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Apr 26, 2009

"My greatest challenge has been to change the mindset of people. Mindsets play strange tricks on us. We see things the way our minds have instructed our eyes to see." --Muhammad Yunus

Banker to the Poor Now In NY

Nobel Peace Prize winner Muhammad Yunus, known as the "banker to the poor" for making small loans in impoverished countries, is now doing business in the center of capitalism -- New York City. In the past year the first U.S. branch of his Grameen Bank has lent $1.5 million, ranging from a few hundred dollars to a few thousand dollars, to nearly 600 women with small business plans in the city's borough of Queens. People around the country are struggling to repay mortgages and credit card debts, but Grameen America says its loan repayment rate is more than 99 percent.