and has become a turning point in many people’s lives, including mine.

Vote Today for Real Change

2010-02-09T13:16:00.000-08:00

Grameen America is a microfinance nonprofit organization that provides loans, savings programs, credit establishment and other financial services to entrepreneurs living below the poverty line in the United States. Grameen America has given out loans to over 2,000 borrowers living below the poverty line to start small entrepreneurial enterprises and has maintained a 99% repayment rate.

What can you do to support this change that has made such a huge impact in America? Simply vote for Grameen America in the Change.org national competition.
(Job Creation for Poor Americans Through Microloans)
** Important - After you vote, you will receive a confirmation email with a link to confirm your vote. After opening the new page - be sure to click "VOTE" again to ensure that your vote counts!

Grameen America needs your support today. The top ten winners of this competition will win an audience with the Obama administration where Grameen America will lobby for new laws that would enable an easier and faster expansion of microfinance in America.

We will propose new laws that encourage the growth of the social business concept and regulations that permit the establishment of companies to provide services to the poor that are measured by the services they provide rather than whether shareholders received dividends or profit.

We will suggest regulations that would allow a microfinance organization to expand through holding federally guaranteed savings deposits.

We will also discuss the welfare and Medicaid laws, to be redesigned to encourage people to gain financial independence.
Help Grameen America reach its goals by voting today!

Can’t Be Done or Can Be Done?

2010-02-04T13:14:00.000-08:00

Written by Leslie Kane, Executive Vice President, Grameen America, Inc...

It was great to attend the 2010 Sundance Film Festival last week, where I was able to hear real Stories of Change. I was particularly impressed by one of the panels called “Can’t be Done”.

Conventional wisdom says some problems just can’t be fixed because they are too entrenched to remedy. These problems include poverty, public education, global warming. But, after attending the “Can’t be done!” panel, I once again began to assure myself that conventional wisdom is not always right.
The panel offered a in-depth conversation and lively debate with microfinance pioneer and Nobel Laureate Muhammad Yunus (Grameen Bank; featured in Sundance documentary “To Catch a Dollar”), education reformer Geoffrey Canada (Harlem Children’s Zone, featured in "Waiting for Superman"), environmental visionary Lester Brown (Earth Policy Institute, featured in "Climate Refugees"), and moderator Sally Osberg (President and CEO, Skoll Foundation). Each discussed topics around three Sundance film features, the Environment, Education, as well as Grameen America and Microfinance.
The panel drew a sell-out crowd to people who came to learn how each speaker found the inspiration and the perseverance to tackle problems that experts said were impossible to solve. All of them came across the following existential question: “If not me, then who? If not now, then when?”

Muhammad Yunus , our “rock star in the antipoverty space,” explained to the crowd his idea of one day putting poverty into a museum. He believes that one little opportunity for poor people can make all the difference. We just need to give them those opportunities; they will do the rest by themselves. He referred to the banking system, how almost two-thirds of the global population is outside of it, and therefore lacking the opportunity to access basic financial services. He urges us to redesign the banking system.

Geoffrey Canada, who created one of the most ambitions social service experiments of our time, shared the enlightening moment when he realized something more had to be done to end the cycle of poverty. “The Harlem Children Zone” is a comprehensive system of programs of schools to help Harlem children succeed that is being expanded to other parts of the U.S.

Lester Brown, many times called a “planetary hero,” urge the audience to change the system and restructure the way we approach the global climate change issue in order to find a solution to it. He said we don’t have much time to keep negotiating; we need to just start doing.

By the end, it was clear that solutions to intractable problems such as poverty, climate change, and education are within our reach, but we are the ones who need to make change happen.

My Days as an Intern

2010-02-01T13:13:00.000-08:00

Written by Christopher Honess...

Moving to New York City from small Syracuse, NY was a huge step for me. I had seen the effects of poverty on people in my hometown, but stepping into New York City as a freshman in college really opened my eyes to a whole new world. I had seen poverty in the Dominican Republic but did not believe that it existed on a large scale in the United States. My first day as an intern at Grameen America, a microfinance organization serving New York’s poor, was an even greater shock. In my internship I would be working at Grameen America’s main office, helping in whatever ways possible, but as an orientation, we first stopped by the Jackson Heights office. This stop would clue me in on what really made Grameen America work and ultimately succeed.

Above a laundromat on Roosevelt Avenue, the Jackson Heights Branch is right in the middle of the “hustle and bustle” of Jackson Heights’ mainly Hispanic population. A walk up one flight of stairs reveals the key to the Grameen success worldwide. Business as usual at the Jackson Heights Branch consists of about five office desks positioned around a small room. Chairs were strewn throughout the room, people working, speaking Spanish to one another, and conversing with borrowers. The environment of the room was warm and inviting. As I introduced myself, they were very welcoming as they smiled and offered me a seat. After this encounter I recognized that this environment is what has made this organization so great and why they have had such an impact on people’s lives.

Borrowers are comfortable coming into such a setting. The group meetings that each borrower must attend usually take place in salons and borrower’s apartments. The few meetings that I have sat in on are informal and easy to attend. The branch and group manager are cordial with the ladies. Not only do they take care of money matters, but they ask each one how her business is going and how family life is. The branch is comfortable. It is a place where they can come in, off the street, and feel like they are “at home”. They do not need to be someone else. They can be who they are and ask for help from someone who is just like them, who has struggled in the same way and who has succeeded in fighting their own poverty. The center managers with whom they work are passionate about their work. They love to help others, just like themselves, escape from poverty. Most of all, these selfless individuals from Grameen America are thrilled to give people a chance to build a life for themselves.

Grameen America is expanding. They have over 1,700 borrowers and just over my quick Christmas break they have opened two more branches. This success, which I have seen, is from the unusual way with which they go about business. Grameen America finds that informality in the banking world is what brings success. Nobel Peace Prize Winner Muhammad Yunus founded Grameen on the idea of the “village” bank, and even in fast and formal New York City, they hold true to that value. They see community as the attribute that sustains their vision for the poor.

The American Dream

2009-12-14T06:10:00.000-08:00

Earlier this week, President Obama pledged to aid American small businesses with loans and dramatic tax benefits. A big part of the plan is a tax incentive for business owners to hire new workers in the coming months. The details of the plan are available here

The president’s decision reflects the importance he puts on job creation and nursing the US economy back to health. It also demonstrates just how important small businesses are to the country as a whole. Businesses have an undeniable impact on the communities they’re part of, by providing services and creating employment opportunities. With the millions of American families feeling the effects of the recession this year, the president is looking to individual entrepreneurs and mom-and-pop-style small businesses to get us back on track.

But don’t take my word for it:

“Small businesses are the heart of the American economy. They're responsible for half of all private sector jobs –- and they create roughly 70 percent of all new jobs in the past decade. So small businesses are not only job generators, they're also at the heart of the American Dream. After all, these are businesses born in family meetings around kitchen tables. They're born when a worker takes a chance on her desire to be her own boss. They're born when a part-time inventor becomes a full-time entrepreneur, or when somebody sees a product that could be better or a service that could be smarter, and they think, ‘Well, why not me? Let me try it. Let me take my shot.’”

President Obama, March 16 2009

Grameen America Day

2009-12-10T13:07:00.000-08:00

The First Annual Grameen America Day was held yesterday across the United States. The objective was to raise awareness about Grameen America’s efforts to fight poverty and provide economic opportunity in the US. Events took place in New York, San Francisco, Washington DC and Boston. Learn more about them!

NEW YORK

Yesterday, we celebrated our first annual Grameen America Day! New York kicked the off the day in style, with four awesome events across the city!

During the day, Grameen America held an all-day event at Lululemon's Union Square location. Grameen America staff members were on hand to share information about our work and mission with customers throughout the day. We had a great time meeting new potential supporters and friends. Thank you to Lululemon for offering your space -- we had a blast spending the day with your team!

At midday, Dan Brodhead, Director of Communications & Strategic Relations gave an informational session for the Net Impact chapter at NYU Stern. It was great to see firsthand how much interest and support there is for domestic microfinance and Grameen America!

In the evening, a group of supporters held a wine tasting at California Wine Merchants. Katy Brodsky, Director of Advocacy & Associate General Counsel was on hand to answer questions about Grameen America's mission. Thank you to our friends for hosting this great event! We closed out the day with a wonderful cocktail event at glassybaby in the West Village. Friends, supporters, and volunteers gathered at this candlelit space to trade stories and discuss future goals. Professor Yunus also joined the festivities with a video webcast thanking our supporters. A big thank you to glassbaby for sharing their gorgeous space for the evening! Also, 10% percent of all proceeds from vessels sold last night went to Grameen America -- and for those of you who were unable to join us last night, the promotion continues though the end of January both in-store and online using the promotion code grameen.
candida treatment
All in all, the day was an amazing success! Thank you to all of you who were able to join us yesterday!

WASHINGTON DC

Happy Grameen America Day! Thanks to everyone who braved the cold last night and made it out to Dupont Circle to celebrate with us. I hope to see all of yesterday's new faces again at the next event!

Grameen America Day was dreamed up as a way to raise awareness and encourage excitement about our work, through lots of small events hosted in cities all over the US. We had a great time at Maddy's, raising a (well-poured!) glass to all that we've accomplished so far, and all that we dream of doing in the future. Thanks for all your hard work, Grameenies! Keep spreading the word :)

SAN FRANCISCO

The San Francisco Grameen America Day celebration was a phenomenal success! The Bay Area volunteers set up a booth inside the lululemon San Francisco Union Square store to promote awareness about Grameen America. The team gathered donations for the Grameen America Gift a Microloan program. We look forward to the 2010 opening of a Grameen America Bay Area branch and to celebrating our successes in 2010.

BOSTON

The Boston Grameen Day event was a success!

It took place at MIT and young professionals, women entrepreneurs and other members of the microfinance community came together around their shared interest in all of the wonderful things Grameen has accomplished in its two years of microlending. We showed the Grameen video and talked about Grameen’s many achievements in New York City and Omaha. Also, the guests had the opportunity to donate to Grameen or buy the gift of a microfinance loan for friends and family. In return, we had Yunus’ most recent book available for those who donated. It was a wonderful way to meet people and spread the word about Grameen’s successful first two years in the U.S.

Countdown to Grameen America Day in DC!

2009-11-30T06:23:00.000-08:00

Come see our volunteers try their hand as guest bartenders! We'll be pouring beers and mixing drinks at Maddy's alongside the pro's. In exchange for our hard work behind the bar, we will receive 5% of the proceeds that are brought in between 6-9 p.m. and any tips will go towards Grameen America in Washington, DC.

Spread the word! Help us promote the event! On December 8, celebrate having raised over $1 million of our $2 million goal!

December 8, 6-9 p.m.
Maddy's Bar & Grille (old Timberlake's)
1726 Connecticut Avenue NW
Washington, DC 20036

Are you part of the solution?

2009-11-30T06:14:00.000-08:00

During the holiday season, we hear reports about Black Friday, monthly economic indicators, and consumer spending. We analyze the competitiveness of Fortune 500 companies, whether Asia is buying US goods, which products are hot this holiday season. During the holiday season, we hear reports about Black Friday, monthly economic indicators, and consumer spending. We analyze the competitiveness of Fortune 500 companies, whether Asia is buying US goods, which products are hot this holiday season.

All while the poorest among us are working on even tougher issues and facing even thornier dilemmas.

"Should I give up on my business and apply for welfare?"
"What can I sell right now so I can get through next week?"
"How can I occupy my daughter so she forgets about getting a present?"

The poorest among us face heartbreaking problems this holiday season. Imagine if just surviving through next week were a more pressing issue than analyzing the success of Black Friday. Consider that going on government assistance, a first in your neighborhood, would be a bigger worry than switching from EU as a sales market to refocus on Asia. Deciding whether to buy your mother a mini laptop or a more comfortable larger model is an easy problem compared with figuring out how to assure your child that she is loved, even though she will not receive a Christmas present.

Let's put our problems in perspective this holiday season. Help our neighbors who have tougher choices to make.

Join us in alleviating poverty through microfinance. $1,500 can help a borrower to start a new business and begin solving those problems for their family.
Be part of the solution.

Micro-Props #3

2009-11-09T06:24:00.000-08:00

“Microfinance recognizes that poor people are remarkable reservoirs of energy and knowledge. And while the lack of financial services is a sign of poverty, today it is also understood as an untapped opportunity to create markets, bring people in from the margins and give them the tools with which to help themselves.”

Kofi Annan, former United Nations Secretery General

December 9, 2009 is Grameen America Day! Host an Event! Attend an Event! Spread the Word!

2009-11-06T06:26:00.000-08:00

Dear Friends of Grameen America,

As many of you know, Grameen America is about to complete its second year of successful service in the United States. By December 31, 2009, we will have opened four branches, loaned out over 3 million dollars, and reached more than 1,500 borrowers who have saved over $200,000. Our success to date is due, in large part, to our enthusiastic team of friends and volunteers. You have supported us as demand for microloans in the U.S. has far exceeded our expectations.

In order to end 2009 with a bang and to kick off 2010 with enthusiasm for growth in New York and across the country, we’re asking our Grameen America friends to host a Grameen America Day event in your respective city on December 9, 2009. This event can be anything from a small gathering of friends in your home to a larger party or reception at a venue of your choosing. The purpose of Grameen America Day is to grow our network, garner support, and build momentum around our national expansion in 2010.

Our goal is to run at least two events in a minimum of 6 different cities in the United States. We see this as a great opportunity to unify all of our supporters across the country for an end of the year celebration! If you decide to host an event, our New York City office will equip you with Grameen America Day posters and other Grameen America materials. We just ask that you take plenty of pictures!

We look forward to seeing you and working together towards a great event on December 9!

-The Grameen America Team

If you are interested in hosting an event please contact Katherine Rosenberg at krosenberg@grameenamerica.com, 212-735-4023, and Lukas, from our local D.C. volunteers, at llipinski@grameenamerica.com.

Interested in hosting? You might find these items useful:
Host Grameen America Day flyer
GADayEvent Forms (register your party with us so it’s all official)
Tips, suggestions, and guidelines: Grameen America Events How-To
Donations flyer: Gift a Microloan
Also: please tell the local DC Grameen America volunteers about your event – we’ll help you organize and publicize!
Interested in attending an event? Keep your eye on the blog for more details, or shoot us an email to get on our mailing list.

Micro-Props #1

2009-11-05T06:29:00.000-08:00

“This is not charity. Let me be clear: This is not charity. Together, we can create a broader foundation of prosperity that builds new markets and powers new growth for all peoples [...]”

President Barack Obama, announcing a $100 million growth fund to bolster MFIs.

Micro-Props #2

2009-11-05T06:28:00.000-08:00

“One cannot lift a person out of poverty. There is no country in the world that has raised itself out of poverty through charity. What we offer to [microfinance borrowers] is access to a ladder that they can climb up to take themselves out of poverty. But the climbing they must do themselves.”

Ingrid Munro, Director of Jamii Bora, an MFI in Kenya

Women and Microfinance in the U.S

2009-11-04T06:30:00.000-08:00

American women are poorer and more excluded than men . . . and are also a very promising business investment . . .

Why do many microfinance organizations in the U.S. work so hard to involve female borrowers? Many resourceful, smart, and enterprising American women are becoming self-sufficient through small businesses and have already proven they can excel in the competitive business world once dominated by men. So why would they need a leg up?

Because things are still far from fair. Most women remain outsiders to the financial sector, and do not have access to the same opportunities in the labor market that men do. These injustices can only be remedied with good programs and lots of time.

Women get a raw deal in finances because they lack experience. A story in the New York Times reported that although women generally have better credit scores, they are 32% more likely to carry high-interest mortgages than men with similar incomes. Experts from the Consumer Federation of America speculated that the reason for the disparity is that women are less familiar with the mortgage market, so they don’t feel comfortable shopping around for the best deal. African American women are particularly likely to have subprime loans, because they have traditionally been outsiders to matters of finance. Not knowing the ins and outs of the system can cost them big time.

Women are tracked into jobs that pay less. Just one of the reasons they tend to be poorer.

Women are more likely to be poor than men. In 2007, there were about 25% more American women living below the poverty line than there were men. This has a lot to do with the job market: Women are sometimes paid less than men, even when they do the same job for the same number of hours. Also, women are tracked into “pink collar” jobs like teaching, nursing, waitressing, and cleaning, which tend to be low-paying. Women also spend more time than men giving unpaid care for family members, and are more likely to bear the costs of raising children.

Women repay their loans. A hot-off-the-press working paper by D’Espallier, Guérin, and Mersland shows that for 350 MFIs studied, “more women clients is associated with lower portfolio-at-risk, lower write-offs, and lower credit-loss provisions, ceteris paribus.”

Finance Industry: Evolve or Go Extinct

2009-10-11T06:32:00.000-07:00

The times are a-changin' . . . and industries are going to have to please the people if they want to keep up . . .

This is the 21st century: Tough times are driving dinosaur inefficiencies to the brink of extinction, and innovation is the name of the game. We’re living in a new world. For hundreds of years, industries had been evolving into the leanest meanest systems they could be… and then all the rules suddenly changed. Think about it: How great was our newspaper sector? U.S. media was at the top of its game, relying on trusty principles the industry had been tweaking for decades, riding the reputation it had built up over years . . . and then technology happened. Now here you are, reading a blog.

Newspapers will have to face the future and cater to the public.

If journalism is going to survive (and it will, it’s only a question of form) it will have to do some serious reinventing. Instead of looking backward to the past or inward to its strengths, the business of the news will have to face the future and cater to what the masses demand.

That’s true of all institutions. Another example: Today in the library where I work, a woman asked me where to find Mexican recipes. I just happened to know (after hours of shelving) that cookbooks are in the 641s, according to the Dewey decimal system standard to all libraries. Blank stare. Ok, so I walked to the 600 aisle and pointed. But next time she has any other question, she’s back to square one, relying on me for help. Why does my library use Dewey? Because all libraries do and because nobody wants to make new labels.

Unlike the library, bookstores realize they have to make customers feel comfortable. These days you've got to give individuals what they want.

But Barnes and Noble knows that it has to make its customers comfortable with clear signage, or unhappy readers will wander away to satisfy their literary jones at Borders. How can a public book collection flourish in a digital age? By reaching out with new technology, and by focusing on what the public wants. These days, you’ve got to please the people.

Finance was the T-Rex of 20th century industries. (Right down to the bloody teeth and beady little eyes.) But the biggest fall the hardest, and the structure of the banking system has already changed as the economy struggles to get back on its feet again. In this changing world, the industry will need to look to innovation and fresh ideas to win over clients who got burned.

Finance was the T-rex of 20th century industries (right down to the bloody teeth). Time to evolve!

So, what about providing loans that until now were considered too little to be worth the effort? What about branchless banking for the millions of poor people in neighborhoods without banks? Or helping community members back each other up with rotating savings and credit associations ? Or providing financial education? How about banking for the little guy? Time to evolve!

Any other ideas? Leave a comment! I’d love to hear what you’re thinking (innovative economics really floats my boat). Show me what you’ve got.

Tough times call for revolutionary measures.

A Life Changed

2009-10-06T13:05:00.000-07:00

A member's story on how a loan changed her life for the better.

It has been an exciting year at Grameen America. We’ve been growing steadily since opening our first branch in Queens in early 2008 – we have reached over 1,350 borrowers, expanded into new markets with many more on the way, and have lent more than $2.9 million in micro-loans with a repayment rate of 99%.

It’s been a year of accomplishments….but if you were to ask any of us what makes us the most proud, it’s hearing how our borrowers’ lives have changed for the better.

Just the other day, one of our members related to us the kind of experience that reminds us that the work we are doing is truly worthwhile.

A few months back, one of our members was at a store buying a cell phone for her daughter. Just as she was about to purchase a plan, she was told by the salesperson that starting a contract with the vendor would require a credit check. Her heart sank – for years, she had dealt with the hurdle of not having a credit score. And without a credit score, she wouldn’t be able to buy the plan she wanted for her daughter, even though she was now able to afford it.

As she listened to the salesperson rattle off the limited and expensive pre-paid options available to her, she thought back on her center meetings with Grameen America….didn’t the center manager say that her loan with Grameen would help her build a credit score? She meekly mentioned to the salesperson that she might have a credit score after all – could he please check? The salesperson checked for her – and not only did she have a credit score, the score was over 750.

It may seem like a small thing – the ability to buy a cell phone. But for our members, these seemingly small wins represent so much more…..a chance to participate in the same opportunities that many of us take for granted, a chance to pull oneself up through one’s own ingenuity, a chance to change one’s own life.

The Poorer You Are, The More Things Cost

2009-10-03T06:35:00.000-07:00

An article from the Washington Post sheds some light on a day in the life of D.C.’s low-income population. The original article has a section about pay-day lenders and why poor people are willing to pay up to 800% APR interest when they have no other alternative.

Essentially, you "have to be rich to be poor."

Microfinance: Simple but Brilliant

2009-10-02T06:36:00.000-07:00

Why don’t big banks loan to the poor?

Unfair stereotypes clearly play a role. However, banks have lots of other reasons, too, some better than others. The simple yet brilliant Grameen group method allows microfinance to do everything that banks won’t – and do it better. Microfinance institutions (MFIs) in the U.S. and around the world typically have 97-99% repayment rates, way higher than those seen in the conventional financial sector.

The poor have no credit history: When banks make loans, they use a credit score to decide how risky a borrower is. If they start including people who have never before received loans, there is no way to tell the responsible borrowers from the irresponsible ones. It makes each loan a gamble.

The solution: The Grameen group method. When an entrepreneur wants a Grameen loan, she is sent back into her community and networks to find four other borrowers to complete her group. Banks may not be able to predict who is a responsible borrower, but neighbors definitely can. Grameen relies on the community-level knowledge of its clients to select the entrepreneurs with the brightest business ideas and the trustiest reputations.

The poor cannot offer collateral: They have few valuable assets (such as a house or a car) that they can offer as a back-up to banks if they don’t repay the loan. Banks say that a poor borrower could just take the money and run, with nothing to stop them.

The solution: Again, the Grameen group method. Borrowers are in groups with their friends and neighbors. If one borrower falls behind on her payments, she effectively prevents her group members from getting new loans. This inter-dependency encourages clients to follow through with their commitment. While the poor cannot offer an expensive house to guarantee their good faith, they do put their reputation on the line.

Each borrower works hard to make her whole group a success, so that she'll be eligible for future loans.

More loans = higher costs: The overhead costs involved in making many small loans lower banks’ profits. That’s because banks require reams of legal documents for each client.

The solution: You guessed it. Muhammad Yunus’s brilliant Grameen group method comes through again. Grameen banks rely on personal interactions with borrowers, making the red tape unnecessary. Group members meet weekly to monitor each other, examining receipts and financial records. Because each member’s access to future loans depends on the success of the group as a whole, everyone has a strong motivation to see that things are done by the book.

Grameen on Three Continents – Portraits of Dignity and Determination: A Collection of Photos

2009-09-28T13:02:00.000-07:00

Last summer, photographer Gabriel Cooney mounted an exhibit of photos that he took of Grameen activities. Greg Eberl visited the exhibit and describes it below:

The exhibited photos were taken in 2007 in Quito, Ecuador covering Grameen Bank for Wild River Review, an international reporting and arts website, then in 2008 in New York for Grameen America, then in Bangledesh for Grameen Bank. Grameen Bank is the creation of Bangladeshi Nobel Peace Prize (2006) winning economist, Muhammad Yunus, who took his education, ideas, and skills back to his native Bangladesh, providing a banking formula to provide a living and perhaps prosperity for the people. Grameen Bank microfinance is a proven idea and methodology to provide small, individual, sustainable investment in personal business enterprises with very successful repayment strategies. The idea and methods have spread regionally and worldwide to other organizations.

So much went into the making of the photographic exhibit of Grameen Bank on Three Continents, it was well worth the trek to Massachusett’s Deerfield Institute Reed Center of the Arts’ Charles Russell Gallery. I left buoyed by the beautiful and moving images, all adding up to a story, a work in progress, of microfinance addressing Bangledeshi, and now world poverty with dignity and sustainability.

My interests in visiting the exhibit were rooted in my photography, facilitated by a friend’s involvement, but more broadly because of my world interest and this unique success story and its potential. Having traveled to and photographed parts of the asian world with conspicuous poverty with conspicuous consequences, I must note it has been equally impressive in these countries how people so spiritedly make personal businesses a way of life and a way to stay above the worst of poverty. When there is opportunity.

Seeing the exhibit in its last day, I was left with three hopes: that the images find another exhibition venue - for the value of the images and the microfinance story, that people learn and contribute to solving grassroots poverty and education issues worldwide, and that Grameen Bank microfinance idea, methods, and sustainability success story continues to grow. This really is one hope.

The exhibit is a collection united around the story. The story justifies, even necessitates mixed photographic media and styles: color and black and white, portraiture, photojournalism, and environmental/landscape portraiture. There are even a few architectural details contrasting euro-catholic Ecuador from Bangladesh. The beautiful prints of stunning images of El Salvadoreans, Bangladeshis, and Americans(African-Americans) are truly images worth seeing in an exhibit or a book. Many are in beautiful black and white, but the rich color really helps us appreciate the colorful Bangladeshi experience, and the subtle touches, meeting of world traditions. It seems that humanity, poverty, the microfinance idea, its methods, and the determination to get the job done to help those in need better one’s self and family can be universal.

The choices in photographed moments and environments help to put a face on the organization, the hard work, and the quality of their spirit, the pleasure of being a part of a good and successful thing, and yes, spontaneous humor. Many of the images document Muhammad Yunus and a selection of Grameen Bank and Grameen America principals and historic occasions. In a larger way the images show the many facets necessary – like formal speaking and presentation, press coverage, meeting with the public. The bank’s culture and hard work is apparent through the individual, group, and supporting images, including a moment of the levity between Yunus and the group – presumably a break in working discussions while waiting for (another) plane. A story of the details that make it work, a professional organization, a bank, international - inner workings towards the success of an idea.

Beyond the bank, the images are of faces of the population, glowing with dignity, a diverse mix, distinct cultural information, universal humanness, beauty, emotive possibility, hope, and determination. Microfinance can be seen to apply across cultural, ethnic, geographical, modern/primitive, physical/intellectual boundaries, enabling scholarships, purchase of seed, livestock, tools, transportation, ovens, washing machines, improved water for example.

Key images to complete the story are of work and work objects, objects of Grameen banking work…work details, disciplined repetition, again and again, as in stacks of Grameen Bank log books worn from use, wall charts managing activity, and importantly, of the “customers”: an enthusiastic young Ecuadorian audience applauding the microfinance idea, a Bangladeshi woman threading long flower string decorations/necklaces/altar pieces, an Ecuadorian man plowing rows, a Bangledeshi man carrying heavy stripped wood cane, arrayed old tools for grimy motorcycle maintenance, the young woman on scholarship with a book in hand and a few more on the shelf, a beaming group of African-American women celebrating each other’s success, you get the picture…

Through the images we see a story of how individuals, in their work, are touching on each other’s lives with hope and hard work. The individuals making the difference are successful people using microfinance and naturally the individuals organized around the idea and methods of the bank(s) who have found the ways and made it possible. Of course, the story begins with the source of the idea, methods, and opportunities, Muhammad Yunus and the support he has cultivated.

The photographic sources of this visual and social awareness, conscience have influenced generations to recognize the world beyond personal surroundings, and hopefully spark an interest and even action where history, larger political, and corporate roles have not provided the healing touch to poverty. It is common and important to monitor the trouble spots of the world from our relative comfort, but even more importantly it helps to learn what works, and to celebrate, support successes. Or innovate the next success.

The photographic roots to the story telling partly stem from social photojournalism which in part came of age in America in the Depression, with a photography project of the New Deal’s Farm Security Administration/Resettlement Administration’s “introduction of America to Americans” through sponsorship of photographers to put the real face of American poverty problems to enable policy as well as to document, inform. Some of these photographers would be among the most famous of the coming era for journalism and more purely art photography. Subsequently, international poverty and human condition social photojournalism broadened in magazines such as Look and beyond, and for those who chose to look further, Edward Steichen’s famous 1960’s colossal multi-photographer exhibit and resultant book “A Family of Man” and later individual photographers such as Sebastiao Salgado.

In this context, the exhibit is not photojournalistic of the countries or of poverty, which can be found elsewhere including on the web (even Flickr). The exhibit is of “Dignity and Determination, Grameen on Three Continents.”

Bill Clinton highlights Grameen America’s work on the Daily Show with Jon Stewart

2009-09-21T12:58:00.000-07:00

Just when we here at Grameen America were already excited about the 5th Annual Clinton Global Initiative this week, former President Bill Clinton gave us another reason to anticipate the 2009 gathering. For those who missed it, here is a link to Bill Clinton’s interview on the Daily Show with Jon Stewart last Thursday. In the clip, Clinton talks at some length about Grameen America and how it fits into CGI’s mission of finding workable solutions to some of the world’s most pressing challenges.

Needless to say, we are thrilled and honored to have former President Clinton single out Grameen America as an organization that is showing how the US can learn from models developed in other countries.

Check back here as the weeks goes on, or follow us on Twitter, for more breaking news from CGI…