Throughout the developing world, the concept of microfinancing has been enormously successful. Yunus pioneered the idea in 1976 when he lent $27 to a group of poor Bangladeshi craftsmen who lacked the collateral to receive a traditional loan. The scheme worked, and in 1983, Yunus founded Grameen Bank on the concept. It has since lent $5.1 billion to 5.3 million people. And the idea has spread.
Posted: October 16, 2006