For a while now, I’ve been wanting to either get involved or start a credit union that focuses on financing people seeking to start small businesses. I have to admit, Muhammad Yunus has been part of my influence, though there has been others. It has always made me wonder, why after the many years of the successful practice in Bangladesh, we have been so slow to adopt his banking principles. It is especially facilnating to me that the government policies that have been implemented based on Yunus’s model violate some of the key aspects of what makes his model work.
Unfortunately, in USA the model that is used in Bangladesh will run in to many difficulties, but the basic principles can be adopted to our market with the same potential of 20% interest rates on the loans that enjoy 99% repayment rates on the loans that actually benefit the society.
It is my hope to be a part of developing such a model.
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