A Social Business, Microlending Essay -- Microlending Development

What is microlending? In simplest legal injury microlending is the lending of very small amounts of gold at emit interest, to low income people in urban and rural areas. It started xl years ago, when a person named Muhammad Yunus was visiting his family and his country Bangladesh which had recently become an independent country. Muhammad Yunus had left hand his home country then East Bengal- when he was a infant with his parents in search of a better future. He graduated from Vanderbilt University in Nashville, Tennessee, with a PhD in economics. Muhammad Yunus is the founder of Grameen curse, the first non-profit organization to introduce microfinance run in Bangladesh and in the world (New York Times). This bank showed the world on how secondary money can make a tremendous difference in peoples lives. Presently, there are thousands of institutions around the world that offer microfinance services, which sometimes suffer setbacks and uncertainties as any other for-profit o r non-profit organization. When Muhammad Yunus was in Bangladesh, he realized that Bangladeshis were living in a more mentally ill condition than he had imagined and read on the newspapers. Many people owed money to these ruthless and heartless village money lenders. These people were never overtaking to repay the loans because the interest rates were so high therefore, they were trapped for life. However, he found something very thought-provoking, which was the fact that when he accumulated the debt of approximately forty people, the grand total was seventy dollars. He gave people money bring out of his pocket so that they can repay their debt and they can be liberated. This was the irregular when the idea of creating a microfinance institution originated- Muhammad Yunus realized that ... ...lo. Can Microlending Save Haiti Money and descent/Financial Desk. New York Times 14 Nov. 2010, Late Edition (East Coast) ProQuest topic Newspapers Premier, ProQuest. Web. 5 Dec. 2010 . Richard Chacon, Globe Staff. SMALL LOANS, BIG HOPES MICROLENDING LETS HAITIANS SEEK CREDIT THIRD Edition. capital of Massachusetts Globe 7 Oct. 2000,ProQuest internal Newspapers Premier, ProQuest. Web. 4 Dec. 2010. David Gonzalez. A Haitian Bank Takes Its Money to the Streets. New York Times 17 Apr. 2001, Late Edition (East Coast) ProQuest National Newspapers Premier, ProQuest. Web. 8 Dec. 2010. FARID HOSSAIN. 2006 NOBEL PEACE PRIZE / Beating poverty, $200 at a time / Thousands of Bangladeshis pulled from despair by mans tiny loans 3 STAR , 0 Edition. Houston storey 14 Oct. 2006,ProQuest National Newspapers Premier, ProQuest. Web. 11 Dec. 2010.