Micro-financing: Lifting up the Poor

The micro-finance concept gained world-wide attention in Bangladesh in the early 1970s.  Economics professor, Mohammad Yunus, started a micro-lending enterprise that became the Grameen Bank and, in 2006, was awarded the Nobel Peace Prize for his efforts.

Yunus believed in the character and dignity of every human being.  In 2003, he stated, “I am convinced, from my experience of working with poor people, that they can get themselves out of poverty if we give them the same or similar opportunities as we give to others.”

The Grameen bank philosophy was based on Yunus’ training as an economist.  He believed that access to capital was a key component to people rising above poverty.

The success of Grameen Bank has been duplicated throughout the world, mostly in developing countries. Here in America there have been numerous efforts by federal and state governments to encourage micro lending. However, these efforts tend to  become bogged down in bureaucracy and never really reach those most poor in America.

How can Yunus’ concepts be adapted to serve the poor in American today? The concept of Bootstrap America uses the experiences of Grameen and other micro-lending institutions and recognizes a unique American spirit to create a program that builds on the best America has to offer—the idea that the poor can start with a dream and create a successful, sustainable business.