Charity | Can microfinancing move beyond the charitable world?
by Rusty Leonard
Posted 3/28/09, 12:00 am
Microcredit is not a new idea. The practice of making small loans for entrepreneurial activities has been around at least since the 19th century. But the idea has taken off in recent years. In 1983, Bangladesh's Grameen Bank was founded explicitly to make microloans. The success of the bank spawned literally thousands of imitators and earned Grameen and its founder, Vanderbilt-educated Muhammad Yunus, the 2006 Nobel Peace Prize.