New Opportunity for Credit Crisis: Gramma Bank Comes to the United States

February 16, 2009 at 8:23 pm Leave a comment

A few nights ago, I had the chance to watch Mohammed Yunis on C-SPAN.  Mr. Yunis is the person who developed microcredit.  Microcredit is the ability to provide very small loans to very poor.  Microcredit was used in Bangladeesh to allow poor people to start their own business

If Yunis does come into the United States, the most likely business to suffer from this loss is the payday loan operations.Payday loan operations provide small loans but huge percentage of interest.  They are a unregulated business that who makes lot of money at the expense of the poor.

If Yunis was to start Grameen Bank in America, it would be a good benefit to the country.  It would  give poor people the chance to start their own business but also take away business from payday loan operations companies.  I feel that payday loan operations are blight to the poor just like the liquor stores are as well.  And finally, we have might have a competitor that is far more ethical than these fly-by night operations

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