"Human creativity has no limit," he said. "It's only a question of how we apply it."

Professor Yunus spoke at Harvard Business School on April 19th. He urged students to pursue social businesses instead of traditional chairty. Unlike charities, which rely on docations, social businesses employ sustainable funding models. Earned income from social business feeds fund operations and growth. As Professor Yunus explains, "It becomes a perptual cycle. You recycle the money again and again and again. So in that way, the same money works infinite times, while in a charity, it only works onces."

Read some news coverage on Professor Yunus at HBS, here.

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

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.

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

               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!

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.

"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

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”.

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 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!

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!