MicroCredit
Micro Credit
What is microcredit/village banking?
Microcredit programs are committed to providing credit to the poorest of the poor
throughout the world, the poorest 20% of the population that shares 1.4% of the
world's income.
The concept of microcredit was founded by Professor Muhammad Yunus in Bangladesh in
1976 when he started Grameen Bank. Grameen comes from the Bangla word gram
meaning village; hence village banking. To meet the initial capital requirements for the
first village in order to purchase materials and work freely, 42 people needed about
$27. Professor Yunus lent them the money
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